Saipem sued the “daughter” of “Gazprom” for the recovery of more than € 759 million – Forbes Russia

The Italian company Saipem, which was to build the first line of “South Stream”, filed a lawsuit for the recovery of € 759 million in the International Chamber of Commerce to belonging to “Gazprom” to the operator South Stream Transport BV, which had previously terminated the contract with the Italian contractor and blocked construction pipeline. This is stated in the documents of Saipem.

In March 2014, a consortium of South Stream Transport signed a contract with Saipem for the construction of the first line of the offshore section of the “South Stream” by € 2 billion, but after Russia’s refusal to build the “South Stream “through Bulgaria and the decision to build the pipe through Turkey, the Russian company dissolved the contract with Saipem.

The documents stated that Saipem has filed a request for arbitration, November 10, 2015. The amount of the claim amounted to approximately € 759 million. A source at the Italian company told RBC that this amount consists of the evaluation of the work already done, but the amount could rise – due to damage due to termination of the contract and neustoki. It is noted that the claim may be included in the overall claim for damages for breach of contract and penalties to the South Stream Transport BV. «My daughter” of “Gazprom” has been advised of directional lawsuit December 15, 2015.

The representative of the South Stream Transport According to RBC by an official representative of “Gazprom”, the company was notified of the filing of a claim to arbitration because of disagreement on the contract for the construction of the “South Stream”. According to the source, South Stream Transport tried to negotiate a settlement of the dispute by peaceful means, but Saipem has decided to send a claim. The representative noted that South Stream Transport is going to defend its interests and fully contested the claims of the Italian company.

A source in “Gazprom” said the Italian side demands the full payment to terminate the contract at € 1,2 billion but the Russian company It intends to pay only for completed work and a penalty. Interlocutor RBC reported that the total amount recognized by the company, is “more than € 700 million,” net of the listed contractor resources.

The contract with Saipem S.p.A. It was concluded in 2014 within the framework of the project “South Stream”, but later because of Russia’s refusal to implement this project, the contract is renewed on new conditions for the construction of the first line of “the Turkish stream,” however, and the contract was terminated in July 2015. “This decision was dictated by the inability to reach agreement on many workers and commercial matters of the project” Turkish Stream “,” – explained while South Stream Transport BV.

In January, the head of “Gazprom” Alexei Miller said that Saipem is one the contenders for the construction of the “Nord Stream 2″. The contract price for the construction of two lines of a total length of 2,500 km will be more than $ 4 billion.

Media: the privatization of “Rosneft” can approve this week – RIA Novosti

MOSCOW, February 1 – RIA Novosti. The privatization of “Aeroflot”, “Rosneft” and “Rostelecom” may be approved this week, wrote on Monday, the newspaper “Vedomosti”.

Russian President Vladimir Putin on Friday at a meeting with the head of the Central Bank of Elvira Nabiullina, Minister of Finance Anton Siluanov and aide Andrei Belousov said that this week he will discuss with the government the privatization, including the privatization plans for the current year.

“In the budget there is no money, revenues from energy exports are reduced, so the market will be all – the newspaper said, citing a source in the Ministry of Economic Development. – Among the possible assets for the sale of state shares of” Rostelecom “,” Transneft “,” Aeroflot ” “Rosneft”, “Sovcomflot” and several other companies. ”

Last December, the Minister of Economic Development of Russia Alexei Ulyukayev said that he considered “Rosneft”, “Aeroflot” and “Sovcomflot” ready for privatization. He also noted that the Ministry expects to receive from the privatization of 1 trillion rubles for two years.

In January, First Deputy Prime Minister Igor Shuvalov, responding to a question on the sidelines of the Gaidar Forum, examines whether the privatization of large banks this year, He said that “consider more ambitious privatization plan».

“Gazprom” has received a claim for € 759 million for the abandonment of the “South Stream” – RBC

section of the pipeline “South Stream” in Serbia

Photo: Bloomberg

Invitation to arbitration

Saipem sent a request for arbitration with the International Chamber of Commerce in Paris against controlled by “Gazprom» South Stream Transport BV In November 2015, the materials for investors Italian contractor with whom acquainted RBC. South Stream Transport – operator of the construction of the underwater part of “South Stream”, which should pass under the Black Sea, bypassing Ukraine, but was never implemented. Saipem requires it to € 759 million.

The company said that this complaint may be included in the overall claim for damages for breach of contract and penalties with a subsidiary of “Gazprom”, the amount of damage is calculated has not yet completely. For 15 December South Stream Transport has been notified of the impending arbitration process, the materials Saipem.

P redstavitel South Stream Transport RBC through the official representative of “Gazprom”, the company received notice by Saipem for filing a claim to arbitration because of a dispute on the contract for the construction of the “South Stream”. South Stream Transport tried to negotiate a settlement of the dispute by peaceful means, but the Italian contractor decided to sue, he added. South Stream Transport intends to defend their interests and fully contested claims Saipem, claims a representative of . D Details litigation representative of South Stream Transport declined to comment.

Dear “South Stream”

«South Stream” – unrealized project of gas pipeline bypassing Ukraine through the Black Sea to South and Central Europe, the estimated capacity of 63 billion cubic meters. per year. Construction pipes in the Russian territory began in 2012. It was assumed that at the end of 2015 on the “South Stream” will be delivered first gas. At full capacity the pipeline was planned to withdraw in 2018. According to the director East European Gas Analysis Mikhail Korchemkin, the total cost of construction of the “South Stream” in Russia totaled € 13 billion, and in view of the preparatory work in Europe – € 17-20 billion. After abandoning the construction of the “South Stream”, “Gazprom “I paid another 56 billion rubles. (about $ 1 billion at the time of declaration) European partners – Eni, Wintershall and EdF – for they own 50% South Stream Transport, reported the Russian company in March 2015. These conditions have been registered in the shareholders’ agreement.

Saipem, which has already participated in major projects of “Gazprom» (Nord Stream under the Baltic Sea and the Black Sea “Blue Stream” Turkey) in March 2014 was elected as the general contractor for construction of the first line of the underwater part of the “South Stream” under the Black Sea from Russia to Bulgaria. “Gazprom” estimated contract value “around € 2 billion.” In addition to the development of documentation and construction of the first line of the contractor had to build a technological objects on the beach and arrange plots crossing the coastline. A month later Saipem, together with the Swiss Allseas Group signed a contract for the construction of the second line (in Italian contractor’s task was to “ensure the construction”), its amount was not disclosed. But the pipeline has not been built because of the claims of the European Union, claiming that the “South Stream” does not conform to the Third Energy Package. Officially, the project was closed December 1, 2014.

In place of the “South Stream” came “Turkish Stream” (had to pass also under the Black Sea, but in Turkey), to implement that “Gazprom” has also decided to draw Saipem. For simple vessels of the Italian company in the Bulgarian Burgas “Gazprom” even paid about $ 300 million, wrote “Vedomosti”. But soon after the company’s fleet in June 2015 came from Bourgas to Anapa to start construction, “Gazprom” has terminated the contract and – because of commercial disputes. But after the Turkish aircraft was hit by a Russian fighter jet in November, and the relations between Moscow and Ankara have deteriorated, the construction of “Turkish Stream” had to be postponed indefinitely.

What do you think the Italians

According to materials of Saipem, in 2014 the company has been paid under contracts for the “South Stream» € 495 million for the first quarter of 2015 – another € 300 million. All to terminate the contract with South Stream Transport document is estimated at € 1,2 Bln. Claim in € 759 million consists of the assessment work already done (for the construction of the “South Stream”), RBC reported a source in the Italian company. According to him, this amount can be increased – due to damage due to termination of contract and penalties. Saipem spokesman did not respond to a request to RBC.

According to the source of RBC in “Gazprom”, familiar with the details of the project “South Stream”, Saipem requires full payment of the termination of the contract in a € 1,2 Bln. But the Russian company is willing to pay only for the work performed (and admits not all invoices Saipem) and penalty. The total amount recognized by “Gazprom”, the interlocutor of RBC did not name, but said that it is “more than € 700 million,” net of the listed Saipem funds.

The partner of law firm UST Alexander Bolomatov indicates that the International Arbitration of the International Chamber of Commerce in Paris – one of the most prestigious and expensive arbitration in Europe, which for a long time and carefully consider such things. If Saipem and South Stream Transport prescribed in the contract clauses for reimbursement in the event of early termination of the contract on the initiative of the customer, the chances of an Italian contractor in the high court, he said. Surely Saipem may receive compensation of their expenses actually incurred, proven by relevant documents, but it can be much lower than requested in the lawsuit, adds lawyer.

Director the consulting of East European Gas Analysis Michael Korchemkin believes that the amount of the claim Saipem already includes debts for simple vessels and agreed compensation for early termination of the contract. In the case of settlement of the dispute by peaceful means “Gazprom” can ask Saipem discount on another project – Nord 2 Stream under the Baltic Sea. In mid-January predpravleniya monopoly Alexei Miller said that the Italian contractor – one of the contenders for the construction. But the tender has not been announced. Representatives of “Gazprom” and Saipem did not comment, affect whether a lawsuit in the International Arbitration on their further cooperation.

Switzerland wants to pay all citizens of 2.5 thousand. Euros per month – Rosbalt.RU

January 31, 2016, 18:32 | Switzerland | unconditional income

 The Swiss authorities will hold a vote on the monthly payments to citizens in the amount of 2500 Swiss francs, which is about 2,500 euros.

 According to The Independent, if the proposal is approved, Switzerland will become the first country in the world that will provide their citizens the unconditional monthly income. In addition, it is proposed to allocate to each child per month for 625 francs.

 According to a study by Demoscope, most Swiss are planning to continue the work, and will look for a job, even in the case of adoption of such a law. Only 2% of people said that they could stop working. At the same time 56% of respondents believe that the proposal will not be accepted.

 In the case of the adoption of such a law, it will cost the government 208 billion Swiss francs a year, of which 150 billion is necessary to state revenues from taxes and 55 billion will be collected from the social insurance fund.

Media: Production at Toyota freeze on February 6 because of a shortage of steel – Rosbalt.RU

January 31, 2016, 13:57 | Automotive Industry | Japan | metal | the lack of

 Carmaker Toyota did not rule out that the pipelines on its Japanese factories can be stopped. The pause is caused by a shortage of steel, due to emergency provider.

 In early January, at Aichi Steel production in the province of Aichi, an explosion occurred, who inflicted serious damage. The company will be able to eliminate them only in March, according to Kyodo.

 Due to the shortage of steel Toyota may adjourn a week. “At present, stocks have become quite, so we can work until 6 February. After that, the company will be forced to take a decision, if the supply of steel will not resume,” – said a spokesman for the automaker.

Stopping production could affect plans for Toyota for the production of more than 4 million vehicles in Japan, including new hybrid Prius, sales of which were launched this month in the United States, but which are produced exclusively in Japan, “- says SteelLand.

Iran’s attempts to enter into new oil and gas contracts failed because of problems with visas – NTV.ru

The Conference was to be held in London in late February, but it turned out that the representatives of Iranian companies do not have time to get a visa to this point, according to Reuters.

The vice-president of the National Iranian Oil Company NIOC Ali Cadore explained that the British embassy in Tehran until could issue visas to representatives of Iranian companies as visa service still does not work.

At the same time before the conference was postponed five times because of the uncertainty that the sanctions against Iran are lifted.

Now, Tehran intends to offer new contracts to foreign companies in an auction format that does not require the conduct of foreign conferences. The first bet will be asked to do in May.

Earlier this month, Iran has signed the first contract after the lifting of sanctions on the Russian oil company. LUKOIL has agreed to a contract worth $ 6 million for the exploration of oil fields in the south.

Revenues of the Mexican state-owned Pemex oil production fell by 70% – REGNUM

Mexico City, January 31, 2016, 09:55 – REGNUM In Mexico, revenues of the state oil company Petroleos Mexicanos (Pemex) decreased by 70% due to the continued fall in world oil prices. On this day, January 31, the Minister of Energy of Mexico Pedro Joaquin Coldwell, speaking before the Parliament.

The head of the Mexican Energy Ministry said that the reduction in income means the suspension of a number of investment projects. This Caldwell noted that oil companies around the world have been forced to cancel or suspend their investment projects totaling about $ 200 billion.

The minister told MPs that the government has prepared the new mechanisms to allow the Ministry of Finance and the Commission for Securities securities to raise additional resources to priority oil projects. It is planned to place the bonds on $ 5 billion. This should allow Pemex to compensate for loss of income.

Earlier, Bloomberg reported that Pemex lost $ 10.2 billion in the third quarter of 2015.

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“Vkontakte” will create a section of the population due to single-industry towns and governments – REGNUM

Moscow, January 31, 2016, 02:23 – REGNUM On Saturday, Jan. 30, the first vice-premier Igor Shuvalov said that the Russian government intends to help the social network “Vkontakte” to create a platform for communication between the federal and regional authorities with the public and business on their single-industry towns development.

To achieve these goals, “Vkontakte” will be organized a special section. According to Shuvalov, the social network is chosen due to the fact that it was not necessary to spend money on the development of a special information resource. Therefore, the use of “Vkontakte” to create on its base section for interaction of regional and federal authorities with the public and businesses monocities discussed with Ivanov Tavrin , the owners of the resource.

Thus, the specialists will create a project office on the basis of the Fund’s one-industry towns. And in the Moscow School of Management “Skolkovo” to work in the office will be held training courses for specialists.

According to the first vice-speaker of the Section will be managed so that any issues relating to policy, there will not fall. Shuvalov also said that with the help of the platform will be able to establish cooperation between the government, the people and the municipality, on the implementation of government decisions.

Recall that the Ministry of Economic Development of Russia in September last year, has selected four company towns, which will create the territory of priority development. These cities have become Sibirskoye (Irkutsk region) Yurga (Kemerovo Region), Naberezhnye Chelny (Tatarstan) and Gukovo (Rostov region).

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The Iranian delegation was not given a visa to travel to a conference on oil – TVNZ

Conference on oil contracts, which was to go to the London in the next month, turned out to be disrupted. Delegates from Iran simply could not come.

– The London conference is canceled for us, because the Embassy UK in Tehran can not issue visas to representatives of Iranian companies – said the head of the National Oil Iranian NIOC Company Ali Cadore.

In the event Iran from which only recently lifted sanctions, I would like to offer investors new contracts for oil and gas , according to Reuters.

As explained to the delegates, they are now able to obtain visas in the UK only through third countries.

VKontakte will link the Russian government and the population of single-industry towns – Express-News

30.01 | 23:36

The Russian government is planning to create a platform for interaction between federal and regional authorities with the public and business on their single-industry towns development. For these purposes in the social network “VKontakte” will be a special section.

This was announced by First Deputy Prime Minister Igor Shuvalov.

According to him, this topic has been discussed with the co-owner of the social network Ivan Tavrin. Selecting “VKontakte” Shuvalov explained the reluctance to spend special funds for the creation of a special information resource.

On the basis of single-industry towns Development Fund will be established project office. To work in this office will be trained professionals, which will be held at the Moscow School of Management “Skolkovo”. In all planned expenditures in the amount of up to two billion rubles.

Shuvalov highlighted that there is no policy in the new platform will not.

«It will be so controlled that any policy issues to just do not get “, – assured Shuvalov.

First Deputy Prime Minister explained that, thanks to this platform, the government is aware of what is happening” at the bottom “, and the people and municipalities will be able to signal the” top “, as implemented certain government decisions.

In September 2015, the Economic Development Ministry has selected four company towns to create in their territories of priority development (TOP) – This Sibirskoye (Irkutsk region) Yurga (Kemerovo Region), Naberezhnye Chelny (Tatarstan) and Gukovo (Rostov region).

Recall that the law “On the territories of priority development in the Russian Federation” was adopted in late 2014 and entered into force in March 2015. The document provides for the possibility of land acquisition and (or) located on them real estate and other assets in order to accommodate the infrastructure top. At the top there are special legal regimes of business and other activities: subsidized rents, tax breaks, special regime of state and municipal control.

Involved in an accident bus drove Ukrainian – Dni.Ru

Presumably, the driver of the tourist bus, got in an accident in the Leningrad region, is a native of Ukraine. The prosecutor’s office will check with the shipping company. The administration of St. Petersburg reported that among the victims listed come not only from the northern capital, but also from other regions of Russia.

Law enforcement sources reported that the driver of the tourist bus, which got in an accident in the Leningrad region, managed a Ukrainian citizen . “The driver – a citizen of Ukraine”, – quotes RIA Novosti source. Official confirmation of this information yet.

At the same time it became known that the Prosecutor’s Office check the shipping company in connection with the accident with a tourist bus on the highway “Scandinavia”. “It has been established that the tourist bus was taken Ltd.” Baltic Auto 1 “on loan from a private person … As a result of the prosecutor’s investigation of performance of the company will be taken statutory response,” – said the agency.

In the accident reacted the administration of St. Petersburg. As the governor’s press secretary Andrei KIBIT in Twitter, St. Petersburg hospital ready to receive victims . However, the decision will be made individually for medpokazaniyam.

According to him, among the victims, not only among the residents of the northern capital. There are natives of Udmurtia, the Krasnoyarsk Territory, the Kaliningrad Region and North Ossetia.

In the Vyborg district of the Leningrad region in the 158 kilometer highway “Scandinavia” at about 9:30 am the tourist bus collided with a wagon. On the bus were 36 people including the driver. Injured more than 20 people, eight of them, said the Ministry of Health, are in serious condition.

In the traffic police have named the alleged perpetrator terrible accident. They previously, is the driver of the tour bus, which was heading to Finland. That, according to the traffic police, left into oncoming traffic .

At the same time, a law enforcement source said that the preliminary cause of the accident is sleet. They noted that none of the drivers exceeded the speed.

17:08 / 30.01.2016 accident, Leningrad Region

The prosecutor’s office will check with the shipping company upon an accident in the Leningrad region – Russian newspaper

The prosecutor’s office of the Kirov district of St. Petersburg organized a test carrier company in connection with a severe accident on the 158-kilometer highway “Scandinavia”, the press service of the Prosecutor General’s Office.

The report said: “found that the tourist bus was taken Ltd.” Baltic Auto 1 “on loan from private persons. The audit will take appropriate measures prosecutorial response”.

Recall that this morning in the Vyborg district of the city has been a serious accident in which people have suffered. Tourist bus traveling from St. Petersburg to Finland, drove into oncoming traffic and crashed into a truck.

As a result of injuries of varying severity were more than 20 people who were hospitalized in the inter-district hospital Vyborg. “They nontransportable” – quoted by Interfax words of the chief surgeon of the Leningrad Region Oleg Ergashev.

Later, ten injured five helicopters were delivered to St. Petersburg – the Leningrad regional hospital and Institute of Emergency Care named Dzhanelidze. With the rest of the inter-district hospital doctors work Vyborg. The press service of the government of the Leningrad region reported that five people have been sent home.

According to Andrei Kibitova, a spokesman for the governor of St. Petersburg Georgy Poltavchenko in the accident suffered residents of several regions of Russia and one citizen of Ukraine.

also opened a hotline after an accident. “Hotline EMERCOM of Russia in St. Petersburg on a traffic accident in the Leningrad Region 8-800-100-2001,” – said in a statement on the site of administration of St. Petersburg.

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As a result of the accident near Vyborg affected residents of several regions of the Russian Federation and the Ukrainian citizen – Rosbalt.RU

 Among the bus passengers faced with a wagon in the Leningrad region, except for residents of St. Petersburg, were tourists from Udmurtia, the Krasnoyarsk Territory, the Kaliningrad region, North Ossetia, as well as a citizen of Ukraine. All of them were sent to Finland.

 In total, there were 36 bus passengers, 21 people now evacuated santransportom in Vyborg hospital, spokesman for the governor of St. Petersburg Andrei KIBIT in his Twitter.

 Governor Georgy Poltavchenko instructed the Health Committee to keep under control the issue with the treatment and evacuation of victims in road accident on the highway “Scandinavia”.

 According to preliminary version, the bus travel agency Marina Travel was on the wrong side due to the fact that he was in a skid on the icy road. He hit the rear of a truck, which was moving on an opposite.

 In Vyborg sent two medical helicopters MOE and one helicopter Heli drive, which flew in the Institute Dzhanelidze. There also flew a helicopter Emergencies Ministry carrying the four victims. On the second board, which also flies in the Institute Dzhanelidze are three victims. Vyborg is currently aboard another spacecraft MOE medical unit and also flew to MI-8 helicopter.

 

 Among the injured tourists have heavy – at the moment they nontransportable. Help them is in Vyborg. According to the governor’s press secretary, Health Committee keeps the issue of the treatment of the victims under constant control, is in communication with colleagues from the Leningrad region.

 

 Petersburg hospital ready to receive casualties. The decision to move to St. Petersburg will be individualized, medically.

All passengers of the bus got in an accident in the Leningrad region – the citizens of Russia – RIA Novosti

MOSCOW, January 30 – RIA Novosti. All passengers involved in an accident involving a bus and a truck on the highway “Scandinavia” in the Leningrad region, according to preliminary data, are citizens of Russia, said on Saturday, RIA News source in the emergency services in the region.

Twenty-one people were taken to hospital after collision Vyborg on Saturday the bus with a truck on the highway “Scandinavia” in the Leningrad region, told RIA Novosti source in the emergency services in the region. Two are in serious condition. In the bus were 37 people.

“Previously, all the passengers of the bus – the Russians” – a spokesman said.

About the accident in Russia in 2014-2016 years, see the Help & gt; & gt;

Iran has canceled a conference on oil in London due to visa problems – BBC

30.01.2016 | 09:58

Iranian officials canceled a conference on work with foreign investors in the oil and gas sector due to problems in obtaining visas, reports Reuters , with reference to the deputy head of the national oil company NIOC Ali Cadore.

«The London conference is canceled for us because the British Embassy in Tehran can not issue visas to representatives of Iranian companies,” – he said .

According to Cadore, delegates will get visas through another country. He also said that to participate in tenders for oil contracts in May will be invited foreign companies.

Previous reported that Total will buy from Iran 200 thousand barrels of oil per day.

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Department of State does not comment on the scandal surrounding electronic correspondence Clinton – RIA Novosti

© AP Photo / Luis M. Alvarez

WASHINGTON, January 30 – RIA Novosti. US Secretary of State John Kerry does not comment on the details of e-mail correspondence of its predecessor and the challenger for the presidency, Hillary Clinton, which led gosperepisku through unprotected private mailbox.

© AP Photo / Nati Harnik

“I can not talk about the details of that whatsoever concerning the formalities content … because it is not our job,” – the words being in Canada Kerry agency Associated Press. In his remarks, the US State Department “does not know about it, because it (correspondence) is in the hands of others.”

Earlier Friday, US State Department official confirmed that the 22 letters of the former US Secretary of State Hillary Clinton, whom she exchanged via a private mailbox, contained state secrets, in addition, 18 letters belonged to the correspondence with US President Barack Obama.

Separately Kirby noted that eight of the chain mail correspondence of 18 letters were addressed to US President Barack Obama, which is also a confidential letter, because it is about the protection of the information received the president.

The Ministry of Finance made a withdrawal of deposits of citizens in the capital of troubled banks – RBC

The building of the Ministry of Finance

Photo: Yekaterina Kuzmina / RBC

According to Moses, the large deposits – the size of 100 million rubles. – Individuals can be forcibly converted to financial recovery in the capital of troubled banks in the Russian part of the new mechanism of bail-in (forced conversion of the claims of creditors of the third stage in subordinated loans, or the authorized capital of the bank). “In fact, the economic activity of physical persons with major contributions are no different from the legal” – quoted by the official Tass.

RBC Moses said that while this idea is being discussed within the framework of interdepartmental discussion in the Finance Ministry. “While there is no clear understanding of how the marginal amount of the deposit in question, whether it’s a billion or 100 million rubles.”, – He added.

Currently, the bail-in mechanism is not provided for by the Russian legislation, but discussion about way to close the “hole” problem banks, conducted in 2015 c. Particularly relevant issue has become amid rising cost the Deposit Insurance Agency (DIA) to reorganize troubled banks, and payments to depositors of banks with revoked license. In December, the DIA has asked the Central Bank with a request to allocate an additional 140 billion rubles. to finance the payment of compensation on deposits. In 2015, the Central Bank revoked the license of over 60 lending institutions. Only in Vneshprombank, the license which the regulator withdrew in January 2015, the size of the “hole”, according to the Central Bank, has exceeded 187 billion rubles.

According to the head of Sberbank German Gref, in 2016 losing a license can still about 10 % of Russian banks.

In January 2015 DIA also increased the amount of additional contributions to the Deposit Insurance Fund for banks to inflate the rates on deposits.

Earlier, deputy chairman of the Central Bank of Russia Mikhail Sukhov at the meeting of the management of the Central Bank with bankers organized by the BDA, said that the Central Bank expects in 2016 to begin to use the mechanism of bail-in – compulsory use of the creditors to solve the problems of unstable banks. He clarified that the decision to offer financial recovery of banks to minimize large-scale government spending while maintaining the confidence of creditors in the bank. In December, Central Bank head Elvira Nabiullina also said that the use of bail-in in some cases will not revoke the license, and to maintain the bank’s solvency with the prospect of growth.

In the middle of January of Moses from the Ministry of Finance said that on the first ne is expected to extend the mechanism of bail-in only for firms and companies. “The idea is clear that creditors become shareholders. On how this will work, who will make a decision at what stage how much all this is under consideration. Once we let a few weeks to this concept did work and discuss with key players. We should discuss with the Ministry of Economic Development, with the DIA, with the Central Bank, with the lawyers. Q hard … We believe that the first phase will only be legal entities, “- quoted him as saying« Interfax ».

Senior Director, Head of bank ratings ACRA Cyril Lukashuk notes that the global banking practice Salvation is a mechanism of global systemically important banks, which are involved as a means of creditor companies as well as large deposits of natural persons. In particular, it has been used in the rehabilitation of Bank of Cyprus, the creditors and large depositors forcibly became its owners. Authorities converted into shares of the bank deposits of € 100 thousand. “In the case of individuals assumed that converted into shares of the banks may be advantageously long-term investments with maturities of more than three or five years,” – he said. The expert said that the Russian legislation is also advisable to indicate, on the contributions of some urgency involved. “If this will not affect short-term deposits, ranging from six months to a year, this innovation will not be so badly perceived by the market. In Russia, often large deposits open for short periods, “- says Lukashuk.

The Ministry of Finance made the withdrawal of citizens’ deposits in the recapitalization of troubled banks – BBC

The Ministry of Finance is considering the withdrawal of deposits of individuals in volume from 100 million rubles. on the recapitalization of troubled banks. This was announced on Friday, Deputy Finance Minister Alexey Moiseev.

«Gazeta.ru” Moses explained that this mechanism will be applied only in the case, “where the bank has already fallen”, that is, the central bank had its license revoked and you must choose one of four options for treatments.

This bankruptcy, reorganization, transfer of assets to another bank, and, as an option, the mechanism bail-in (saving banks at the expense of depositors). In fact, we are talking about the forced conversion of the claims of creditors of the third stage in subordinated loans, or the authorized capital of the bank to improve the bank’s position in terms of capital.

«Bankruptcy – is when everything is stolen and save nothing. The office chairs were left alone, and the office is rented, “- popularly explains the official. Sanitation – when the bank broke the law, but there is still that save, the bank has assets which can be assigned to work in the following bank-sanatorium. So it was with “trust” and “Uralsib”, for example.

The third option – the interim between the first two.

“And now the Ministry of Finance is ready to offer the fourth option. It is suitable for those cases where the bank is quite a worker, he has a regular income, but his position is unstable. And there are major investors and lenders, “- says Moses.

Then it would be possible to launch the mechanism of bail-in. “In this case, a major contributor, physical person, or a major lender could make a choice. Pick a guaranteed contribution of 1.4 million rubles. and then if there have troubled bank assets and carrying out tender procedures to get some of their money, “- says Moses.

Or, in the capital of the bank and get your money back at least a few years when the bank again gets on his feet.

Moses said that this mechanism has already been used twice. However, on a voluntary basis. When rehabilitation of the bank “Tauride” and FUNDSERVICEBANK.

When asked “Gazety.Ru” it is time to run to the bank and withdraw last rubles, as the threshold of 100 million rubles. can easily be reduced to any other sums and bail-in can touch even the average investor, Moses said that he was misunderstood. An amount of 100 million rubles. – Conditional. It is being discussed. This may be about 1 billion rubles., And several tens of millions. That is, in any case, on the owners of significant amounts.

Mosaic also he said that the Finance Ministry does not carry out the calculation, but in the Russian depositors having one account 100 million rubles. With the absence of such data and related inability to determine the cutoff.

The statement was made by Moses on the background of the Central Bank on Friday an interim administration in the bank “Interkommerts.” In 2008, Russia had about 1,100 banks. Now – less than 800.

«The government is trying to reduce budget spending, is looking for additional tools in an unfavorable external environment and the risk of deterioration of the macroeconomic situation. These issues are still to be discussed in the expert community, “- said in a conversation with” Gazetoy.Ru “chief economist at the Eurasian Development Bank Yaroslav Lissovolik.

As the analyst BCS Safarbakova Julia,” apparently is trying to get the Ministry of Finance responsible persons connected with small banks, which are usually held in these banks major contributions. ” The adoption of such a measure could reduce the amount of high-risk transactions and in general to normalize the situation in the banking system in terms of the existence of banks that are engaged in highly risky operations, believes Lissovolik.

the likely consequences in case the approval of such an initiative may be split large deposits and flow of funds in the large state-owned banks.

«It is possible that large investors will start after the establishment of the threshold to split their savings – said Safarbakova. – Considering that we are talking about the high ceiling of a massive effect on private contributions will not, but the redistribution of large VIP-deposits in favor of large state-owned banks can expect ».

For the first time on the new mechanism of recovery of the Ministry of Finance and the Central Bank said in December last year. Then it was reported that in one or two months finalize the amendments to the legislation to allow use in bank resolution funds their creditors. According to Moses, the whole mechanism worked out, but it lacks criteria: what kind of creditors in the course of this reorganization will receive shares instead of cash. According to the head of the Central Bank, Elvira Nabiullina, the system bail-in «by participating lenders will not withdraw the license and keep the pot with the prospect of growth of solvency” (quoted by “Interfax»).

In the Russian legal framework is not clear determination of bail-in (saving banks at the expense of depositors). “Except for the use of schemes that correspond to the very general concept of bail-in, in 2013 as a result of the banking crisis in Cyprus, unprecedented use of such extreme measures are practically no”, – said Vasily Itskov, Head of Dispute Resolution “Horizon Capital”.

The financial crisis in Cyprus, which broke out in 2013, led the bank system of the country to the pre-default state. Offshore Republic, known at that time as a “safe haven” for the Russian capital, has been unable to agree on the milder conditions of EU aid. In exchange for a loan of € 10 billion large depositors and creditors Bank of Cyprus began its shareholders in exchange for their deposits. Total power exchanged 47.5% of the deposits of more than € 100 thousand. Euros for the bank’s shares. The amount of seizures amounted to about € 4 billion. Coordination improvement measures with creditors led to a great panic among the Cypriots. The government introduced restrictive measures on the movement of capital. Head of the Cypriot Ministry of Foreign Affairs then called the whole situation “brutal destruction of the economic model of Cyprus».

The situation in Cyprus has become the exception rather the norm in the world remains to recapitalize the banking sector, public money – bail-out. Thus, the United States acted to save the banks during the crisis of 2008-2009, so did the EU and Russia. In Russia function of financial rehabilitation of troubled banks and the deposit insurance law assigned to a specially created for this purpose Institute – Deposit Insurance Agency. DIA has spent 71 billion rubles. in the crisis of 2008.

Since the beginning of the application of the mechanism of recovery of the failed banks, that is, from the end of 2008 to July 2015 the DIA and the Central Bank it has spent 822 billion rubles.

CB and DIA were unable to provide you with comments.

The Bank of Russia has kept its key rate at 11% – Kommersant

The Board of Directors of Bank of Russia kept its benchmark rate unchanged at 11% per annum due to the risk of accelerated price growth and inflation deviation from the target at the end of 2017. The regulator said that in case of increasing inflationary risks, he does not rule out tightening monetary policy.

kept its benchmark rate unchanged at 11%, the Central Bank about his plans and gave a forecast of the further development of the situation. First of all, the regulator noted that against the background of the new wave of decline in oil prices monthly consumer price growth has stabilized at a high level – increased the risk of accelerating inflation. Instead of phrases from the December press release to resume lowering the key rate at a future meeting of the regulator warned of a possible tightening of its policy. “In the case of increasing inflation risks, the Bank of Russia does not rule out tightening of monetary policy”, – he said the Central Bank predicts decline in the annual inflation rate to less than 7% in January 2017 and up to the target level of 4% by the end of 2017.

Oil prices in 2016-2017 is likely to fall below $ 50 per barrel (the level previously expected in the baseline scenario of the Central Bank). But floating exchange rate “will partially offset the negative impact on the economies of low energy prices,” but need further adaptation of the balance of payments and the economy to lower the prices for Russia’s main exports. Recall, according to the baseline scenario of the Central Bank (with $ 50 per barrel) decline of the economy in 2016 is expected to reach 0.5-1% in stress scenario ($ 35 per barrel), the decline of Russia’s GDP could be around 2-3%.

CB said that for the time elapsed since the December meeting of the Board of Directors increased the risks to price stability. “The continued oversupply in the oil market, slowdown in the Chinese economy, as well as raising the interest rate the Fed led to a further drop in oil prices,” – says the Bank of Russia. Now he expects that additional adaptation period may take several quarters. “The growth rate of GDP will be released in positive territory in 2017, but will be low,” – said in a press release.

The next meeting of the Board of Directors of the Central Bank to the question of size, the key rate is planned on March 18, 2016.

The head of the Center for Macroeconomic Analysis Alfa Bank Natalia Orlova on air “Kommersant FM”: «Of course, the market would be comfortable in terms of further rate cuts, but it is clear that the decision on interest rates caused the fact that inflation remains high and, ultimately, economic activity is crucial to slow down inflation, so the short term, we can probably talk in terms of investment activity of companies that, for a number of issuers, for some companies it is not very good news. Many of them would prefer, of course, to see a rate cut. But from an economic perspective, the decision and the comments of the Central Bank indicate a very sound economic policy, so I think it’s good news that a hard comment. ” Read more

Adviser on Macroeconomics CEO” Opening Broker “Sergei Hestanov on air” Kommersant FM “: « Central Bank in terms of the decision on the rate is between two fires: the part of experts who are primarily sector real economy, insist that the key rate should be reduced in order to increase the availability of credit, the other part says that the key rate, on the contrary, must be enhanced in order to, on the one hand, to contain inflation, on the other hand, to prevent further weakening of the ruble. Accordingly, this antagonism leads to the fact that the most likely scenario becomes a so-called solomonovo solution where everything remains as it was before “. Read more

Vadim Visloguzov

“Gazprom” has canceled discounts on gas to Turkish companies – RBC

Photo: “RIA Novosti»

« Gazprom “decided to cancel the previously submitted to several Turkish companies discounts on purchased from a gas, Anadolu agency reported citing its sources. Source RBC “Gazprom export” confirmed that the discount is actually canceled. The second interlocutor RBC in the company said that the talks about it are continuing, but the discount lost economic relevance due to the fall in oil prices.

According to the Turkish news agency, it is six independent importers – « Bosphorus Gas», « Enerkom Energie », « Bata Hatta »,« Kibar Energie »,« Avrasiya Gas ” and « Shell Energy », which is now not be able to buy gas from “Gazprom” with the place since January 1, 2015 a discount of 10.25%.

The representative of the “Enerkom Energy” in conversation with RIA Novosti cancellations provided the company benefits denied.

«me on its own initiative, the price in the contract and cancel discounts” Gazprom “can not. If there is a request to review the price and other terms of long-term contracts for the sale-purchase of gas, the parties within six months of negotiating. If the result is not achieved, it may be submitted to international arbitration, “- said the source RIA Novosti.

The report Anadolu noted that benefits may be restored after normalization of relations between the two countries.

Interlocutor RBC said that abolishing discounts arose from the fact that after the fall in oil prices declined and the price of gas – $ 100 per thousand cubic meters.

On the question of the conditions under which a discount can leave interlocutor RBC in the company explained that it is impractical to do now. “Turkish Stream” is no longer a subject of bargaining, because it appears only on the condition that European gas consumers will agree to build gas pipelines across its territory. Plus tense political situation with Turkey does not play in favor of the discounts, the source said.

The agreement between Russia and Turkey on the discount of 10.25% to the current price was reached in February 2015. The Russian side has linked the introduction of discounts with the signing of an agreement on the construction of a new pipeline, “Turkish Stream ‘across the Black Sea, which replaced the might-project” South Stream “, the European Union blocked. Interlocutor RBC explains that the discount to the independent Turkish companies has been provided in advance in the hope for a successful conclusion of negotiations with the Turkish state company Botas of a similar amount of the discount. However, to reach agreement on some of the pricing formula, the discount must act, and failed. And state-owned discount from Russia not received.

Turkey – the second largest market for “Gazprom” after Germany. In 2013, “Gazprom” has exported to Turkey 26.7 billion cubic meters. meters of gas in 2014 – 27.33 billion cubic meters in 2015, according to preliminary data – 27 billion cubic meters. Russian gas supplies to Turkey carried out by passing under the Black Sea gas pipeline “Blue Stream” and Trans-Balkan pipeline. Previously it was assumed that by the end of 2016 will begin deliveries of newly built gas pipeline “Turkish Stream».

 

OPEC-Russia agreement – almost hopeless attempt? – Economy News

Print Talking about cooperation between OPEC and Russia on the reduction of oil production are gaining a significant momentum. But the opportunity for a real decline in production is not so much.

oil production quotas OPEC

Russian Energy Minister Alexander Novak insists that in February Russia took part in the extraordinary meeting OPEC to discuss a possible reduction in oil production.

Initially, the proposal to hold an extraordinary meeting of the countries of OPEC asked Venezuela.

“It is necessary to work out a huge number of questions with regard to the reduction of oil production. And for this to come to some agreement. This is the theme of the forthcoming meeting in February, “- said Novak.

According to the plan, all parties to the agreement need to cut oil production by 5%. When Novak was asked how relevant these parameters, he said that “all this will be discussed during the meeting” to be held in February.

After Novak’s comments, oil prices soared on Wednesday and Thursday. Growth continues also on Friday.

The cooperation between Russia and OPEC on reducing oil production, as before, is now unlikely. But this time, Russia has changed the tone.

Saudi Arabia has hinted at a willingness to cut production by 5%, in case Russia will make the same step, but Moscow still have not seriously considered the question.

However, on January 26 in Moscow at the meeting of Russian oil companies with Russian officials discussed the forthcoming negotiations with OPEC about the decline in oil production.

«The meeting discussed issues related to the price situation on the world oil market, and the possibility of coordination with OPEC to reduce production of” black gold “,” – said the head of “Transneft” Nikolay Tokarev .

«The initiative comes, of course, Saudi Arabia – the main negotiator. With her, it is necessary to discuss this issue in the first place “- said Tokarev.

The level of oil production in the post-Soviet Russia broke a record in December, rising to 10.8 million barrels a day.

Many of the oil-producing countries are now again open to dialogue, which is badly needed against the backdrop of falling oil below $ 30 a barrel.

Iraqi Finance Minister said that the country is ready to participate in negotiations to reduce production.

However, do not rejoice too soon follows. After comments Novak four officials from OPEC said that they knew nothing about the upcoming February meeting, adding that the next summit of OPEC is still scheduled for June.

In addition, even if the Russian officials and are ready to seriously discuss cutting oil production as soon as this reduction will take place in reality, have to face a lot of problems.

It will be necessary to solve the question of the profitability of deposits. Moreover, there are several technical issues. For example, in the winter months Russia not be able to reduce the level of oil production.

Even more important is the fact that the Russian oil sector is not dominant in the economy, such as in the case of Saudi Arabia.

Therefore, investors should not rely too heavily on the fact that Russia will be able to change production as easily as the same as Saudi Arabia.

Dynamics of average daily oil production

Another obstacle is Iran. He is determined to return to the oil market as quickly as possible to increase production to 500 th. Barrels per day. It is difficult to imagine Iran, who voluntarily cut production after the lifting of sanctions. And to really complicate the situation, it is necessary to imagine the notorious 5-percent reduction in reality. What is the baseline? Below what level should go down those same 5%?

The levels of production for OPEC countries is constantly changing, some of them have succeeded in recent years. For example, Iraq managed to increase production by 300 th. Barrels per day in the period from October to December, breaking the record of 4.3 million barrels per day by the end of 2015.

The reduction of 5% only throw it to the level of October. It’s not as painful as, say, a reduction of 5% in Venezuela, where oil production in the same period was in very poor condition.

In other words, as long as this situation does not take concrete shape, talks regarding negotiations between Russia and the OPEC countries will remain just talk.