PJSC Magnit said Dec. 21 that its board of directors approved a loan of up to 55 billion Russian rubles to the Russian consumer goods retailer's subsidiary, JSC Tander.

The loan, which is subject to approval by Magnit CEO Sergey Nikolayevich Galitsky, has an annual interest rate of not less than 75% of the key rate of the Bank of Russia. The Bank of Russia's key rate currently is 7.75%.

Any borrowings would need to be repaid within three years.

As of Dec. 21, US$1 was equivalent to 58.55 Russian rubles.