Putin helped save his oil giant. Now Rosneft returns the favour

Moscow

TWO years ago, the Kremlin's oil flagship was foundering, hit by falling prices and international sanctions just as it faced US$20 billion in debt payments.

Short of cash, Rosneft got about US$15 billion of emergency aid with help from the central bank. But the deal spooked investors, requiring a massive rate increase to stem market turmoil. Chief executive officer Igor Sechin, the man Vladimir Putin had for a decade relied on to build Rosneft into a giant, faced rare disfavour from his patron, officials said at the time.