Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

5 november 2014 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund from January 1 to October 31, 2014.

The Reserve Fund

As of November 1, 2014 the aggregate amount of the Reserve Fund was 3 885.87 billion rubles which is equivalent to 89.55 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

- 40.82 billion US dollars

- 31.39 billion euros;

- 5.76 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to October 31, 2014 was 0.5 billion US dollars, which is equivalent to 21.50 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to October 31, 2014 was 809.08 billion rubles.

The National Wealth Fund

In October of 2014, under the Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” Vnesheconombank early returned financial resources of the Fund in the amount of 25.00 billion rubles placed on its deposits. Under Resolutions of the Russian Government dated January 19, 2008, № 18 “On the Procedure for Managing Funds of the National Wealth Fund”and dated August 22, 2014 № 839 “ On Purchasing Credit Institutions’ Preferred Shares through using Financial Resources of the National Wealth Fund”, the Fund’s financial resources in the said amount were used by the Russian Finance Minisatry to purchase by private subscription preferred shares of OJSC Rosselkhoz in quantity 25 000 pieces, at a par value of 1 000 000 rubles for one share which equals to 10.3% of OJSC Rosselkhozbank’s charter capital.

Moreover, in September of 2014, Vnesheconombank early returned financial resources of the Fund placed on deposits in the amount of 214.04 billion rubles in accordance with Federal Law dated October 13, 2008, № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”. In accordance with Resolutions of the Russian Government dated January 19, 2008, № 18 “On the Procedure for Managing Financial Resources of the National Wealth Fund”, and dated August 22 2014, № 839 “On Using Financial Resources of the National Wealth Fund to Purchase Preferred Shares of Credit Institutions” the Funds of the Fund in the said amount were used by the Russian Finance Ministry to purchase by private subscription OJSC Bank VTB’s preferred shares in number of 21 403 797 025 000 at a par value of 0.01 ruble for one share which accounts for 62.3% of OJSC Bank VTB’s charter capital.

As of November 1, 2014, the aggregate amount of the National Wealth Fund was 3 547.02 billion rubles which is equivalent to 81.74 billion US dollars including:

1) In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

- 24.42 billion US dollars;

- 23.97 billion euros;

- 4.35 billion pounds sterlings;

2) 234.02 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings;

4) 239.04 billion rubles were placed in preferred shares of credit institutions.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to October 31, 2014, was 0.37 billion US dollars, which is equivalent to 15.92 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to October 31, 2014 was 658.81 billion rubles including:

- balances in foreign exchange accounts with the Bank of Russia – 560.11 billion rubles;

- funds deposited with Vnesheconombank in US dollars – 66.70 billion rubles;

- funds placed in debt instruments of foreign states under a separate decision of the Russian Government without placing demands on long-term credit ratings – 32.00 billion rubles.

In October of 2014, incomes from placing financial resources of the National Wealth Fund on Vnesheconombank’s deposits in the amount of 3.59 billion rubles which is equivalent to 0.09 billion dollars including incomes from deposits that were early returned by Vnesheconombank in the amount of 0.07 billion rubles which is equivalent to 0.002 billion US dollars were transferred to the federal budget. The aggregate income from placing financial resources of the Fund on Vnesheconombank’s deposits from January to October of 2014 was 44.38 billion rubles, which is equivalent to 1.22 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

Origin: Press Service of Russia’s Finance Ministry

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The Federal Service for Supervising Natural Resources Use Approves a Project Developed by LLC VEB Engineering on Waste Disposal of the Baikal Integrated Pulp and Paper Mill

29 october 2014 года
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VEB Engineering (VEB Group) received a positive opinion of the State Environmental Expert Evaluation of the Russian Federal Service for Supervising Natural Resources Use on the project to eliminate negative impact of wastes accumulated as a result of the Baikal Integrated Pulp and Paper Mill’s (BPPM) activity.

The documentation submitted is recognized as being in line with environmental standards as well as technical procedures requirements and engineering surveys. According to the documentation there are plans to perform work on sub-slime waters treatment, slime lignin and ashes and slags encapsulation with subsequent burial under a fertile soil layer.

The project was developed as part of the Federal Target Program “Lake Baikal Conservation and Socio-Economic Development of the Baikal Natural Territory for 2012-2020 through the request of the Russian Ministry of Natural Resources and Environment. The project’s total value is more than 6 billion rubles. In the near future, the Russian Ministry of Natural Resources and Environment is to hold a tender for the right to take measures for reclaiming the Mill’s wastes.

In February of 2013, VEB became a major creditor of the Pulp and Paper Mill by opening a credit line worth 3.6 billion rubles and redeeming the Mill’s debts from Alfa-Bank. In September of 2013, operations at the Mill were stopped and the work was started on mothballing the equipment. At present, slime-lignin storages occupy a territory of 175 hectares and contain about 6.2 million tons of slime-lignin. Waste disposal might take at least 6 years, given stable funding and uninterrupted operation of the Mill’s waste treatment facilities. There are plans to engage 424 former workers of the Mill for this activity.

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Official report

24 october 2014 года
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VEB has today submitted a claim before the General Court of the European Union in opposition to the sanctions imposed on the bank by the European Council, in accordance with the rules and procedures of the Court. A claim in opposition to the sanctions has also been submitted by Prominvestbank, VEB's subsidiary in Ukraine.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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A Conference “Exports Support” Held in Moscow

23 october 2014 года
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A Conference “Exports Support” organized by the Export Insurance Agency of Russia (EXIAR, VEB Group)was held in Moscow.

Russian Economic Development Minister Alexei Ulyukaev, Russian Finance Minister Anton Siluanov, Minister of Trade of the Eurasian Economic Commission Andrei Slepnev, Vnesheconombank Chairman Vladimir Dmitriev and heads of China’s and Italy’s export credit agencies spoke at a plenary session devoted to the state system of exports support.

Speaking before participants in the Conference, V. Dmitriev said that according to the recently approved strategy of VEB’s development up to the year 2020, the amount of the Bank’s industrial exports support was to increase to 700 billion rubles. And a significant part of the exports is to be financed with the use of mechanism for subsidizing interest rates. According to him, “this mechanism is one of the most important elements to support exports and it makes it possible to make Russian products more competitive in terms of price conditions”. “Currently we have sent appropriate applications for subsidizing interest rates on export credits for an amount of 14 billion rubles to the Economic Development Ministry and to the Minitryof Industry and Trade. This is a significant support for exports”, said VEB’s Chairman.

Vnesheconombank together with line ministries is working on creating a Center for Exports Credit and Insurance Support on the basis of EXIAR and Roseximbank. A sort of a credit and insurance factory is being created, which will be responsible for offering financial and insurance services to Russian exporters”, explained V. Dmitriev. According to the concept for creating the Center, VEB is expected to focus on supporting exports of big business and the Center being created – on supporting medium-sized and a part of large-scale enterprises.

At present, VEB is involved in introducing application software, which will allow to accelerate and optimize procedures for considering applications in one window format. This system is to be launched until the end of 2014.

The Conference’s participants – representatives of line federal and regional ministries, financing institutions and business discussed the following top-priority issues: the role of the state in supporting exports,instruments (lending, mechanism for subsidizing interest rates, insurance of export credits, export guarantees), needs of business for government exports support, measures to simplify SME’s entry into foreign markets.

The Russian Government appointed VEB as coordinator for providing comprehensive support for the export of Russian products, works and services. This move is designed to qualitatively improve the national industrial exports support system and make it more accessible for all categories of Russian organizations. VEB continues to expand its support for exports. For example, its portfolio of export financing has increased by 45%since the start of 2014 and amounted to about 184 billion rubles as of September 1. The Bank’s loan portfolio increased by more than 57% and its guarantee portfolioincreased by more than 46%. At present, the Bank is considering several dozens of large and medium-sized export projects, with VEB’s participation share being more than 400 billion rubles. Geography of VEB’s export credits include CIS countries, South-East Asia, Latin America, North and Central Africa, Central and Eastern Europe.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank and the Russian Economic Development Ministry Expand Cooperation in Foreign Economic Activity

15 october 2014 года
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In the course of the Council for Foreign Economic Activity (FEA) under the Russian Economic Development Ministry meeting, Vnesheconombank and the Russian Economic Development Ministry signed an agreement on cooperating in foreign economic activity.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of the Ministry – by Economic Development Minister Alexei Ulyukayev.

The parties agreed upon main lines of cooperation in foreign economic activity as well as identified mechanisms for making joint efforts designed to expand the export of Russian products, works, services and technologies.

The agreement is designed to consolidate efforts by the Bank and the Ministry to assist Russian companies on the part of the state in gaining access to foreign countries’ markets and in enhancing their export potential.

The Russian Government appointed VEB as coordinator responsible for providing comprehensive support for exports of Russian products, works and services. Vnesheconombank carries on increasing its support for exports. For example, its export support portfolio has increased since early 2014, by more than 45% and amounted to 184 billion rubles as of September 1(the Bank’s loan portfolio increased by more than 57% and its guarantee portfolio – by more than46%). At present, the Bank is considering several dozens of large-sized and medium-sized export projects, with VEB’s expected total participation share being more than 400 billion rubles. The geography of Vnesheconombank’s export projects is as follows: CIS countries, South-East Asia, Latin America, North and Central Africa, Central and East Europe.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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