Russian government will approve the proposal to write off 20 billion rubles debt of AVTOVAZ

Russian government will approve the proposal to write off 20 billion rubles debt of AVTOVAZ

Interfax – The government of Russian Federation will support Rostec’s proposal to write off 20 billion rubles debt of AVTOVAZ, as stated to Interfax by the minister of industry and commerce: Denis Manturov in Yekaterinburg on Monday.

“With regard to write off, our position is as follows: it’s not a write off, but the conversion of debts in respect of loan, which was granted by Rostec to AVTOVAZ in due time. This is a quite natural process. We will be supportive, if such decision is taken” – said Manturov on the sidelines of the Innoprom International Industrial Trade Fair in Yekaterinburg.

Rostec has proposed to write off the 20 billion rubles debt of AVTOVAZ, at the end of June. The deputy director general of the state corporation: Sergei Skvortsov has told during the annual shareholders meeting of AVTOVAZ that the decision belongs to the government and the Renault-Nissan alliance.