The government has this year may allocate funds from the National Welfare Fund companies affected by sanctions. The main beneficiaries will be the “Rosneft” and “Novatek”. Thus, the authorities are ready to “print” a crisis “safety cushion” of the Russian economy immediately by 60%. At this expenditure NWF can not end.
Russian Finance Minister Anton Siluanov said that “Rosneft” and “Novatek” can this year to receive financial assistance from the National Welfare Fund (NWF) on current projects, ITAR-TASS reported. Now the total is about NWF 3.15 trillion rubles
«We agreed that we can additionally review the structure of investment, and part of the funds provided under the 60%, to redistribute large companies which today lost the external debt markets. The first is “Rosneft” and “Novatek”, – said Siluanov.
In July, the United States and the European Union announced the introduction of sectoral sanctions against Russia. In particular, July 17 States banned American companies to provide medium-and long-term financing of “Rosneft” in dollars.
The EU, in turn, has also limited the time of repayment of loans, and twice – sanctions adopted this week, allow to provide funding for a period of not more than one month.
the United States this Friday also tightened its sanctions in the provision as leverage, and technology.
About assistance in connection with the sanctions “Rosneft” asked back in mid-August.
The oil company then appealed to the government asking for support in the amount of $ 1.5 trillion, which is a significant part of the funds, which the government is now ready to give the victims of the sanctions of the national “Potbelly”. CEO Igor Sechin proposed five ways to support “Rosneft”, including the redemption by the National Welfare Fund of new bonds by 1.5 trillion rubles., Explaining the need for government support it sanctions the United States.
From the statements of the company should be that the first half of 2014 the company’s debt is just $ 44.5 billion, or about 1.495 trillion rubles. State support will be expressed in the fact that FNB will buy new bonds of “Rosneft” in the amount of $ 1.5 trillion.
According to the regulations of 40% can be invested in NWF infrastructure projects, 10% – in the projects of the Russian private equity fund investments, 10% – in the projects of “Rosatom”. In particular,
in recent months funds were allocated to the capitalization of the largest banks – VTB, “Russian Agricultural Bank”, VEB.
Just at the beginning September, Russian President Vladimir Putin said on the impossibility of increasing the spending of funds from the Fund in the near future, but the current situation has affected the new sanctions by the West, as other sources of “long money” in the country is difficult. Therefore, the “money-box” ready to print is not in favor of the previously planned projects and companies to help the victims.
Oilers, this assistance would have come in handy.
«The major share of foreign currency debt refinancing” Rosneft “accounts for 2014-2015, as well as external market borrowing because of sanctions is closed, the company needs to look for money in the domestic market,” – says CEO of analyst firm Small Letters Vitaly Kryukov. To state it may even be beneficial, as “Rosneft” will return the money with interest and yield for the NWF is attractive, hopes expert.
Hooks said that the company could handle refinancing debt at the expense of their own deal flow, but it would mean the diversion of funds going to new projects of the company (for example, in Eastern Siberia), which, in turn, may lead to increase in terms of the implementation of these projects.
«Novatek” shareholder is caught under the sanctions of Gennady Timchenko, government support publicly until requested, but on Tuesday, Prime Minister Dmitry Medvedev said that the company can get assistance from the state.
«It’s not the name of the company, not whether the reasons she came to the sanctions list. It’s just a duty of the state – to protect the Russian business, if he is faced with unfair and illegal actions on the part of foreign countries and foreign companies, “- said Medvedev.
In particular, it may be necessary to support the project “Novatek”, “Yamal LNG”. “This major investment project, and previously” Novatek “said that he intends to attract foreign currency loans under it, but now this is not possible, – says Vitaly Kryukov. – So, most likely, the state funds will be allocated specifically for “Yamal LNG».
Additional comments in the companies to get on Saturday failed.
On Friday it was announced that the sanctions EU to limit lending were also other private oil and gas companies – “Lukoil” and “Surgutneftegas”. According Kryukov, financial support is not required, but can not be excluded that the state decides to help them and.
Experts do not rule out that the funds may be required for other companies from the sanctions list.
Under the sanctions were a few companies of the defense sector, including Rosteh, as well as several banks, among them – Sberbank and VTB.
On Friday Economic Development Minister Alexei Ulyukayev also said that the government will have the financial support had fallen under the sanction of the NWF and businesses at the expense of citizens’ pension savings, if the investment were in jeopardy, adding that it’s not just about fuel and energy, but also the financial and defense sectors.
As a result, it is possible that spend already have all the NWF.
Finance Minister Anton Siluanov on Saturday said that while the government has no plans to use the funds beyond those already identified for 60% of FNB, but did not rule out that it may be the case deterioration in the economy.
«By 40% until a decision not to print. This is our strategic reserve, the reserve, “- he added. The possibility of using 100% FNB to stimulate economic growth head MED Alexei Ulyukayev said in July.
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