Alexander Ivanov, Vice-President of Vnesheconombank (VEB), reported that VEB negotiates with the Central Bank for getting the refunding operation. Mr. Ivanov also noted that the possibility of credit financing against the investment projects, which are provided by the government guaranties and on security of the non-market assets, is discussed above all. The requirement of VEB additional financing can be explained by the expenses on Sochi Olympic Games, as during its preparation the state corporation gave credits to a number of projects.
Today the negotiations are in the initial stage, though some experts estimate VEB’s chances as low. They explain it as this state corporation is not going to get the bank charter and according to the current regulations it cannot employ funds of the Bank of Russia. However, upon the applications of Mr. Ivanov, Vnesheconombank is waiting for the Central Bank’s modifications to the mechanism of banks refinancing against the investment projects. Such «mechanism» is already ready and it may be started until the end of June. The supposed changes should ease the access to credits for banks and stimulate economic growth.
At the same time the extent of planned credits is still unknown. According to the experts’ estimations the financial requirement of state corporations is 2.5 – 5 bln USD for the nearest 3 years. However, taking into account the adverse trends of the capital outflow from Russia and the high requirements of economy in investments, the requirements of the bank can be higher.
It should be noted that VEB - is the state corporation, established in 2007 for major and high-priced projects. At the same time the special status of the organization is emphasized by the absence of license of the Central Bank. According to 2013 results, the net profit of this organization reduced more than twofold in comparison to 2012 results and amounted to 8.5 bln RUB. In such case the total project financing by the end of the last year amounted to 918 bln RUB, but which part of this sum was given against the state guarantee is not announced.
In autumn 2013 the requirement of VEB’s recapitalization was lively discussed. Thus, according to the experts’ estimations, it is necessary to raise 400 bln RUB in the period of 2014-2016, as Vnesheconombank gave this much under the non-market terms. In that case if the government authorities continue to raise VEB for the infrastructure projects financial package, by 2020 the sum will be 700 bln RUB.
Meanwhile, the experts also note that there are big companies in Vnesheconombank’s portfolio, which are good for the Central Bank to cooperate. Capital investment projects are certainly riskier, but if the regulator trains the corresponded manner, it accepts this risk and is ready to work in such conditions.
At the present time customs authorities, detected violations by motor vehicle search, crossing the border of Russia, have no right to initiate by themselves an administrative case and give a ticket. A bill, introduced to the State Duma by the Government of the RF, should straight such things out.
Border security is the necessary condition of domestic tranquility. Customs office suppresses illegal entry of migrants, arms and narcotics smuggling. If the customs office finds violations by transport control, then materials for an administrative case are submitted to the bodies of the Ministry of Internal Affairs (MVD) or Federal Service for Supervision of Transport (Rostransnadzor). It will take a certain amount of time before appropriate structures will try a case, also the search of violators is connected with extra expenditures, and considering that the border is crossed by foreign carriers – it seems to be a yet harder task to impose responsibility on them. As the result the budget receives less funds in the form of penalties, and violators get the illusion about the impunity of law infringement, because by such system the base of an punishment - its unavoidability – breaks down.
Furthermore, in case there are nonconformities of weight and overall parameters to statutory standards, found out by a vehicle, leaving Russia, customs officer gives notice of detected violations to a carrier and the necessity of arriving at the nearest control point of Rostransnadzor. In a fact it turns out that parties in good faith have to spend time for the completion of a violation in place, which could be long-distance from the point of apprehension, and others just circumvent received regulations.
Now therefore, the introduced initiative should fill this lacuna in the legislation.