Vnesheconombank releases its quarterly bulletin ‘DFI and IFO: implementation of sustainability principles’

14 december 2015 года
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1. PROMOTING SUSTAINABILITY WORLDWIDE

The UN Sustainable Development Summit held from 25 to 27 September 2015 in the UN Headquarters in New York adopted a Post 2015 Development Agenda. (>>page 5)

***

The Third International Conference on Financing for Development held from 13 to 16 July 2015 in Addis Ababa (Ethiopia) adopted the Addis Ababa Action Agenda.

The document provides that activities of institutions and policies should be aligned with sustainability principles. (>>page 6)

2. TOWARDS A GREEN ECONOMY FOR RUSSIA

V.A. Dmitriev, Chairman of Vnesheconombank, presented a report at a panel session titled On the Path towards Sustainability: Business and Preserving Biodiversity within the Eastern Economic Forum held from 3 to 5 September in Vladivostok. (>>page 13)

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A regular meeting of the Steering Committee of the UN Global Compact Network Russia presided by Vnesheconombank took place in Moscow.

Its agenda focused on discussing the formats for UNGC Network Russia to take part in preparing a new Climate Treaty to replace the Kyoto Protocol. (>>page 13)

3. RESPONSIBLE INVESTMENT

The World Bank issues its Green Bond Impact Report. The Report shows that the World Bank has issued 100 green bonds denominated in 18 different currencies for a total equivalent to USD 8.4bn. (>>page 17)

4. SUSTAINABILITY RATINGS AND RESEARCH

The World Wide Fund For Nature (WWF) has prepared a report on Financial Market Regulation for Sustainable Development in the BRICS Countries that reviews legislation and practices related to the management of environmental and social risks in the financial sector of the BRICS countries. (>>page 19)

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Experts of Interfax-ERA Environmental and Energy Rating Agency issued a report that assesses the fundamental causes underlying the current economic crisis and analysing the outlooks of Russian-Chinese relations. (>>page 19)

5. SUSTAINABLE PRACTICES OF LEADING DEVELOPMENT FINANCE INSTITUTIONS

KfW has issued a report on the spending of proceeds from green bonds showing that in 1H 2015 KfW raised EUR 0.4bn from green bonds. The proceeds were used to finance the renewable energy development programme. (>>page 23)

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Vnesheconombank awarded a category “Guaranteed Transparency” of the National Procurement Transparency Rating

9 december 2015 года
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According to the National Procurement Transparency Rating 2015, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is awarded a category “Guaranteed Transparency” among customers placing orders under Federal Law № 223-FZ.

In the course of the awarding ceremony which has been held since 2006, Vnesheconombank was awarded a memorial sign.

In order to evaluate procurers placing orders under Federal Law № 223-FZ, they used data on the extent of a company’s information disclosure and due process with regard to its procurement activity including availability of information on rules for conducting procedures, scheduled procurements, forthcoming tenders and concluded contracts on the participant’s official site and other open sources as well as data on the extent of using competitive procedures.

As compared to the 2014 rating, Vnesheconombank showed a significant procurement transparency growth dynamics: last year the Bank for Development was awarded a category “High Transparency” among the largest state-run companies.

The National Procurement Transparency Rating is an annual project of the National Association of E-Trade Participants. The rating has been held since 2005 with the assistance of the Federal Anti-Monopoly Service (FAS), the Economic Development Ministry, the Russian Audit Chamber, the Russian Commerce and Industry Chamber.


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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

2 december 2015 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund from January 1 to November 30, 2015.

The Reserve Fund

In November of 2015, in accordance with the Federal Law dated December 1, 2014 № 384-FZ “On the Federal Budget for 2015 and for a planned period of 2016 and 2017” and in accordance with Order of the Russian Finance Ministry dated July 17 2015 № 216 “On Using Financial Resources of the Reserve Fund in Foreign Currency to Fund the Federal Budget Deficit in 2015,” a part of the financial resources of the Fund in foreign currency from the Bank of Russia’s accounts in the amount of 2.39 billion US dollars, 2.22 billion euros and 0.35 billion pounds sterlings were sold for 350.00 billion rubles and the funds received were transferred to the unified account of the federal budget to cover its deficit.

As of December 1, 2015, the aggregate amount of the Reserve Fund was 3 931.08 billion rubles which is equivalent to 59.35 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 27.23 billion US dollars;
  • 24.39 billion euros;
  • 4.11 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to November 30, 2015 was 0.16 billion US dollars, which is equivalent to 9.7 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to November 30, 2015 was 495.59 billion rubles.

The National Wealth Fund

In November of 2015, in accordance with Resolutions of the Russian Government dated January 19, 2008, № 18 and dated November 5, 2013, № 990, financial resources of the National Wealth Fund in the amount of 75.00 billion rubles were placed in the bonds of OJSC Yamal in quantity of 1 156 206 bonds, with par value of one share being 1000 dollars in order to fund an infrastructure project «Construction of a Gas Production and Treatment Integrated Facility and a Liquefied Natural Gas Plant as well as Liquefied Natural Gas and Gas Condensate Shipping Facilities of the South Tambey Gas Condensate Field in the Yamal Peninsular”, which was provided for by para 6 of the List of infrastructure projects to be implemented by legal entities in financial assets of which financial resources of the National Wealth Fund and (or) pension savings under the trust management of a state managing company are placed on a redeemable basis. The List was approved by Executive Order of the Russian Government dated November 2013, № 2044-r.

In November of 2015, Bank VTB purchased OJSC RZHD’s shares with a total par value of 15.20 billion rubles through using financial resources of the National Wealth Fund earlier placed on the subordinated deposit in order to fund an infrastructure project “Purchase of a Traction Rolling Stock” provided for by para 10 of the said List.

As of December 1, 2015, the aggregate amount of the National Wealth Fund was 4 784.05 billion rubles which is equivalent to 72.22 billion US dollars including:

1) In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 20.45 billion US dollars;
  • 21.50 billion euros;
  • 3.95 billion pounds sterlings;

2) 195.03 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings.

4) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 112.63billion rubles and 2.36 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.43 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to November 30, 2015, was 0.11 billion US dollars, which is equivalent to 7.29 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to November 30, 2015 was 405.40 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 306.49 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 62.42 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –29.94 billion rubles.
  • foreign-currency denominated bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 6.55 billion rubles.

The aggregate income from placing financial resources of the Fund on authorized financial assets with the exception of accounts with the Bank of Russia from January to November of 2015 amounted to 44.32 billion rubles which is equivalent to 0.72 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.


Origin: Press Service of Russia’s Finance Ministry

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Vnesheconombank Fulfills Its Obligations Under Domestic Series BO-02 Bonds Put Offer

30 november 2015 года
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State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” on November 30, 2015 fulfilled its obligations to purchase bonds from investors in the course of the put offer under its RUB 9 billion Series БО-02 exchange bonds issue.

Under the current put offer Vnesheconombank bought 5 306 835 bonds with the total par value of RUB 5 306 835 000.

The coupon rate of the bonds was set at 11,20 % per annum till the next put offer in one year.

Arrangers of the БО-02 exchange bonds put offer and secondary placement are REGION Broker Company and VTB Capital.


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Vnesheconombank, JSC EXIAR (VEB Group) and the Central Bank of the Islamic Republic of Iran (CBI) sign a Memorandum of Understanding

25 november 2015 года
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In the course of the Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) member countries in Teheran and in the Presence of Russian President Vladimir Putin and Iranian President Hassan Rouhani, Vnesheconombank, JSC EXIAR (VEB Group) and the Central Bank of the Islamic Republic of Iran (CBI) signed a Memorandum of Understanding.

Under the Memorandum, the parties are to cooperate in implementing Russian-Iranian export projects and in expanding a list of services and instruments in supporting exports.

In order to increase Russian exports to Iran, Vnesheconombank is exploring the possibility of providing up to 2 billion euros under JSC EXIAR’s insurance coverage.

The parities are to place particular emphasis on supporting projects in such industrial sectors as power engineering, shipbuilding and aircraft industry.

The Memorandum is to be implemented in accordance with standards of national and international law.


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Vnesheconombank ready to explore the possibility of funding projects in Iran

24 november 2015 года
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In the course of the Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) member countries in Teheran, Vnesheconombank, Stroytransgaz company (OJSC STG) and Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) entered into a Memorandum of Understanding.

Under the Memorandum, the parties intend to explore the possibility of implementing jointly a number of projects in the Islamic Republic of Iran. The projects provide for designing and constructing an anode petroleum coke plant with a capacity of 250 thousand metric tons as well as a plant to manufacture alumina from nepheline syenites with a capacity of 200 thousand metric tons.

The Memorandum is being implemented in accordance with standards of national and international law.

Stroytransgaz Group of Companies is an international diversified construction holding, one of the leaders of the Russian market. The companies operating under the brand Stroytransgaz have been implementing major industrial and civil construction projects in Russia and abroad for more than 20 years. The strategic directions of the Group’s activities are associated with the construction of objects in the power, oil and gas and petrochemical industries, transport infrastructure, including road and railway construction, as well as in the field of industrial ecology. STG’s main markets are located in 19 world countries including countries of the Middle East, North Africa, Europe and Asia.

Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) is Iran’s leading holding company in the mining sector. It focuses on manufacturing steel, aluminum, copper, cement and on mineral production. It also participates in projects on the construction and reconstruction of industrial facilities.


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Vnesheconombank makes presentation of Vnesheconombank Group’s report on sustainable development for 2014

23 november 2015 года
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In the course of public hearings, VEB made a presentation of Vnesheconombank Group’s report on sustainable development for 2014. Vnesheconombank already became the winner of the Annual Report Competition in the category “Best Report on Corporate Social Responsibility and Sustainable Development” organized by Moscow Exchange and Stock Market Media Group and received a Gold Award in the MarCom Awards 2015 International Competition. The Report was presented to more than 50 participants of the Russian business community.


Vnesheconombank has prepared reports on sustainable development since 2009. As part of implementing this voluntary initiative the Bank published six non-financial reports, the last four of which consolidate information on the performance of all Vnesheconombank Group’s institutions in sustainable development. Reports are prepared in accordance with a leading international standard – Global Reporting Initiative Sustainability Guidelines. In 2015, the Bank transferred to a new revision of GRI-G4.

In the course of the hearings their participants discussed issues related to Vnesheconombank’s contribution to addressing issues of the country’s socio-economic development and to further integration of sustainable development principles in its development. The participants also voiced recommendations on disclosing information of the greatest interest for interested parties in the Bank’s non-financial reports. The participants’ recommendations are to be taken into account upon developing a concept of the Group’s next report for 2015 to improve the quality of the Bank’s non-financial reporting in line with expectations of a wide range of interested parties.


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Vnesheconombank becomes laureate of the MarCom Awards International Competition

13 november 2015 года
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Vnesheconombank Group’s report on sustainable development for 2014 received a Gold Award in the MarCom Awards 2014 International Competition in the category “Best Report on Corporate Social Responsibility”.

In 2015, there were over 6,500 entries from throughout the United States, Canada and 15 other countries. Awards were given in more than 200 categories. The Competition’s organizers noted that that a victory in it is a recognition of outstanding creative achievement in corporate communications.

Vnesheconombank has prepared reports on sustainable development since 2009. As part of implementing this voluntary initiative the Bank published six non-financial reports, the last four of which consolidate information on the performance of all Vnesheconombank Group’s institutions in sustainable development. Reports are prepared in accordance with a leading international standard.


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VEB intends to participate in implementing projects on the development of platinum deposits in the Krasnoyarsk Territory

10 november 2015 года
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VEB and LLC Russian Platinum signed a Memorandum on cooperation in implementing projects in the Krasnoyarsk Territory.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of LLC Russian Platinum – by Board Director Musa Bazhaev.


The parties intend to participate in implementing and funding projects on the development of the Chernogorsk deposit and the southern part of Norilsk-1 deposit (platinum group metals, copper, nickel, cobalt).

The project on the development of the Chernogorskdeposit provides for the construction of a mine to produce up to 9 million tons of ore per year, an ore processing plant and relevant infrastructure. The project on the development of the largest platinum group metals deposit –Norilsk-1is scheduled to be implemented in two stages with achieving ore production volumes of 18 million tons per year after reaching projected capacity.

Under the Memorandum, the project’s initiator LLC Russian Platinum is ready to have allauthorizations on projects provided as well as have plots of land assigned. In its turn,VEB intends to carry out expert examination of the projects with a view to potential strategic partnership.

VEB’s participation in projects aimed at boosting efficiency of natural resources utilization is one of the Bank’s main lines of activity.

Russian Platinum is one of the leading platinum group metals (PGM) producers in Russia. By PGM reserves (3600 tons)the company takes first place in the world. The platinum production at the Konder deposit located on the territory of Ayano-Maisky district of the Khabarovsk Territory amounted to 2802 kg (90 086 ounces) for 10 months of the current year. The holding comprises the Chernogorsk deposit andthe southern part of Norilsk-1 deposit, which are located very close to the city of Norilsk.


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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

2 november 2015 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund from January 1 to October 31, 2015.

The Reserve Fund

In October of 2015, in accordance with the Federal Law dated December 1, 2014 № 384-FZ “On the Federal Budget for 2015 and for a planned period of 2016 and 2017” and in accordance with Order of the Russian Finance Ministry dated July 17 2015 № 216 “On Using Financial Resources of the Reserve Fund in Foreign Currency to Fund the Federal Budget Deficit in 2015,” a part of the financial resources of the Fund in foreign currency from the Bank of Russia’s accounts in the amount of 1.88 billion US dollars, 1.65 billion euros and 0.27 billion pounds sterlings were sold for 260 billion rubles and the funds received were transferred to the unified account of the federal budget to cover its deficit.

As of November 1, 2015, the aggregate amount of the Reserve Fund was 4 229.98 billion rubles which is equivalent to 65.71 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 29.62 billion US dollars;
  • 26.62 billion euros;
  • 4.46 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to October 31, 2015 was 0.16 billion US dollars, which is equivalent to 10.38 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to October 31, 2015 was 444.49 billion rubles.

The National Wealth Fund

As of Novemer1, 2015, the aggregate amount of the National Wealth Fund was 4 728.80 billion rubles which is equivalent to 73.66 billion US dollars including:

1) In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 20.98 billion US dollars;
  • 21.99 billion euros;
  • 4.03 billion pounds sterlings;

2) 195.03 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings.

4) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 112.63billion rubles and 1.21 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.43 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to October 31, 2015, was 0.11 billion US dollars, which is equivalent to 7.36 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to October 31, 2015 was 349.73 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 271.92 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 50.75 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –24.35 billion rubles;
  • foreign-currency denominated bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 2.71 billion rubles.

In October of 2015, incomes from investing financial resources of the National Wealth Fund were transferred to the federal budget:

a) on subordinated deposit of Bank VTB in the amount of 5.97 billion rubles which is equivalent to 0.09 billion US dollars;

b) 2.40 billion rubles which is equivalent to 0.04 billion US dollars were deposited with Vnesheconombank.

The aggregate income from placing financial resources of the Fund on authorized financial assets with the exception of accounts with the Bank of Russia from January to October of 2015 amounted to 44.32 billion rubles which is equivalent to 0.72 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.


Origin: Press Service of Russia’s Finance Ministry

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On Payments on Government Foreign – Currency Denominated Bonds

30 october 2015 года
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In accordance with the terms of issuing eurobonds, on the Russian Finance Ministry’s instructions State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ transferred funds in the total amount of 87 million 500 thousand US dollars to Citibank N.A., London Office.

These funds were transferred to repay the government foreign debt of the Russian Federation to pay interest on eurobonds issued in 2010 for an amount of 3.5 billion US dollars with a maturity date of 2020.

The payment was made in a single currency.


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