EBRD to invest 4.6 billion roubles in Russian banking sector.
The European Bank for Reconstruction and Development (EBRD) plans to invest some 4.6 billion roubles in a Russian commercial bank, Prime Minister Vladimir Putin told a government commission on foreign investment on December 21.
He said it was a good sign, although did not name the bank in question. "This is a good example of interaction between a Russian private business and a leading international financial institution," he said. In his words, investment in banking is especially important during a recession, and he was pleased to see that Russian bank capitalisation is not supported by government cash injections alone, but is assisted by private investment and international financial institutions.
The government commission, chaired by the prime minister, considered at its fifth meeting (the last in 2009) over 15 planned acquisitions of Russian energy, mining, transport, telecoms, and banking assets by foreign companies from Singapore, Switzerland, the Netherlands, and Cyprus. Eighteen such deals were approved at the previous four meetings.
The commission was set up in the summer of 2008 to consider applications from non-resident investors wishing to acquire over 5% of shares of Russian companies crucial for the country's defence and security.
As of now, Russia's Federal Anti-trust Service (FAS) is considering 80 requests to approve deals involving strategic assets. This high level of activity gives the government reason to believe that the global recession is not affecting investor interest in Russian industrial plant stakes.
Mr. Putin cited more encouraging figures at the commission meeting: direct investment in Russia's economy totalled $35 billion in January through September. "I am confident that those who apply to us, wishing to contribute their money and technologies, will have a competitive advantage both in Russia and on the international market. And we will make every effort to create the best environment for making their capital work," he said.
A propos
Prime Minister Vladimir Putin signed a resolution on oil transportation fees for the strategic East Siberia-Pacific Ocean pipeline (ESPO). The resolution authorises the Federal Tariffs Service to approve the transportation rates to be used at the main pipelines of the ESPO network taking into account the use of rail transportation and oil terminal services, including the special oil port of Kozmino serving oil shipments to international markets.
Mr. Putin also established a procedure for keeping record of the available refining capacities and each refinery's connection to major oil pipelines. "The new procedure will keep the natural monopolies better organized and will regulate the operation of their subsidiaries and refineries. Keeping track of the available refineries, including planned and operating facilities as well as those under construction, will enable the government to better monitor the quality of their products," he said.
Pierre Sidibe