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The Export-Import Bank of the United States is now ready to finance a $245 million loan to help the Russian oil and gas industry.
The loan would be the bank's largest to Russia so far, and its first under a controversial $2 billion program to rejuvenate that country's production, which has lagged drastically in recent years due to lack of technology. Originally proposed in late 1992, the $2 billion loan package underwent considerable negotiation throughout last year, particularly concerning a requirement for an out-of-Russia escrow account to repay the loan.
The $245 million loan would be made to Permneft, a …