VEB intends to participate in implementing projects on the development of platinum deposits in the Krasnoyarsk Territory

10 november 2015 года
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VEB and LLC Russian Platinum signed a Memorandum on cooperation in implementing projects in the Krasnoyarsk Territory.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of LLC Russian Platinum – by Board Director Musa Bazhaev.


The parties intend to participate in implementing and funding projects on the development of the Chernogorsk deposit and the southern part of Norilsk-1 deposit (platinum group metals, copper, nickel, cobalt).

The project on the development of the Chernogorskdeposit provides for the construction of a mine to produce up to 9 million tons of ore per year, an ore processing plant and relevant infrastructure. The project on the development of the largest platinum group metals deposit –Norilsk-1is scheduled to be implemented in two stages with achieving ore production volumes of 18 million tons per year after reaching projected capacity.

Under the Memorandum, the project’s initiator LLC Russian Platinum is ready to have allauthorizations on projects provided as well as have plots of land assigned. In its turn,VEB intends to carry out expert examination of the projects with a view to potential strategic partnership.

VEB’s participation in projects aimed at boosting efficiency of natural resources utilization is one of the Bank’s main lines of activity.

Russian Platinum is one of the leading platinum group metals (PGM) producers in Russia. By PGM reserves (3600 tons)the company takes first place in the world. The platinum production at the Konder deposit located on the territory of Ayano-Maisky district of the Khabarovsk Territory amounted to 2802 kg (90 086 ounces) for 10 months of the current year. The holding comprises the Chernogorsk deposit andthe southern part of Norilsk-1 deposit, which are located very close to the city of Norilsk.


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

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

2 november 2015 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, 2015.

The Reserve Fund

In October of 2015, in accordance with the Federal Law dated December 1, 2014 № 384-FZ “On the Federal Budget for 2015 and for a planned period of 2016 and 2017” and in accordance with Order of the Russian Finance Ministry dated July 17 2015 № 216 “On Using Financial Resources of the Reserve Fund in Foreign Currency to Fund the Federal Budget Deficit in 2015,” a part of the financial resources of the Fund in foreign currency from the Bank of Russia’s accounts in the amount of 1.88 billion US dollars, 1.65 billion euros and 0.27 billion pounds sterlings were sold for 260 billion rubles and the funds received were transferred to the unified account of the federal budget to cover its deficit.

As of November 1, 2015, the aggregate amount of the Reserve Fund was 4 229.98 billion rubles which is equivalent to 65.71 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 29.62 billion US dollars;
  • 26.62 billion euros;
  • 4.46 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, 2015 was 0.16 billion US dollars, which is equivalent to 10.38 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to October 31, 2015 was 444.49 billion rubles.

The National Wealth Fund

As of Novemer1, 2015, the aggregate amount of the National Wealth Fund was 4 728.80 billion rubles which is equivalent to 73.66 billion US dollars including:

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

  • 20.98 billion US dollars;
  • 21.99 billion euros;
  • 4.03 billion pounds sterlings;

2) 195.03 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) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 112.63billion rubles and 1.21 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.43 billion rubles.

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, 2015, was 0.11 billion US dollars, which is equivalent to 7.36 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to October 31, 2015 was 349.73 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 271.92 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 50.75 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –24.35 billion rubles;
  • foreign-currency denominated bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 2.71 billion rubles.

In October of 2015, incomes from investing financial resources of the National Wealth Fund were transferred to the federal budget:

a) on subordinated deposit of Bank VTB in the amount of 5.97 billion rubles which is equivalent to 0.09 billion US dollars;

b) 2.40 billion rubles which is equivalent to 0.04 billion US dollars were deposited with Vnesheconombank.

The aggregate income from placing financial resources of the Fund on authorized financial assets with the exception of accounts with the Bank of Russia from January to October of 2015 amounted to 44.32 billion rubles which is equivalent to 0.72 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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