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Russian state lender VEB takes chip factory hit by U.S. sanctions

FILE PHOTO: The logo of the Russian state development bank Vnesheconombank (VEB) is to be seen on the top of a building in the centre of Moscow, Russia, April 22, 2016. REUTERS/Maxim Zmeyev

MOSCOW (Reuters) – Russian state development bank VEB has acquired Angstrem-T’s semiconductor plant, the lender said on its website, after the company was hit by U.S. sanctions and crippled by debt.

Reuters reported in October that Angstrem-T had significant debts and was set to be taken over by the VEB after the not compensate of a 815 million euro ($945 million) loan dating back to 2008.

A former owner of the factory had confirmed acquired. VEB did not immediately comment.

President Vladimir Putin has stressed the need to develop Russia’s domestic tech industry to create and are less dependent on foreign equipment in the midst of a broader stand-off with the West.

But Moscow’s efforts to the production of Russian microchips and other high tech products, have been thwarted by the US sanctions against a string of Russian tech companies.

Reporting by Maria Kolomychenko; Writing by Tom Balmforth; Editing by Mark Potter

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