OREANDA-NEWS. October 15, 2012. VTB Bank has issued a 4.1 billion rouble (USD131.9 mln) surety bond on a state contract to the Information Satellite Systems-Reshetnev Company (ISS-Reshetnev), reported the press-centre of VTB.

ISS-Reshetnev designs and builds advanced navigation spacecraft for the federal targeted programme to develop the space-based component of the Glonass global navigation system in 2012-2020.

A bank guarantee is a mandatory condition for all government contracts to perform any works or supply goods or services, according to Federal Law No. 94-FZ dated July 21, 2005.

“For the past seven years VTB Bank has been involved in government aerospace development programmes and has actively cooperated with ISS-Reshetnev, a leading Russian aerospace company,” said Valery Lukyanenko, member of VTB Bank Management Board.