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Thursday, July 17, 2014

Morgan Stanley moves ahead with Rosneft deal despite sanctions -CFO, (NYSE: MS)

Morgan Stanley does not believe new U.S. sanctions on Russian oil company Rosneft will affect a pending deal between the two companies, the bank's chief financial officer said on Thursday.The bank's management is moving ahead with plans to sell the majority of its global physical oil trading operations to Rosneft later this year, CFO Ruth Porat said in an interview."Recognizing the guidance was just released last night, we don't believe it applies to our transaction," she said. "We continue to do all the work necessary for closing by the end of the year, obviously subject to regulatory approval."Her comments come a day after the U.S. government imposed its toughest sanctions yet on some of the key players in the Russian economy over what Washington says is Moscow's reluctance to curb violence in Ukraine. The move closed off medium- and long-term dollar funding to Rosneft, the country's second-largest gas producer Novatek and its third-largest bank, Gazprombank.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $32.50. In the past year, the shares have traded as low as $25.25 and as high as $33.52. On average, 9976010 shares of MS exchange hands on a given day and today's volume is recorded at 7913093.