Russian firms turn to Asia for finance

Russian companies shut out of Western markets as a result of the Ukraine crisis are scouting the possibility of raising cash via Chinese or Singapore bonds instead, even if a large scale funding switch to Asia is likely to be a tall order. Asian investors, eyeing the risks associated with Western sanctions, could prove a hard sell. Usually prolific borrowers, Russian firms' bond and loan issuance this year has languished as lenders fear getting caught up in US and EU sanctions imposed on Russian individuals in retaliation for Moscow's annexation of Crimea and support for separatists in eastern Ukraine. But with $150 billion or so owed in debt payments this year, the scramble for funds is driving firms to Asia, a region with cash-rich investors and governments that are less critical of the Kremlin's actions, according to a news agency.