Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation

Statements of Deputy Finance Minister of the Russian Federation S.Storchak


Govt may tighten Russian cos’ foreign borrowings

MOSCOW, Jun 7 (PRIME) -- The Russian government is considering the possibility of tightening Russian companies’ foreign borrowings, Russia’s Deputy Finance Minister Sergei Storchak told reporters Tuesday.

Specifically, the government could oblige companies to place a portion of their foreign loans into Central Bank of Russia (CBR) deposit accounts at a zero interest rate, Storchak said.

“We want to have the ability to quickly intervene in the process if necessary,” he added.

Storchak said that such steps could be taken in order to discourage Russian companies from borrowing abroad. Meanwhile, Storchak added that he did not see any need to introduce the measures at the moment.


Monetary crisis in Belarus could last 18 months

MOSCOW. June 7 (Interfax) - The monetary crisis in Belarus might take 18 months to run its course, Russian Deputy Finance Minister Sergei Storchak said.

"They are in a position to overcome the problems of the monetary system fairly quickly. The crisis will endure for perhaps 15-18 months," Storchak told journalists on Tuesday.

Storchak denied that the main condition for receipt of a loan from the EurAsEC anticrisis fund is privatization of Belarusian assets.

"I don't know where that came from. Someone took it out of context, that this is the main condition. There are quite a lot of conditions," he said.

Privatization is "one out of the 15 positions" that make up the terms for providing financial assistance, he said.


Russian official: EurAsEC fund not mulling extra loans to Belarus

MOSCOW, Jun 7 (PRIME) -- The Eurasian Economic Community (EurAsEC) is not considering any additional loans from its financial bailout fund to Belarus, Russia’s Deputy Finance Minister Sergei Storchak told reporters Tuesday.

Storchak reiterated that Belarus is to only receive a U.S. $3 billion 3-year loan, which has already been approved by the fund.

Meanwhile, Russia has reacted positively to Belarus’ negotiations on taking out a loan from the International Monetary Fund (IMF), Storchak added.

Belarus’ Finance Minister Andrei Kharkovets said earlier that Belarus planned to sign a loan agreement with the IMF in September–November. Kharkovets added that the amount to be borrowed is to be specified after an analysis made by the IMF’s mission in Belarus


Kudrin to discuss restoration of EBRD's Russian operations with bank's board of directors at the start of July

MOSCOW. June 7 (Interfax) - Russian Deputy Prime Minsiter and Finance Minister Alexei Kudrin will meet with the board of directors of the European Bank for Reconstruction and Development (EBRD) at the start of July in order to discuss restoring the bank's now low activity in Russia, the Kudrin's deputy and the bank's deputy manager from Russia, Sergei Storchak, told journalists on Tuesday.

He said that the meeting will take place during the first week of July in London.

"We will work on solving the problems that have appeared," Storchak said.

He said replacing the director from Russia at the EBRD had an impact on the bank's Russian operations. At the end last year, the bank's director from Russia, Yelena Kotova, was removed only to a corruption investigation.

"She was recalled at the end of last year. Therefore, the preparation of documents [for providing loans the Russian economy] has been delayed. Also, the bank is doing its own investigation," Storchak said.

"The situation with the director from Russia had an effect on plans to provide loans to Russian companies," he said.

Storchak said that in spite of the outcome of the Kotova situation, Russia would like the EBRD to take part in financing Russian project. The country wants to raise the share of financing for investment projects and reduce the share of lending for export and import operations


Govt may oblige state cos to reserve part of loans on CBR accounts.

MOSCOW, June 7 (Itar-Tass) —— The Russian government is considering the possibility of obliging state companies to reserve part of the funds they get in foreign loans on Central Bank accounts at a zero interest rate,” Deputy Finance Minister Sergei Storchak told the media.

He explained that the Finance Ministry was considering a taxation mechanism that would create disincentives to borrowings.

“In its day the Reserve Fund proved a very handy instrument, so we would like to have an opportunity to influence this process, if there emerge excessive risks to financial stability,” Storchak explained.

He said that “the point at issue is the creation of reserves to back up borrowings.”

“We shall demand that part of the borrowed funds be placed on CBR accounts at zero interest,” Storchak said. This measure would help restrict state companies’ activity on the money markets.


Russian official says Ukraine wants to join Eurasian Devt Bank

MOSCOW, Jun 7 (PRIME) -- Ukraine is interested in joining the Russian government-controlled Eurasian Development Bank, Russia’s Deputy Finance Minister Sergei Storchak told reporters Tuesday.

“First of all, we would of course be glad to see them (Ukraine) among the members of the bank,” Storchak said, adding that Ukraine could also enter the Eurasian Economic Community’s (EurAsEC) financial bailout fund.

The Eurasian Development Bank was established by the Russian and Kazakh governments in 2006 to boost investments across the former Soviet Union. Tajikistan, Armenia, and Belarus are also members of the bank. The EurAsEC bailout fund is run by the Eurasian Development Bank. The EurAsEC members are Russia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan.


Russia welcomes Belarusian appeal to IMF for loan – deputy minister.

MOSCOW, June 7 (Itar-Tass) —— Russia welcomes the Belarusian appeal to the International Monetary Fund (IMF) for a loan, Russian Deputy Finance Minister Sergei Storchak said on Tuesday.

In his opinion, the Belarusian situation will follow the Russian script of 1998. “There will be a sharp fall and a rebound. Bearing in mind the initially good indicators of labor productivity and social stability, Belarus may recover from monetary problems within a rather short time,” he said. The entire process may take from 15 to 18 months, Storchak said.

The anti-crisis program of the Eurasian Economic Community (EurAsEC) for Belarus will last for 36 months, and the IMF program may have an approximately same duration, he said. “The synergy of both programs will have rather good effects,” he added.


U-shaped recovery of Belarusian economy predicted

RBC. Russian Deputy Finance Minister Sergey Storchak expects the Belarusian economy to recover rapidly after a sharp downturn. "I think that the situation will develop along the same lines as in Russia in 1998: a steep decline followed by a fast recovery," he told reporters today. Belarus will be able to cope with its monetary problems rather quickly. The situation could be back to normal within 15-18 months. Belarus has not requested additional loans from the Russian government or the Eurasian Economic Community's bailout fund. Russia is upbeat about the fact that Belarus applied to IMF for a loan, he added.


Lagarde is most probable candidate for IMF head – deputy minister.

MOSCOW, June 7 (Itar-Tass) —— French Finance Minister Christine Lagarde is the most probable candidate for the International Monetary Fund head, Russian Deputy Finance Minister Sergei Storchak said on Tuesday.

“She does not have a worthy opponent. Besides, she enjoys support of countries that have a vast number of votes,” he said.

The election of the new IMF chief “is interesting from the point of view of candidates,” the deputy minister said. He stressed that the rivalry must be fair.


Russia notes Ukraine’s interest in joining Eurasian Development Bank.

MOSCOW, June 7 (Itar-Tass) —— Ukraine is showing interest in joining the Eurasian Development Bank, a Russian deputy finance minister said on Tuesday.

“We would be glad to see them among us,” Sergei Storchak told journalists. In his words, Ukraine has preserved its cooperation ties with other CIS countries.