TOKYO - State-backed Japan Bank for International Cooperation will lend about 4 billion yen ($39 million) to Russia's Sberbank, which is subject to Western sanctions, in the hope of advancing talks on a territorial dispute, the Nikkei business daily said on Saturday. Sberbank, Russia's biggest bank, will use the yen-denominated loan to help a company operating the port of Vostochny in the Russian Far East to buy coal-handling equipment. JBIC will issue the loan by the end of the year in a bid to encourage progress on a dispute over a string of Russia-controlled Pacific islands, called the Northern Territories in Japan and Southern Kuriles in Russia, at a December summit. 'JBIC's move to provide financing to Russia comes because the Japanese government aims to make progress in the negotiations,' the Nikkei said. JBIC was not available for comment.
(photo credit: The Jerusalem Post)