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Sunday, January 21, 2018

VTB, Export-Import Bank of China sign credit agreement

VTB and the Export-Import Bank of China signed a cooperation agreement to support economic ties between companies in Russia and China during the 19th regular Heads of Government meeting between the two countries on Monday.

As part of the agreement, VTB will receive up to $2 billion to import a wide range of Chinese products, including food and high-tech equipment. 

Andrey Kostin, the president and chairman of the VTB Bank Management Board, and Yuan Xingyong, the vice president of Export-Import Bank of China, signed the agreement during a ceremony attended by Russian Prime Minister Dmitry Medvedev and Chinese Premier Li Keqiang. 

The agreement comes on the heels of recent sanctions against Russian banks by the U.S. and European Union because of the country's dealings in the Ukraine.

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