Bank of Moscow provides Ruble 615.86 million guarantee for Tulachermet

The Bank of Moscow has announced that in the interests of Russian pig iron producer Tulachermet it has granted a bank guarantee in favor of Russia's Federal Tax Service to a sum of Ruble 615.86 million (about $21 million).
 
Accordingly, the guarantee was issued in accordance with article 176.1 of the tax code of the Russian Federation for the purpose of reimbursement of Tulachermet by declarative procedure of value added tax on its tax declaration for Q1 2010.