Photo: Fotobank / Getty Images
Having lost due to sanctions able to borrow money on the financial markets of the EU and the United States, the Russian state-owned banks found the money in China. In particular, VTB Bank has signed today with Export-Import Bank of China (Eximbank), an agreement providing for the granting of VTB loans in rubles and yuan for a total of up to $ 2 billion. Due to these funds, the bank plans to support business projects, which are the partners in the Russian and Chinese companies.
Framework Loan Agreement by the same amount ($ 2 billion) was signed today with the president of China Eximbank Yuan Sinyunom Vnesheconombank Chairman Vladimir Dmitriev.
«The agreement provides for the provision of long-term credit to finance projects implemented in the territory of the Russian Federation, including the Far East and Siberia. According to the parties, it will increase the volume of trade and economic cooperation between the two countries », – According to the report of VEB.
China Eximbank also concluded with Russian Agricultural Bank Framework Agreement for the provision of the last trade finance.
Earlier today, the Financial Times reported that Russian companies will not be able to compensate losses from the closing of the financial markets of the West through loans from the eastern partners. Sources of publications have reported cases of termination of negotiations on granting loans to Russian companies, under pressure from the government of China does not wish to enter into conflict with the authorities of the United States.
«the impression that the Chinese fear the possible political risks and at the same time not too impressed with some of the possible income that can bring them business in Russia », – told the FT the former head of the Russian representation of Bank of America Merrill Lynch Bernard Sucher.
The agreements signed today show that the Chinese have found a way to make large loans to Russian state banks more profitable for themselves. Russian banks will get the money they need, but they are not free to spend will – loans, as the report says VTB, intended to finance the import of goods and services from China, ranging from food and ending with the necessary Russian oil companies high-tech equipment.
Chapter Andrei Kostin told Interfax today that the credit line “is available for a specific project with Chinese participation».
«This is the most predictable way to start cooperation : in the first Sino-Russian relations will be built exactly on loans related to commercial operations. You can wait for the gradual development of the relationship and the expansion of credit, but in the near future the company is unlikely to move to loans not backed by foreign trade contracts. The Chinese have a lot of questions related with the understanding of the processes that are occurring, and Chinese banks were not yet in our activity. And from our side will be a definite need of preliminary work. May be some one-time deal, but a system of development of non-commercial loans in the near future should not expect “, – said the chief expert of the Center for Economic Forecasting Gazprombank Yegor Susin.
Today, however, as the CBR has signed with the People’s Bank of China’s three-year swap agreements in national currencies with the volume of swap lines 150 billion yuan. The document gives each of the Central Bank of the two countries to gain access to liquidity in the currency of another country, bypassing the need to purchase the currency markets.
«The conclusion of a swap in the national currencies of the Bank of Russia and the People’s Bank of China will promote the development bilateral economic relations by expanding opportunities for trade finance and private equity, as well as the wider use of Russian rubles, and Chinese yuan in international trade and investment. Russian-Chinese agreement will also provide an opportunity to attract, if necessary, international liquidity. Thus, it will be an additional tool to ensure financial stability “, – the report says the CBR.
Recall that 1 August 2014 the authorities of the European Union banned all EU citizens and companies to buy or sell issued by Sberbank, VTB , Gazprombank and VEB Rosselhozbank new shares, bonds or similar financial instruments with a maturity of more than 90 days.
September 12, 2014, list of limitations was significantly expanded – EU residents forbidden to provide the above-mentioned Russian banks investment services, in addition they can not perform operations with new issues of bonds and other securities issued since September 12, 2014 with maturities of more than 30 days.
Last week during IV St. Petersburg International Gas Forum, First Deputy Head of Finance -ekonomicheskogo Department of “Gazprom” Alexander Ivannikov said that at the end of 2014 – early 2015, the Company may draw the first loan from Chinese banks. “We have a completely free hand in the Asian market, and in the coming years, we will deal with the alignment of the infrastructure in this area. I think that at the end of this year or early next year, we can make a pilot deal with Chinese banks, “- said Ivannikov.
No comments:
Post a Comment