Russian bank gets French credit of 300 million euro

French bank BNP Paribas is opening a 300 million euro credit facility for Russia’s Vnesheconombank or VEB. The deal was announced during the visit of Russia’s Prime Minister Viktor Zubkov to Paris.

The loan would finance purchases of Western European goods and services by Russian importers.

VEB, also known as the Bank for Development and Foreign Economic Affairs, has the role of supporting small and medium sized businesses.