State-owned Japan Bank for International Cooperation (JBIC) will provide some USD38.5 million yen-denominated loan to Russia’s biggest bank Sberbank, which is subject to Western sanctions, by the end of 2016, reports RIA Novosti with reference to Nikkei business daily.
According to Nikkei sources, Sberbank will use the loan to help a company operating Russia’s Vostochny Port in the Russian Far East to buy necessary equipment.
JBIC will issue the loan in a hope to melt the ice in the negotiations with Moscow at December summit over the Russia-controlled Pacific islands, called the Northern Territories in Japan and Southern Kuriles in Russia, the Nikkei source said.
“The loan is part of an eight-point economic cooperation plan presented to Russian President Vladimir Putin by Japanese Prime Minister Shinzo Abe in May as part of a “new approach” to the dispute,” the source said.
The dispute over the four islands north of Japan’s Hokkaido has prevented Tokyo and Moscow signing a peace treaty formally ending the war they fought with each other during the II World War.
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