Gazprom gets $480 million credit assurance

With the Russian economy on the brink of recession, Russian gas company Gazprom said Friday it brokered a credit line for nearly half a billion dollars.

The Russian energy company said it signed a credit agreement in Vienna with UniCredit Bank worth $480 million.

"The agreement is of great historical significance both for promoting the mutually beneficial relations between the two companies and for wider cooperation of Gazprom with financial communities of Italy and the entire Europe," the gas company said in a statement.

Russian efforts to expand in the European market suffered a blow this week when the Kremlin said it was suspending efforts to build its South Stream natural gas pipeline across the Black Sea. Western sanctions targeting the Russian energy sector, however, have dealt a blow to an economy that depends on oil and gas exports for more than half of its revenue base.

Gazprom, along with its counterparts in the Russian energy sector, have been focusing on the growing Asian market as its hopes for a larger role in the European market fade.

The Russian ruble, meanwhile, is trading at all-time lows against the U.S. dollar. Russian Deputy Economy Minister Alexei Vedev this week said low global oil prices were behind the devaluation of the nation's currency.

Andrei Kruglov, head of finances at Gazprom, led the delegation in Vienna talks with UniCredit Bank. In June, he said he was open to using the Chinese currency as a payment mechanism for future gas deliveries to China.