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KfW: Sovcomflot loan benefits European industry

German shipping bank KfW, which along with Nordea and ING is part of a new syndicated loan to Russian Sovcomflot, explains that the bank is participating in the loan due to considerations concerning European industry and European subcontractors.

German KfW IPEX-Bank, a 100 percent fully-owned subsidiary of shipping bank KfW, believes that the German and European maritime industries can benefit significantly from the two LNG vessels set to be built for state-owned Sovcomflot.

The syndicate of European banks lending money to the new buildings has been met with critique due to the fact that the carrier is owned by the Russian state. Nordea rejected this critique last week in a comment to Danish media FinansWatch, and KfW agrees that the LNG vessel order cannot be subject to the sanctions relating to the Ukraine crisis.

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