Russia-focused oil producer Exillon Energy said today that it will not be severely impacted by Bank Ugra going into administration.
London-listed Exillon, which has assets in the Timan-Pechora and West Siberia regions of Russia, said it did not have significant deposits with Bank Ugra.
Bank Ugra was placed under provisional administration by the Central Bank of Russia.
“Irrespective of the eventual outcome of the administrative processes being carried out, the company believes that its financial exposure to Bank Ugra is immaterial,” Exillon said in a statement.