Crisis in Russia: how to hit and who

The focus of the Western press is the global financial crisis and its impact on Russia. Despite all the expensive anti-crisis measures, the situation continues to deteriorate. Western investors overestimate the risks and often go out of the country. Meanwhile, the Kremlin announces new ” bailout ” infusions, but as they say many observers, the Russian government position reeling.

Russian companies whose total debt to be refinanced, is already $ 45 billion now faced with a serious risk of loss of liquidity, because the borrowed funds within the country rose sharply, and foreign investors overestimate the risks of doing business in Russia, wrote today, The International Herald Tribune with reference to the German government agency Hermes.

European banks clearly given to understand the company and Hermes, for which Russia- number one market, and other state-owned companies export insurance that they are not willing to provide long-term financing without proper insurance coverage. Now small Russian banks in the province may have difficulty refinancing, especially long-term loans.

Germany- Russia ‘s largest trading partner, writes IHT. Just last year, German exports to Russia amounted to € 28 billion, about the same had to import. More than 10 % of exports insured by the German Hermes. So her task now- on the one hand, to minimize the risks after the global financial crisis fully hit Russia, and on the other- to provide German companies to continue to do business in this country.

In the meantime, Russian authorities have authorized the issuance of crisis loans totaling $ 10 billion, the most significant of them- at $ 4.5 billion- is highlighted by Oleg Deripaska, the correspondent of The Wall Street Journal Gregory L. White.

Referring to informed sources, the journalist claims that the $ 4.5 billion contributed by ” Rusal ” to repay its debt to the Western group of lenders led by BNP Paribas SA, which threatened at the end of this week to select 25 % of ” Norilsk Nickel ” previously provided ” Rusal ” as collateral for the loan.

The newspaper reminds that Deripaska owns 58 % of shares of “Rusal “, and the acquisition of a package of “Norilsk Nickel ” pushed his desire to make his company a colossus of world level. Apparently, VEB, handing out these loans, made ??for Deripaska exception of internal rules that in some hands is given no more than $ 2.5 billion, writes the correspondent.

The newspaper informs the words informed sources that the loan was granted and ” Alfa Group ” in order to prevent the loss of 44 % of ” Vimpelcom “, but the “Alpha” does not confirm or deny the news.

A ” Gazprom ” is not worried about the consequences of the crisis- it protect the government. In today’s edition of Die Presse published an interview with the head of the gas colossus Alexei Miller.

Miller noted that the company produces as much gas as is necessary for the sale, because it is very expensive storage. Thus, the head of the concern dismissed doubts that ” Gazprom ” will be able to fulfill their contractual obligations.

On the question of a journalist who has expressed concern in the West about the possible creation of a gas cartel, Miller said that ” made ??with Qatar and Iran agreement can not be compared with a gas OPEC. ” This, according to the businessman, is only the regional markets with long-term contracts for the delivery.

According to the head of “Gazprom” in the coming months, the price of gas to Western Europe is likely to decline- in early October it hit $ 500 per 1 thousand cubic meters. ” But in the coming years will certainly not be expected to return to the prices of five years ago.”

With regard to the effects of the global financial crisis, Miller said that due to the financial position of the group he did not particularly care. In addition, Miller said, ” State aid for us becomes a safety net that should reassure our shareholders.”

From the impact of the financial crisis faltered and the Kremlin, says columnist for The International Herald Tribune Judy Dempsey, pointing to the fact Medvedev ‘s speech to the Federal Assembly postponed to next week.

Dempsey notes that this document abroad have long been waiting impatiently as it should be presented a new foreign policy doctrine of Russia that Medvedev outlined during his visits in Europe. “Most Eastern European government came to the conclusion that the proposed agreement would give Russia a veto over NATO expansion and missile shield,”- says Dempsey.

Referring to the opinion of analysts, the reporter claims that disclosure presidential address to the Federal Assembly of delayed due to the global crisis, which, despite the assurances of Putin in September, weakened the position of the Kremlin oligarchs emptied wallets and reduced foreign exchange reserves of the country up to $ 300 billion.

” Kremlin backfired and how he dealt with the oligarchs “- Dempsey writes : that the Kremlin rein magnates from the case of Yukos, and they refrain from participating in political life and debates about the modernization of the economy, as well as investments in charitable programs and the strengthening of civil society.

Dempsey argues that the most mature serious upheavals in the Russian provinces, where encountered difficulties hundreds of smaller banks, which played a key role in lending to small and medium-sized businesses. However, large state-owned banks have already saved the Kremlin do not give loans to small, the newspaper said, and as a result can splurge hundreds and thousands of small firms.

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