Updated at 16:11,02-12-2016

Russia's Sberbank Promises Belarus $1 Billion by Late October

Deputy Chairman of Russia's Sberbank Andrei Donskih informs that Belarus will receive a $1 billion loan from the bank by the end of October.

According to him, the loan, the rate of which is not yet disclosed, will be issued for a one-year term.

Belarus will be lent on 51% stock in the Belarusian Oil Company Naftan. Meanwhile, Belaruskali stake was originally planned as a pledge, however Belarusian authorities insisted on different loan terms when negotiating, reports Russia's "Vesti".

On September 21, Deputy Prime Minister of Belarus Sergei Rumas said that Belarus had agreed with Russia's Sberbank on conditions for granting a $1 billion loan to Belaruskali.

"Three weeks ago we agreed upon lending on stock of our other Belarusian enterprise under government guarantees. Naftan 55% shares were to have been a pledge", Deputy Prime Minister told then.

On October 3, Chairman of the National Bank of Belarus Nadezhda Ermakova announced about the decision of the Belarusian authorities as well.