OREANDA-NEWS. August 20, 2010. Sviaz-Bank has given 333.2 million rubles in bank guarantee to Kristall Production Association OJSC that will use the borrowed funds to meet its liabilities to pay the value added tax into the budget, reported the press-centre of Sviaz-Bank.

The Bank has issued its guarantee within the framework of its continuing cooperation with PA Kristall and the loan limit increase in July 2010 by 500 million rubles for disbursing tranches of a revolving line of credit and issuing bank guarantees. The borrowed funds have a drawdown period of two years. Months earlier, in March 2010, the Bank opened two credit lines totaling 500 million rubles to the association for a drawdown period of two years.

PA Kristall OJSC is Russia’s biggest producer of diamonds and one of leading diamond manufacturers in Europe. The Russian Federation represented by the Federal Agency for State Property Management holds 100% of the company’s shares. The company is on the List of Strategic Enterprises and Strategic Joint-Stock Companies approved by the President of the Russian Federation in his Decree No.1009 of August 4, 2004.