Military Review

Russia under the gun of “unofficial” sanctions (The Financial Times, Great Britain)

48
Russia under the gun of “unofficial” sanctions (The Financial Times, Great Britain)



Western governments secretly prevent national banks and financial institutions from acquiring Russian bonds.

Recently, Russia presented the world two completely different pictures. Moscow returned to the global capital market by issuing bonds in euros for the first time since 2013 (after a year, Russian leaders and enterprises were under the blow of Western sanctions due to military intervention in Ukraine).

At that very moment, an angry pensioner caught Prime Minister Dmitry Medvedev off guard in front of camera lenses in the annexed Crimea. He complained to the Minister about the lack of indexation of pensions. “There is simply no money,” Medvedev replied. - Finding the money - will be indexed. You hold on, health to you, good mood. " The incident has generated a wave of contemptuous reviews in social networks.

In fact, the situation with the Russian budget is not as deplorable as Medvedev said. This year its deficit will be 4%, for the first time since 2010. However, by getting 1,75 a billion dollars to issue bonds, Moscow has demonstrated that it is still able to attract loans. Thus, it is likely that she will be able to find the remaining 3 billion, which are needed to equalize the budget for this year. Russian bonds are not affected by sanctions, and there is no official ban on raising the debt ceiling either. But if the purpose of the bond issue was to show that the sanctions are not so terrible, and that the interest of investors will calm all fears, the idea clearly failed. The operation showed that “unofficial” (that is, imposed by governments behind the scenes) prevent enterprises, banks and financial institutions from restarting business with Russia.

Moscow claims that foreign investors (and, for the most part in the UK) purchased bonds of more than a billion dollars. However, many large funds refused to participate, and very few people openly admit that they bought Moscow securities. The source of a significant part of the funds that came from the UK can be Russian capital, which is walking between London and Moscow. The problem lies not in the absence of demand, but in the concerns of investors: it will not be easy for them to sell Russian bonds in the secondary market. The prospectus notes that there is no guarantee that they will be accepted by the Euroclear and Clearstream systems used by many investment organizations. This means that at the moment they can be processed only with the help of the Russian system.

Informal sanctions make themselves known. In February, the Russian Ministry of Finance contacted 25 US, European and Chinese banks to organize the issuance of bonds. Washington privately contacted American banks and asked them to refuse to participate. Otherwise, it could undermine the effectiveness of the sanctions and give Moscow the opportunity to use the funds for the needs of its banks and enterprises that cannot receive funding in the West. The EU sent a similar warning to European banks. In the end, the only organizer of the issue was the state-owned VTB Capital. Moscow failed to attract even Chinese banks: this suggests that Chinese financiers are more afraid of annoying Western regulators than missing out on business opportunities in Russia.

Finance Minister Anton Siluanov loudly criticized European and American banks, which go in the wake of the “telephone right” (Western journalists often use this expression to describe the Russian judicial system). He also noted that Moscow is in talks with Euroclear about bond servicing, and therefore the system “was subjected to unprecedented pressure” from governments. In the Euroclear situation is not yet commented. Be that as it may, its largest shareholders are banks, which can face very big problems if the depositary is accused of violating sanctions. As for competitors from Clearstream (owned by Deutsche Börse), in 2013, they had to pay Washington 152 a million dollars in fines for violating US sanctions against Iran during securities transactions in 2008. The rest of the market participants could not fail to note such an unequivocal warning for themselves.

Western enterprises, of course, want geopolitical tensions to subside, because they are tired of a bunch of official and unofficial restrictions. However, the head of the European Council, Donald Tusk, said last week about the high probability of extending European sanctions against Russia despite the disagreement of several states. This means that the sanctions will remain in force for at least six months and, despite the declared “point” and “surgical” nature, will cover Russia with a much wider restrictive cloud ...
Author:
48 comments
Information
Dear reader, to leave comments on the publication, you must sign in.
  1. Putinets
    Putinets 11 June 2016 16: 13
    +13
    Both secretly hindered and secretly will buy. No one has canceled greed, and any capitalist will spit on sanctions if profit shines.
    1. Reserve officer
      Reserve officer 11 June 2016 16: 23
      +42
      Sanctions will now always be in one form or another. The condition for their abolition is the national humiliation of Russia. Are we going to give Crimea away, stop sending humanitarian and other help to Donetsk, give up independence on the international arena and publicly declare ourselves a vassal of the USA?
      You just need to be able to use these conditions for the economic growth of the country at the expense of their own forces. I understand that the government is closer to speculation in the financial markets, it cannot do anything else. So, maybe it's not about sanctions, but about these "economic geniuses"?
      1. RUSS
        RUSS 11 June 2016 16: 31
        .
        Quote: Reserve officer
        other help to Donetsk

        Different? Which one?laughing
        1. populist
          populist 11 June 2016 16: 45
          +36
          РУСС (3) RU Today, 16: 31 ↑ New

          Quote: Stock Officer
          other help to Donetsk

          Different? What is this? Laughing

          Deliveries of such special agricultural equipment - dill harvesters. wink
          1. cniza
            cniza 11 June 2016 16: 52
            +17
            Quote: Stock Officer
            Sanctions will now always be in one form or another.


            Absolutely, even if there were no Crimea and Donbass, they would have found another reason for the imposition of sanctions.
          2. The comment was deleted.
          3. RUSS
            RUSS 11 June 2016 16: 53
            +6
            Quote: populist
            dill harvesters.

            good
          4. Dryuya2
            Dryuya2 11 June 2016 19: 31
            0
            Football fans gather in the center of Marseille
          5. The comment was deleted.
          6. asiat_61
            asiat_61 11 June 2016 22: 27
            +1
            I liked the combines, especially if they are combined.
        2. Reserve officer
          Reserve officer 11 June 2016 16: 54
          +3
          Maxim, of course, moral support. And means of moral support. What did you think about?
        3. Conductor
          Conductor 11 June 2016 17: 01
          0
          "Yes, we only got better from these sanctions !! But anyway, please remove it ... otherwise the factories will soon stop operating."
      2. Major Yurik
        Major Yurik 11 June 2016 17: 07
        +11
        When the government’s finblock is neither fish nor meat, it is very possible to come up with all sorts of sanctionous nasties, they will certainly introduce into the stupor of our financial taxi drivers. Bad dancer, as they say .....! Here is a portrait of a retired Tosha Ministry of Finance. repeat
        1. SRC P-15
          SRC P-15 11 June 2016 17: 24
          +11
          The Germans have a complete bummer, there was news about the German ARD channel:
          “Sports lawyer Artyom Patsev said that representatives of the German TV channel ARD and journalist Hayo Zeppelt recognized in court the statements contained in documentaries about doping in the Russian Federation as untrue.

          “He (the German journalist Zeppelt - ed.) Did say that he did not create the film just to defame someone, he kept saying that the film was made in order to draw attention to the problem, finally someone figured out what was happening there in Russia. We wanted to look into an open court, ask him to provide some evidence.

          As a result, during the trial, representatives of both the channel and Zeppelt stated that, firstly, they did not check the statements of the Stepanov’s spouses on the state of affairs in athletics, and secondly, they confirmed under the protocol that they themselves considered these statements to be inappropriate reality. Therefore, the judges had no option but to satisfy the lawsuit. There was no appeal - after the confession it would be strange to file it, ”the R-Sport agency cites Artyom Patsev’s comment.
          http://rusvesna.su/news/1465648475
          1. poquello
            poquello 11 June 2016 17: 36
            +13
            Quote: СРЦ П-15
            And in the end, during the trial, representatives of both the channel and Zeppelt said that, firstly, they did not check the allegations of the Stepanov spouses on the state of affairs in athletics

            now the next step is needed - the prosecution of the Stepanovs for libel
            1. SRC P-15
              SRC P-15 11 June 2016 17: 44
              +10
              Quote: poquello
              now the next step is needed - the prosecution of the Stepanovs for libel

              And not only the Stepanovs, but also the ASD channel and the journalist Zeppelt, who used force against our journalist and cameraman.
      3. weksha50
        weksha50 11 June 2016 17: 43
        +3
        Quote: Reserve officer
        these conditions must be used for the economic recovery of the country at the expense of their own forces. I understand that the government is closer to speculation in financial markets, it does not know anything else. So, maybe it's not about sanctions, but about these "economic geniuses"?



        This Neil Buckley pointed out that the bonds were mainly bought out at the expense of capital "walking" between Moscow and London ... As far as I understood, this is a hint that the shares are being bought by "our" oligarchs who have accounts and resources in London ??? That is, money "liquefied" by us and by the state?

        That is, the so-called "amnesty" for capital did not work ... At least - to the extent that the GDP hoped for ... So, this "amnesty" had to be clearly specified in a strict framework, with consequences for those who did not want to amnesty their capital ...

        I don’t remember how many years ago it was said about the creation in the structure of the FSB of a new body, a kind of financial intelligence-counterintelligence ... Many, including myself, were happy, hoping that the unjust capital would be tracked and measures would be taken to at least partially refund ... However, it remains only a "declaration of intent" ...

        Here Putin in his comment says that because of their greed, the capitalists will still buy our bonds in order to achieve profit ...

        They won’t ... Because there is a danger of their illiquidity in the secondary market, and that’s it ...

        In general, although I am not a financier, the Manilov project of the Medvedev government on the issue and sale of these bonds immediately depressed me immediately.

        Before you produce something, you need to carefully weigh - and will this product be bought ???
        So the Chinese do not want to buy them ... And how much noise was that we, together with China, have this and that ... China is pursuing its own goals, and it is not necessary to help us out ...

        A vivid proof is the Great Silk Road, the Power of Siberia and much more ...

        We have not only friends, but even more or less loyal neighbors ...
      4. Vasiliy16
        Vasiliy16 11 June 2016 19: 41
        +3
        Quote: Reserve officer
        Sanctions will now always be in one form or another. The condition for their abolition is the national humiliation of Russia. Are we going to give Crimea away, stop sending humanitarian and other help to Donetsk, give up independence on the international arena and publicly declare ourselves a vassal of the USA?

        But can the authorities save on themselves?
        otherwise hypocrisy goes wild.
        Putin on a straight line talks about the crisis and ....
        and in a couple of days, the top publishes income statements.
        and everyone grew up.
        we are offered to tighten their belts, and they raise their salaries.
        1. asiat_61
          asiat_61 11 June 2016 22: 33
          0
          Do you want the people’s government to starve?
      5. atalef
        atalef 12 June 2016 11: 14
        0
        This year its deficit will be 4%, for the first time since 2010 of the year. Nevertheless, having received 1,75 of a billion dollars in the issue of bonds, Moscow has shown that it is still able to attract loans. Thus, she will most likely manage to find the remaining 3 billion that is needed to align the budget for this year.

        If the author changed the words (release of obdigatsii) t - for a more understandable --- taking a loan
        - I would have discovered an interesting thing - that * return to the capital market * - looks like an ordinary loan for 10 years, at 4.5% per annum, but somehow ignoring that Russia did not leave this market
        As evidenced by the data of the US Treasury, published the day before, the infusion of the Russian Federation into American treasury obligations in January 2016 years amounted to 4,8 billion dollars and reached almost 97 billion dollars

        It is clear that the GKO of the USA is 0.5% per annum.
        Well, now the question is, why the heck (if you need money) - to give someone 5 billion at 0.5% per annum and then take a loan for 4.5% per annum? belay
        Problem for the 4 class. How much money will be lost? laughing
    2. poquello
      poquello 11 June 2016 16: 25
      +2
      Quote: Putin
      Both secretly hindered and secretly will buy. No one has canceled greed, and any capitalist will spit on sanctions if profit shines.

      hindered by US governments and sixes, and buys a business, hunting is more than bondage
    3. Andrey K
      Andrey K 11 June 2016 16: 56
      +8
      Quote: Putin
      Both secretly hindered and secretly will buy. No one has canceled greed, and any capitalist will spit on sanctions if profit shines.

      "Provide capital with 10 percent of the profit, and capital agrees to any use, at 20 percent it becomes animated, at 50 percent it is positively ready to break its head, at 100 percent it violates all human laws, at 300 percent there is no such crime for which it would not risk it, at least on pain of the gallows "... (c) Karl Marx ("Capital")
      1. CORNET
        CORNET 11 June 2016 17: 04
        +5
        Sanctions of Russia are useful ...! We learn and create a lot of new things .. hi It’s difficult of course, but our ancestors overcame this very clearly ... Of course I feel sorry for Moscow, but I think they will tolerate it for the sake of Russia ..? bully Yes, stash and development ... We are focusing! hi
      2. mad
        mad 11 June 2016 18: 58
        +2
        Quote: Andrey K
        ... (c) K. Marx ("Capital")

        To be precise, this is the first Thomas Dunning said hi
  2. Teberii
    Teberii 11 June 2016 16: 16
    +3
    Everyone wants to earn money, and the forbidden fruit is as always attractive.
  3. avvg
    avvg 11 June 2016 16: 23
    +8
    The Anglo-Saxons at all times put a spoke in our wheels, and it’s hard to expect "partnership" from them.
    1. cap
      cap 11 June 2016 16: 48
      +11
      [quote = avvg] Anglo-Saxons at all times put a spoke in our wheels, it’s hard to expect "partnership" from them.

      Forget the word "partners" forever. The iron curtain of sanctions will not go down. With the advent of the new administration in the States, the situation will become even more tense both in the military and financial components. Only a self-sufficient economy can push the development of industry and agriculture.
      Anglo-Saxons use the same strategy as the collapse of the USSR, it is quite predictable.
      The oligarchs and others, urgently return money to the country and begin to build enterprises on their
      Otherwise, having fallen into the trap of the dollar, they will remain hostages of their money, or traitors of their country. There is no middle ground.
      Diplomacy against the American Colt, idiot's dream.
      poster


      After all, they survived at their own expense. Who or what is interfering now.
      I’ll answer no one.
      1. lestad
        lestad 11 June 2016 18: 28
        +3
        you urgently to the premiere good
    2. 4ekist
      4ekist 11 June 2016 17: 27
      +2
      "Partnership" with Russia, the Anglo-Saxons consider in one form - knocking out resources (material and intellectual), a benefit for themselves. If we write off debts to the former and current partner countries, then we probably still pay the Anglo-Saxons money and material resources under Lend-Lease for the supply of equipment, stew, etc. in 1941-1945. And it never occurred to anyone to make these payments easier for us, despite the huge losses that the USSR suffered. These are the "partnership" relations we have with them.
      1. ty60
        ty60 11 June 2016 22: 58
        +1
        yes paid already officially
  4. sergey2017
    sergey2017 11 June 2016 16: 33
    +6
    There is some truth in the article, the financial situation for Russia is complicated, but not as gloomy as the author of the article sees! And EU financiers speculate on the issued bonds, but this is all temporary!
  5. The comment was deleted.
  6. 3vs
    3vs 11 June 2016 16: 59
    +1
    How is the issue of Ukraine returning 3 billions of green paper to us?
    Something calmed down everything?
    Maybe someone in the subject enlighten?
    1. 4ekist
      4ekist 11 June 2016 17: 31
      +2
      No way. The court of Ukraine has banned the payment of debt to Russia. Apparently, it’s necessary to use some leverage and pick it up.
  7. Cat man null
    Cat man null 11 June 2016 17: 00
    -1
    angry pensioner Prime Minister Dmitry Medvedev was taken by surprise in front of camera lenses in the annexed Crimea. He complained to the Minister about the lack of indexation of pensions. “There is simply no money,” answered Medvedev. - Find the money - there will be indexation. You hold on, health to you, good mood "

    The author confuses boys with girls. It was not a pensioner, but a pensioner laughing
    1. Gardamir
      Gardamir 11 June 2016 17: 57
      0
      The author confuses
      Is it important for you to argue? what difference does a pensioner or pensioner have no money for them, although in another place you prove that there are billions of billions in the country, but not for pensioners.
      1. Cat man null
        Cat man null 11 June 2016 19: 40
        0
        Quote: Gardamir
        The author confuses
        Is it important for you to argue? what difference does a pensioner or pensioner have no money for them, although in another place you prove that there are billions of billions in the country, but not for pensioners.

        Gardamir

        I always say exactly what I want (I have) to say.

        I don’t need speechwriters yet, and now I’m straining with money to pay for them ...

        I - understand so far? wink
    2. Suhov
      Suhov 11 June 2016 21: 51
      -1
      Quote: Cat Man Null
      Just no money- answered Medvedev.


      Have a good mood! smile

      1. Cat man null
        Cat man null 12 June 2016 10: 53
        0
        Quote: Sukhov
        Quote: Cat Man Null
        There is simply no money, - answered Medvedev

        “I didn't say that.” Never. Or you pulled it out from somewhere, with meat, practically yes
        - my minus for the lies and for the blunt roller (this is the Bayan Canadian Bearded, if it is)
  8. bad
    bad 11 June 2016 17: 07
    +2
    Quote: populist
    РУСС (3) RU Today, 16: 31 ↑ New

    Quote: Stock Officer
    other help to Donetsk

    Different? What is this? Laughing

    Deliveries of such special agricultural equipment - dill harvesters. wink
    ..well said +++ drinks
  9. Thunderbolt
    Thunderbolt 11 June 2016 17: 10
    +4
    Western governments secretly prevent national banks and financial institutions from acquiring Russian bonds.
    And obviously the United States is also putting pressure on its business groups. Regarding the upcoming St. Petersburg business summit, Obama bluntly stated that firms dealing with Russia are subject to possible threats from the American state and even take these risks into account. Such is not a good person.
    1. poquello
      poquello 11 June 2016 17: 29
      +2
      Quote: Thunderbolt
      Western governments secretly prevent national banks and financial institutions from acquiring Russian bonds.
      And obviously the United States is also putting pressure on its business groups. Regarding the upcoming St. Petersburg business summit, Obama bluntly stated that firms dealing with Russia are subject to possible threats from the American state and even take these risks into account. Such is not a good person.

      the author wants to convince the bourgeois that business intimidation works, and Vaska listens and drinks, business works with Russia, the Americans’ scarecrow is big but not enough
  10. RedBaron
    RedBaron 11 June 2016 17: 15
    +3
    And why would they do all this secretly if no one thought to lift the sanctions? They were introduced against banks as well. what
    1. poquello
      poquello 11 June 2016 17: 31
      +2
      Quote: RedBaron
      And why would they do all this secretly if no one thought to lift the sanctions? They were introduced against banks as well. what

      sanctions do not prohibit communication with Russia and are not able to block all roundabout maneuvers, that’s why, because officially these requirements are contrary to the laws of countries and international laws
      1. RedBaron
        RedBaron 11 June 2016 19: 18
        0
        Quote: poquello
        Quote: RedBaron
        And why would they do all this secretly if no one thought to lift the sanctions? They were introduced against banks as well. what

        sanctions do not prohibit communication with Russia and are not able to block all roundabout maneuvers, that’s why, because officially these requirements are contrary to the laws of countries and international laws

        Many financiers do not want to deal with a country that is under sanctions, and this is their right, they immediately put forward a whole conspiracy theory, although this is just not hidden.
        1. poquello
          poquello 11 June 2016 21: 16
          0
          Quote: RedBaron
          Many financiers do not want to deal with a country that is under sanctions, and this is their right, they immediately put forward a whole conspiracy theory, although this is just not hidden.

          no conspiracy theory, pressure on business from the US authorities and their sixes is a fact about which we are talking
  11. Mountain shooter
    Mountain shooter 11 June 2016 17: 52
    +3
    Financial sanctions made large (including banking) business in Russia shudder, because they took out loans - Mom, don't worry, it’s profitable, one could make good money on the difference between the percentages "with them" and "with us". The central bank really had a hard time, there was also a consolidated attack of hedge funds against the ruble against the background of falling oil - but Nabiulina got out. They didn’t work right away, but they could “croak” much worse. And now the quite possible rise is not determined by any Western credits. There is nothing to "extinguish" it with striped ears. All tools, except direct attack, have already been used. Debts and payments on them have already significantly decreased and do not affect anything.
    The epic with bonds is such a "touchstone", to smell the air, touch the soil, to show everyone that those who take the risk will earn good money, the rest will bite their elbows. It is important that a precedent has been set, and cracks appear in the supposedly monolithic wall. Now let's look at the St. Petersburg forum. After all, all these predators understand that whoever is the first to drop into the Russian market will collect the most delicious. And the sanctions prevent the pack from rushing forward, pushing each other. But as the sanctions continue, the opportunities in our market are shrinking. For many positions, niches come out and occupy - ours.
  12. atamankko
    atamankko 11 June 2016 17: 58
    +5
    Under sanctions, we will always, while pursuing an independent policy,
    we will survive, but the government needs to include its head in the work
    and work with staff, not proteges.
  13. t118an
    t118an 11 June 2016 18: 28
    +2
    Another thing is interesting that the West still boasts of this. Indeed, this essentially proves that the state is actively interfering in the affairs of private business, i.e. one of the signs of autocracy that the West loves to use when blaming Russia. Moreover, for many EU countries this is a completely foreign state. What are universal values ​​here. What really boast of it, it seems? It is more understandable if the West had carried out this operation secretly, and then persistently denied, passing it off as a patriotic impulse of bankers and those who joined them ... But this would be effective only if the operation were successful. So all this noise says only one thing: that the operation was clearly unsuccessful and the West has no choice but to advertise the operation itself, and not its results. After all, I had to spend a lot of money (concessions, preferences) to convince private business to refuse a profitable offer. Now they are trying to get at least some shred from this black sheep. At least in the form of an information howl to Russia.
  14. Flinky
    Flinky 11 June 2016 19: 36
    0
    Hamsters who write such articles are so pathetic in their desire to stretch onto the globe ...
  15. olimpiada15
    olimpiada15 11 June 2016 21: 18
    +1
    Planned loan of $ 3 billion at 4,75% per annum for 10 years. This means that in 10 years the Russian Federation will have to return the placed amount and pay 47,5% for this period, i.e. just 3 + 1,425 = $ 4,425 billion.
    Who benefits from such a loan?
  16. Starik72
    Starik72 11 June 2016 21: 22
    0
    I read the article. Not an economist can not judge.
  17. seregatara1969
    seregatara1969 11 June 2016 21: 38
    0
    our piglet is cooler than theirs
  18. potapych
    potapych 11 June 2016 22: 00
    +4
    We are on the mountain to all the bourgeois ...
  19. former
    former 11 June 2016 23: 34
    0
    Italian judge - Russian national team 1-0 ... sanctions in action ... they do not like us ... and we ... there is something for them