Kremlin Extends $2B Bailout To Wealthy Oligarch

The Russian government reportedly allowed Alfa Group, a conglomerate controlled by Russian billionaire Mikhail Fridman, to tap $2 billion from its $50 billion rescue fund to payback a bank consortium led by Deutsche Bank. A default would have forced Fridman to relinquish his 44% stake in Russia’s Vimpel Communications, which he had pledged to the consortium as loan collateral. (WSJ)