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In November 2023, Aras Agalarov’s Crocus Group pledged Crocus City Hall, RBC found out (https://www.rbc.ru/finances/27/03/2024/66031a4d9a7947d7aeb464ff). The building was to be pledged to Gazprombank until the end of 2032.

After the fire, Crocus retained about 20-30% of its original value at the expense of land and surviving structures, according to independent analyst Andrei Barkhota. However, Gazprombank may now require Agalarov to provide additional collateral for the loan or transfer the loan to a lower quality category with additional provisions.

Lawyers also note that banks require clients to insure the collateral “in virtually 100% of cases.” However, whether the insurance will cover the realized risk is a “most interesting” question

Gazprombank Pledges Crocus City Hall: Financial Implications

Amidst the aftermath of the Crocus City Hall fire, RBC’s investigation reveals a significant financial development: in November 2023, Aras Agalarov’s Crocus Group pledged Crocus City Hall to Gazprombank until 2032. This move raises questions about the financial stability of both parties involved.

Independent analyst Andrei Barkhota suggests that despite the fire, Crocus retains a fraction of its original value, mainly due to the value of the land and surviving structures. However, Gazprombank may now demand additional collateral or downgrade the loan’s quality category, potentially leading to increased provisions.

Moreover, legal experts highlight the standard requirement for banks to insure collateral. However, the extent to which insurance coverage will mitigate realized risks remains uncertain, adding complexity to the financial situation.

Disclaimer: This investigation presents preliminary findings subject to verification. Readers should interpret the information with caution, considering potential biases and the evolving nature of the situation.

Conclusion: The pledge of Crocus City Hall to Gazprombank underscores the intricate financial dynamics at play post-fire. As stakeholders navigate these challenges, the implications for both parties’ financial stability remain uncertain.

Keywords: Crocus City Hall, Gazprombank, financial pledge, fire aftermath, collateral, insurance coverage

Links:

• RBC Investigation
• InLEO Registration
• War In Ukraine Community
• Team Ukraine Community

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