Today, on July, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Kreditanstalt fur Wiederaufbau (KfW Bankengruppe) entered into an Agreement on Cooperation.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and by KfW Board Director Ingrid Matthaus-Maier.
The Agreement aims to strengthen economic and financial relations between Russia and Germany. This Agreement is designed to promote cooperation between financial institutions of the two countries taking into account the Development Bank’s new lines of business. The Development Bank was established on the basis of Vnesheconombank.
The two sides agreed to carry out joint projects including those aimed at supporting medium- and small-size business. The Agreement also sets froth the two sides’ intentions to jointly examine and work out projects designed to reduce green house gases atmospheric emissions.
Cooperation between Vnesheconombank and KfW is developing dynamically. The first agreements between the financial institutions on extending credits to the former Soviet Union and then to the Russian Federation were made between KfW and Vnesheconombank in 1991. KfW was the first foreign bank to sign an agreement with Vnesheconombank after it was transformed into the state corporation “The Bank for Development and Foreign Economic Affairs.”
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
Notice of Procedure for Executing Transaction Certificates in connection with Reorganization of VEB of the USRR
To Vnesheconombank’s customers
Notice of procedure for executing
transaction certificates in connection with
reorganization of VEB of the USSR
In accordance with part 6 of article 20 of Federal Law dated 17.05.2007 N 82-FZ “On Development Bank” (hereinafter – Law N 82 – FZ), from June 8, 2007 (the date of state registration) all the rights and obligations of the state bank – the Bank for Foreign Economic Affairs of the USSR located at the following address: 9, Academician Sakharov avenue, GSP-6, 107996, Russia (hereinafter – VEB of the USSR), have been transferred to the state corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank) (hereinafter – Vnesheconombank).
In accordance with point 5 of part 3 of article 3 of Law N 82-FZ Vnesheconombank shall exercise rights and fulfill obligations established for authorized banks in its capacity as a currency control agent. In doing so, in accordance with pat 3, of article 4, of Law N 82-FZ Vnesheconombank shall not be subject to provisions of the Law on Banks and Banking which regulates (among other things) the procedure for state registration of credit institutions and for issuing licenses to conduct banking transactions to them.
Taking into account the requirements established in chapter 5 of the Bank of Russia’s instruction dated 15.06.2004 N 117-I “On the Procedure for Submitting Documents and Information to Authorized Banks by Residents and Nonresidents upon Conducting Currency Transactions and the Procedure for Registering Currency Transactions by Authorized Banks and the Procedure for Executing Transaction Certificates” (hereinafter – Instruction N 117-I), and in accordance with the interpretation made by the Bank of Russia’s Financial Monitoring and Currency Control Department (the Bank of Russia’s letter to Vnesheconombank and the Federal Customs Service dated 20.06.2007 N 12-1-5/1344) we inform you of the following.
1. In order to ensure continuous registration of currency transactions conducted under transaction certificates, transaction certificates opened in VEB of the USSR are not to be redrawn in connection with its reorganization. At the same time, the numbers of transaction certificates executed before the reorganization of VEB of the USSR are to remain intact before the said transaction certificates are closed in accordance with point 3.17 of Instruction N 117-I.
2. Upon executing new transaction certificates and redrawing transaction certificates containing in their head part the name of transaction certificate’s bank – The Bank for Foreign Economic Affairs of the USSR” in the case that amendments and additions are entered in a contract (loan agreement), with these amendments and additions dealing with the data specified by the resident in the previously executed transaction certificate and requiring its redrawing (except for the name of transaction certificate’s bank or its organizational and legal framework) the new name of transaction certificate is to be specified, that is, Vnesheconombank.
3. Upon filling in the second part of transaction certificate’s number, with the certificate to be executed in Vnesheconombank, (before receiving any other information from the Bank of Russia’s Licensing and Financial Recovery Department) the registration number “964” is to be used, this number was assigned to VEB of the USSR by the State Bank of the USSR when VEB of the USSR’s Charter was registered.
4. Until Vnesheconombank’s specimens of seal impressions used for currency control are registered with the Bank of Russia, VEB of the USSR’s seals used for currency control are to be impressed on currency control documents (transaction certificates and others).
For more information about the procedure for executing transaction certificates do not hesitate to call at the following numbers: 721-93-07, 204-65-04