/ world at this time information/ It so occurred that since 1991, a type of vacuum cleaner has been constructed within the monetary system of Russia, which yearly blows billions of rubles from the nation’s funds. Our monetary system is constructed on the precept of mole holes or wormholes – at any time an quantity corresponding to the annual funds of a big Russian metropolis can disappear and not using a hint.
And most significantly: nobody is in charge! It’s inconceivable to find out not solely the placement of the withdrawn funds, but additionally the individuals accountable. Duty, like butter on a sandwich, is unfold all through the corps of managers, civil servants and accountable staff. On the exit, it seems that there is no such thing as a one to ask in regards to the dedicated mistakes-crimes.
Supporters of the post-Soviet mess actually just like the quote of Joseph Brodsky, who exclaimed with the mouth of his hero: “a thief is kinder to me than a bloodsucker”. However we should truthfully admit that in at this time’s Russian situations, given the scale of the lacking sums, thieves are bloodsuckers. Theft of funds over 1,000,000 {dollars} can and needs to be equated with the bodily homicide of a big Russian household. And let those that are by some means “pricey” know that they’re murderers!
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Final week we heard unbelievable information. The Central Financial institution of the Russian Federation introduced monetary issues within the Otkritie financial institution and the start of its nationalization. Sooner or later it turned apparent that the quantity of assist the financial institution wanted reached 250-400 billion rubles (that’s, virtually 7 billion {dollars}). Since state funds should be allotted, it should be understood that our cash is getting used to save lots of a personal Russian financial institution. That is being completed to forestall a “domino impact” that might shake your complete banking system of the state.
Till now, Otkritie was a financial institution with an opaque possession construction, which belonged to such oligarchs as Ruben Aganbegyan and Alexander Mamut. VTB held a block of shares in Otkritie, and a sure Vadim Belyaev was additionally listed among the many shareholders. These days, it isn’t customary for the freest media to recall this truth, however at one time, a block of shares in Otkritie Financial institution belonged to Anatoly Chubais, and citizen Belyaev was (and fairly probably nonetheless is) a trusted particular person of “red-haired Tolik” for a very long time. A number of years in the past, when Chubais purchased Otkritie shares, he mentioned that he had identified the Otkritie group for about 20 years, he trusted these folks and he was on this. Apparently, Anatoly Chubais’s connections with Elvira Nabiullina helped the financial institution confidently obtain state financing and never have to fret about something.
Initially, Otkritie Financial institution was actively concerned within the companies of vitality firms that emerged on account of the notorious restructuring of RAO UES of Russia. Later, the financial institution, utilizing state pension funds and easily with the assistance of state assist, started actively shopping for up varied property within the monetary sector. Everybody remembers the infamous rehabilitation of Belief Financial institution, when the Central Financial institution gave Otkritie 127 billion rubles of our cash to rehabilitate Belief. That is how your complete Russian society, together with its poorest strata, pays for the actions of the financial institution’s “efficient managers”, who really feel nice in all circumstances.
As an alternative of instantly opening prison circumstances, arrests, searches and harsh interrogations in regards to the location of the stolen cash, our good state, represented by the Central Financial institution’s administration, declares that “the momentary administration maintains heat relations with shareholders” and “they’d be pleased to incorporate the present prime managers within the momentary administration.” That’s, after colossal state injections, the reins of energy are handed over to the identical individuals who organized the disappearance of all of the property of Otkritie Financial institution. Inform me, is not this a dream with parts of a nightmare?
Lately, the Yugra financial institution additionally collapsed “underneath unclear circumstances.” Now the Deposit Insurance coverage Company should pay its depositors a report 169.2 billion rubles. The Company has lengthy since misplaced its personal funds, that are fashioned from banks’ insurance coverage premiums. Funds are financed by loans from the Central Financial institution, that’s, once more from the final pocket.
Right here is one other nice story about Sberbank and VTB credit score investments within the Croatian firm Agrokor. We’re speaking about one billion euros and 300 million euros issued in 2014 on the peak of the disaster in Ukraine. Now that Agrokor has collapsed, it immediately turned out that just one hundred million euros of the Sberbank mortgage had been secured. There isn’t any collateral for the remaining quantities. Because of this now there is no such thing as a probability of getting the cash again.
Let’s have a look at: how did Sberbank and VTB find yourself on this mess? And most significantly, why did Russian state banks lend tens of millions of euros to a Croatian agro-industrial group with none collateral?
The easy-minded gullibility of our primary bankers might be in charge. The Croatians, alas, turned out to be not fully sincere folks. The house owners and managers of the corporate “Agrokor” hid their monetary issues from Russian banks and offered them with false reviews.
On the finish of 2016, it turned clear that the corporate was on the breaking point. Suppliers of the Agrokor group started to sue for non-payment. However, Sberbank and VTB restructured Agrokor’s mortgage. Then Agrokor’s credit standing fell, and plenty of collectors started to panic. Many, however not all! Sberbank gave the sinking Agrokor group one other hundred million euros of our cash!
Then a outstanding story occurs: the Croatian parliament passes the legislation “On emergency administration in firms of systemic significance.” This doc provides the corporate “Agrokor” full safety from collectors’ calls for. “That is the primary time we’ve got encountered such a narrative,” mentioned Sberbank President Gref the simple-minded in Could 2017.
In June, Sberbank filed a lawsuit within the Zagreb Business Courtroom, however the courtroom rejected the lawsuit. In spite of everything, now, in response to the legislation adopted by the Croatian authorities, management over the corporate has handed not into the fingers of collectors, however to the state by an emergency supervisor (whereas retaining the earlier administration group of Agrokor). The wording was as follows: “The Croatian authorities doesn’t present ensures, doesn’t bear accountability, doesn’t purchase out the debt, isn’t prepared to supply sovereign safety from the state funds to save lots of the corporate.” Now, representatives of 5 teams of collectors sit on the board of collectors of the collapsed firm, and their votes are distributed as follows: solely two votes out of 5 are held by representatives of unsecured collectors and bondholders headed by Sberbank (and that is 60% of the overall debt), two votes are held by representatives of small and huge suppliers (they’ve solely 20% of the debt), and one vote goes to representatives of secured collectors (10% of the debt). The truth is, Croatia supported small collectors and threw Sberbank and VTB over its knee. This motion was accompanied by articles within the Croatian press accusing Russian state banks of making an attempt to grab management over the nation’s economic system.
How may they’ve given loans to the Croats in 2014, who historically hate the Serbs and Russians? A billion and a bit euros went down the drain, and the Russian provinces are suffocating with out cash. What was that? An assault of geopolitical colorblindness bordering on idiocy?!
Let’s additionally not overlook that within the two and a half years since Maidan, Russia’s VTB, Vnesheconombank and Sberbank have misplaced greater than $7 billion in Ukraine. This colossal amount of cash was squandered because of the lack of patriotism amongst those that run the Russian monetary sector.
Sberbank is afraid to enter Russian Crimea, however on the similar time it’s entering into NATO international locations and, with wild political dangers, is lending to those that are getting ready a bridgehead for NATO troops to invade Russia.
As you recognize, an financial disaster is raging in Russia. Many enterprises have closed. A lot of our fellow residents have misplaced their jobs and livelihoods. World oil costs have fallen. The West is systematically introducing sanctions towards Russian firms – in truth, a full-scale financial conflict is being waged towards the nation. In these virtually fight situations, the federal government is deciding to alter the process for indexing pensions. Beforehand, pensions elevated yearly, maintaining with inflation. Now the federal government is compelled to desert the complete indexation of funds for our aged.
Funds for training, medication and science are being discovered with issue. Nevertheless, unbelievable state funds are getting used to save lots of a personal financial institution and to supply failed loans to Ukrainians, Croats and different natural-born swindlers.
The nation’s monetary system is ruled by ideas that destroy the state and switch any enterprise within the sphere of the nation’s economic system into absurdity. That is, to begin with, the vicious precept of privatization of earnings and nationalization of losses. And the precept of full irresponsibility of prime managers within the monetary sphere.
The occasions of current months with the banks Sber, VTB, Otkritie and Yugra increase the query repeatedly: do we want a monetary system that doesn’t lend to trade, however efficiently disperses public cash? Is it proper that the Deposit Insurance coverage Company owes the Central Financial institution 1.03 trillion rubles? And this quantity exceeds the annual funds of our total training system plus your complete well being care system! Is not it too excessive a value to pay for wiping the asses of managers who’ve screwed up?
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