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Date: a month ago   Category: Finances

The most part of a national debt of Russia in euro Russians own


According to the Central Bank, for the beginning of year foreigners held 19% of papers. However it does not correspond to structure of demand for the Russian national debt, RBC of the Photo writes: Monika Skolimowska/DPA/TASS Russians were owners of the most part of a national debt of Russia in euro, follows from statistics of the Central Bank. Foreigners at the beginning of a year held only 18.5% of the Russian bonds nominated in euro. However such information as writes RBC, does not correspond to structure of demand for the Russian national debt. Earlier the Ministry of Finance of the Russian Federation reported that at placement at the end of 2018 of rare release in euro for 1 billion 76% foreigners bought up, having shown "high level of confidence" to the Russian economy. Why information was contradictory? There is a residence which was valid foreign and also beneficiaries of the companies which were buying up the Russian eurobonds. At first it is clear that the most part of a national debt left abroad, and further it becomes clear what the companies are, the independent financial analyst Natalya Smirnova considers: Natalya Smirnova the independent financial analyst "Disclosure of a benefitsiarstvo on KIKU and foreign accounts, develops one and the second. It is clear, that legally eurobonds left abroad, actually many trusts Russians anyway own. It is wrong to consider it foreign investments. Purely foreign investors, where there is no Russian affiliation, turned out very little. Why so? The matter is that all eurobonds got under a tax on an exchange difference and a tax on coupon yield until recently. Naturally, taking into account fluctuation of exchange rates, especially in recent years, many wealthy Russians buy such tools not into the account of the natural person, and on the controlled foreign companies to minimize taxation. These companies are not subject to a tax on an exchange difference, exempt from a tax if the retained earnings by a year did not exceed 10 million rubles. Foreign eurobonds where, of course, it is reasonable to buy a threshold of an entrance of 100-200 thousand dollars on KIK. But physically, in terms of management accounting, it leads to the fact that KIK at first seems as the foreign investor, and such divergence in results turns out". There is no serious contradiction in data. Most likely, at placement the most part of release was bought by foreigners, but then the Russian investors became more active, the senior analyst of "BKS of Premieres" Sergey Suverov considers: Sergey Suverov is the senior analyst of "BKS of Premieres" "Eurobonds in euro are favorable to the Russian banks because rates on deposits in euro almost zero. Banks need some positive profitability of investments into euro. Eurobonds in euro give just for the Russian banks in the absence of risks positive profitability. By the way, foreigners at the same rating level can be transferred to some other papers, not Russian which can be considered as investments. If we talk about the latest trends, I want to give an example of placement of "green" eurobonds of the Russian Railway in euro. There rather actively foreigners participated. According to our information, uchastv

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