The D20 Long-Term Investors Club (D20-LTIC) welcomed VEB.RF’s initiative seeking a leading mandate within the Club to deal with quality and sustainable infrastructure. The initiative was proposed at the D20-LTIC annual meeting by VEB.RF Deputy Chairman Cesare Ragaglini.
“We believe our experience and knowledge in this area will be to the benefit of all members of the Club. VEB.RF developed a national assessment and certification methodology for quality infrastructure projects. We are working closely with the United Nations, the OECD, the World Bank and others,” Cesare Ragaglini said.
Deputy Chairperson Svetlana Yachevskaya, who is in charge of VEB.RF’s quality infrastructure assessment programme, said: “The main thing for us in infrastructure is its quality, which refers to economic viability throughout the project life cycle, environmental and social impacts, and sustainability. We believe that we can now rethink the priorities and scope of infrastructure to achieve better results in sustainable development and focus on the long-term effects and benefits.”
VEB.RF released a methodology for Russia’s Impact and Responsible Investing for Infrastructure Sustainability (IRIIS) system in 2020, including the relevant guidelines for assessors and verifiers. Work is under way on finalising decisions on the projects and experts selected for the validation of the Guidelines in January–May 2021. Additionally, VEB.RF and the development banks of China, India, South Africa and Brazil signed a joint document in 2020 to promote responsible business conduct within BRICS.
The Long-Term Investors Club (LTIC) was created by European major institutional investors in April 2009 to cope with the aftermath of the 2008 financial crisis. The D20 was initiated by VEB.RF in 2013 under the Russian presidency of the Group of Twenty with the aim of bringing together the G20 development banks. The D20 is an informal group of the G20 financial institutions with a development, promotional or public mandate. The D20 and the Long-Term Investors Club merged in 2019. The D20-LTIC annually publish a D20 Statement submitted to the governments of the G20 member countries.
BVI Court charged shares owned by Ukraine in satisfaction of VEB.RF’s claims
On 10 April 2020 an arbitral tribunal constituted under the rules of the Arbitration Institute of the Stockholm Chamber of Commerce issued two Separate Awards in favor of VEB.RF whereby it ordered Ukraine to reimburse VEB.RF its expenses incurred in the course of investment treaty arbitration concerning expropriation of VEB.RF's subsidiary bank Prominvestbank (PIB). Ukraine refused to voluntarily pay to VEB.RF the sums awarded by the arbitral tribunal.
‘Ukraine will face consequences as a result of such disrespect for the decisions of international tribunals, said Igor Krasnov, Chief Legal Officer. ‘VEB has repeatedly stated that it is firmly committed to recover the entire amount of the debt from Ukraine, pursuing its claims in all possible jurisdictions’.
On 15 October 2020 the Eastern Caribbean Supreme Court of the Virgin Islands recognized and enforced the awards of the Stockholm Arbitral Tribunal, and on 10 December 2020 at the request of VEB.RF issued a charging order over the shares of the shipping company owned by Ukraine - Fishing Company S.A. The State Agency of Fisheries of Ukraine is authorized to manage these shares on behalf of Ukraine. The Fishing Company itself owns several vessels that fish in the waters of the Pacific and Atlantic Oceans.
‘Now there is a real possibility that because of unwillingness of Ukrainian politicians to comply with decisions of international tribunals, Ukraine will lose its entire fishing fleet in Southeast Asia and West Africa, which will be sold to repay the debt of Ukraine owned to the Russian state corporation’, added Igor Krasnov.
VEB.RF intends to make further efforts to locate and attach property of Ukraine all over the world.