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Russian state lender VEB takes over chip plant hit by U.S. sanctions

Reuters  |  MOSCOW 

(Reuters) - Russian state development has taken over Angstrem-T's plant, the lender said on its website, after the company was hit by U.S. sanctions and crippled by debts.

reported in October that Angstrem-T had accumulated significant debts and was set to be taken over by after failing to reimburse an 815-million-euro ($945 million) loan dating back to 2008.

A former owner of the plant confirmed it had been taken over. did not immediately comment.

has stressed the need to develop Russia's domestic tech industry to make it less dependent on amid a broader stand-off with the West.

But Moscow's efforts to manufacture Russian microchips and other high have been thwarted by U.S. sanctions against a string of Russian tech companies.

(Reporting by Maria Kolomychenko; Writing by Tom Balmforth; Editing by Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 19:42 IST