Breaking with a longstanding embargo on granting commercial loans to Russia, Chase Manhattan Corp. has arranged a $400 million revolving credit facility for Russian companies, Russian-American joint ventures, and Russian subsidiaries of U.S. companies.

Tom Butler, vice president in Chase Manhattan's global management division, said the bank plans to issue loans of between $1 million and $25 million for up to 12 months, much of which will probably be used to finance U.S. exports to Russia.

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