On 8 June 2016, State Duma held an expanded Energy Committee meeting to discuss long term factoring instruments to finance energy-saving measures. The meeting was attended by representatives of major energy businesses, federal authorities, industry experts, and financial institutions.
Severstal and VTB Factoring provided RUB 100 bn factoring financing for Russian steel during the first five years of their agreement. This strategic partnership includes two key areas: the sale of receivables using factoring without recourse, and financing of accounts payable to Severstal’s suppliers.
VTB Factoring’s performance in 2015 saw an unprecedented upswing in business in the Russian factoring market, with the size of its factoring portfolio reaching RUB 101 billion and turnover of assigned receivables increasing to RUB 441 billion by the end of 2015.