"I believe honestly we are in very good shape. In the beginning of the year we have successfully completed the buyback of our rouble bonds for almost half billion dollars. We have syndicated loans with international lenders and Russian lenders for about $3.6 billion and we are at very advanced stage of negotiations with them on rescheduling the principal repayments," chief financial officer of the group, Alexandra Buriko told CNBC.
"We do indeed need some more time to reach the final agreements. We will be completing the negotiations in the next month or so and we will be happy to report to the public as this happens," she said.
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Buriko said the group was in the process of signing final agreements with Russian lender Sberbank and further support from the Russian government would not be necessary at the moment.
"We haven't discussed this with the government in detail in recent times since as I said we believe we will be very successful in finding an agreement with our international partners.
"Should the situation come to that I am sure we will come to some solution. We have asked our lenders for some forbearances " Buriko said.
The potential impact of U.S. sanctions on Russia has created concern amongst some the firm's trading partners, Buriko said, but not to the extent that would threaten existing contracts.
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"Our customers need our metal and are happy to continue working with us. We don't feel any pressing situation," she said.
Talks of intensified sanctions that could lead Russia to abandoning the dollar as a reserve currency, meaning companies would be unable to settle in U.S. dollars, are also not a major concern for the metal producer, she said.
"Well, if it comes to an extreme and we cannot settle with our customers in U.S. dollars, not only our business but a lot of companies will be facing some new issues," said Buriko.
"There have been talks about a new national system and settlement in roubles, but our view is the current system will remain in place," she added.