VTB Bank of Russia has opened a R2.1bn (about US$62.8mn) credit line with Eurosib Group.

Eurosib is one of the country’s largest private logistics companies. It’s understood that the loan will be used to satisfy working capital requirements. Terms have not been disclosed.

Within the agreement, VTB will also provide banking guarantees for services provided to Russian Railways, to the tune of R800mn until September 2014.