Kirill Shamalov, deputy chairman of the management board of SIBUR company, speaks during an interview in Moscow, Russia, in this picture taken July 29, 2015. REUTERS/Kommersant Photo/Dmitry Dukhanin
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The son-in-law of Russian President Vladimir Putin stands to benefit from $1.75 billion in cheap finance from the Russian state, a Reuters examination of public documents shows. The money will help fund a petrochemical project at a company in which Kirill Shamalov, husband of Katerina Tikhonova, the Putin's younger daughter, has a significant interest. The state money forms part of the overall $9.5 billion cost of Sibur's Siberian project, which is known as ZapSibNeftekhim, or ZapSib.After Shamalov married Putin's daughter in 2013, he increased his stake in Sibur five-fold and the company invested more heavily in the ZapSib project. As Reuters detailed earlier this month, Shamalov acquired a 17 percent stake in Sibur in September 2014, making him the second-largest shareholder in the company, with a total stake of 21.3 percent. On Dec. 4, the company raised $1.75 billion from the state by issuing 15-year bonds with an interest rate of either 2 percent or the U.S. annual consumer price inflation plus 1 percent, whichever is higher.Neither company responded to requests for comment.Timchenko is also a major shareholder in another company – Novatek – that has gained finance from the National Wealth Fund.
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