Russian banks to issue yuan-denominated credit

MOSCOW (AA) - Russian banks will provide Chinese yuan-denominated loans for companies, told Alexander Vedyakhin, a deputy managing director of a state-run Sberbank.

Speaking in a press meeting in the eastern Vladivostok province of Russia, Vedyakhin said Russian banks also plan to provide Indian rupee-denominated loans.

Andrey Kostin, the CEO of another state-run VTB Bank, said his bank also plans to provide yuan-denominated loans for companies, and it is currently evaluating 11 projects worth about 450 billion rubles (nearly $7.5 billion).

The Central Bank of the country declared that banking transactions in USD and euro will be decreased as these currencies have risks for businesses and local people.

*Writing by Sevilay Beki from Istanbul