Economic news

Italy allows Intesa to issue a loan to buy a stake in Rosneft

The Italian government allowed the bank Intesa SanPaolo to allocate 5.2 billion euros (about $5.6 billion) to buy a stake in Russia's biggest oil company Rosneft.

This is a deal in which a consortium made up of Qatar and the oil trading company Glencore will get a 19.5% stake in the Russian oil company. Italy's Financial Security Committee considers that the deal does not breach the EU sanctions against Russia, according to Reuters.

After the checking by commission, which included officials from the Ministry of Finance, the Ministry of Foreign Affairs and the Ministry of Justice, as well as employees of the finance police and anti-mafia prosecutors, no obstacles to allocate the loan were found.

According to sources in the Italian government and banking sector, Intesa decided to lend the money on December 9, 2016, but the commission's consideration of the case began only in 2017.

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