Oleg Deripaska’s UC Rusal is inching closer to agreement on restructuring $7.3bn in debt owed to more than 70 foreign banks after reaching an understanding on terms with the creditors’ co-ordination committee, people familiar with the situation said on Monday.

Too big to fail

Russia’s indebted oligarchs such as Oleg Deripaska had appeared abandoned by the Kremlin. But it now suits Moscow to keep them afloat – while banks can only wait

But it is likely to miss out on Tuesday on a standstill freezing payments as it must still secure the agreement of all 72 creditor banks before it can announce a restructuring deal, these people said.