Deposit Insurance Agency DIA

The agency maintains a register of participating banks in the deposit insurance system, controls the formation of the deposit insurance fund, including through bank contributions, and manages the funds of the deposit insurance fund. Also, the agency is entrusted with the functions of a corporate bankruptcy trustee (liquidator) of banks for which bankruptcy proceedings have been opened or the procedure for forced liquidation has been introduced.

Aktivs

7.4% in Rostelecom

Performance indicators

2023: Losses - 29.5 billion rubles

The Deposit Insurance Agency (DIA) completed 2023 with a net loss of 29.5 billion rubles, while a year earlier net profit was measured at 250 million rubles. Such data in accordance with Russian accounting standards (RAS) were released at the end of March 2024.

According to Interfax, citing DIA materials, the agency's annual losses are associated with the creation of reserves for assets acquired during the implementation of measures to prevent bank bankruptcy.

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Unsplash

DIA expenses on reserves for dubious debts in 2023 reached 44.9 billion rubles, which is significantly more than the costs of a year ago at 530.2 million rubles.

In 2023, the agency allocated about 42.6 billion rubles to create reserves for possible losses on assets that were acquired in order to prevent bankruptcy. In addition, 2.1 billion rubles were spent on the creation of reserves for compensation for damage to the bankruptcy estate, 107 million rubles - on the creation of reserves for payments advanced by liquidated banks.

According to the reports, the profit of the DIA, received in 2023 from the investment of the compulsory deposit insurance fund (FOSV) in the amount of 2.2 billion rubles, will be aimed at increasing the fund itself. Also, 326.5 million rubles are planned to be spent on increasing the fund for guaranteeing pension savings (FGPN). At the same time, the loss from investing funds of the Pension Reserve Guarantee Fund (FGPR) 142.6 million rubles will remain uncovered.

It also follows from the DIA materials that in 2023 the Central Bank of the Russian Federation provided the agency with a loan of 300 billion rubles "for the purpose of preventing bank bankruptcy," although in 2022 only 2.44 billion rubles were allocated for these purposes. Borrowers in 2023 returned 25.2 billion rubles to the agency.^[1]

History

2024

Deputy Head Alexander Popelyukh arrested in Moscow

On October 9, 2024, the Lefortovo District Court of Moscow detained Alexander Popelyukh, Deputy Director General of the Deposit Insurance Agency (DIA). Investigative actions were carried out at the central office of the organization itself. Read more here

Signing of digitalization agreement with Vietnam Deposit Insurance Agency

The State Corporation "Deposit Insurance Agency" (DIA) of Russia and the State Financial Institution "Vietnam Deposit Insurance" (DIV) signed a memorandum of understanding on September 25, 2024. The document is aimed at strengthening cooperation in the field of protecting the interests of depositors and the development of information technologies for database management.

The new agreement replaces a previous memorandum that expired in June 2024, according to the Deposit Insurance Agency. The main purpose of the document is to maintain a high level of cooperation and confirm the intentions of the parties to develop partnerships in the field of deposit insurance.

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Freepik

The memorandum provides for a bilateral exchange of experience in the fields of deposit insurance, bankruptcy proceedings and the liquidation of financial organizations. Particular attention is paid to the development of information technologies for database management in these areas, which indicates the desire of both countries to digitalize the processes of protecting depositors' funds.

DIA Director General Andrei Melnikov stressed that the interaction between Russia and Vietnam in the field of protecting the interests of depositors and creditors of financial organizations is an example of long and mutually beneficial cooperation aimed at maintaining financial stability in both countries.

Chairman of the Board of Directors of DIV Pham Bao Lam noted that Russian colleagues are long-standing and reliable partners of the Vietnamese agency. He expressed confidence that the conclusion of the new memorandum will be another step towards strengthening ties in the development of national deposit insurance systems based on international standards.

The signing of this document demonstrates the desire of both countries to improve the mechanisms for protecting depositors and increase the efficiency of deposit insurance systems.^[2]

2023: Putin allowed depositors of burst banks to apply to the DIA for insurance compensation for online deposits

In mid-March 2023, President RFVladimir Putin signed a law that allowed depositors of burst banks to apply for insurance compensation for online deposits. Previously, in order to obtain insurance (with the exception of deposits opened through financial platforms), the depositor had to personally apply with a passport to the Deposit Insurance Agency (DIA) or an authorized agent bank.

The new law allows you to contact the DIA in electronic form through the website of this state corporation or through the State Public services portal using a unified identification and authentication system. At the same time, insurance compensation for deposits can be sent in a non-cash form according to the details of the Mir card.

Russian President Vladimir Putin

The State Duma supported two amendments to the bill. One of them allows the depositor to use an unqualified electronic signature when submitting an electronic application for reimbursement. This change is made to avoid possible abuses and to ensure the protection of the interests of the citizen who must receive the appropriate funds from the DIA.

Another amendment concerns transitional provisions. The law comes into force on the day of its official publication, but its main provisions will begin to operate only in a year so that the DIA has time to reconfigure its information system and integrate it with other IT systems.

Some banks in the Russian Federation have previously introduced the opportunity to issue a refund remotely. According to the DIA, in 2022, 46% of depositors who applied for a refund used such a service. In total, in 2022, the DIA transferred 1.7 billion rubles to customers of burst banks.

After the bank's bankruptcy, depositors are paid their savings within 1.4 million rubles in each organization, recalled Vyacheslav Putilovsky, junior director of bank ratings at Expert RA. If there was more than this amount on the deposit, then the refund is already in the process of liquidating the financial organization.

In addition, an increased insurance limit of 10 million rubles is valid for escrow accounts, as well as in special life situations. For example, if the bank had money from the sale of property inherited or by a court decision, they added to the DIA.^[3]

2022

Payment of the Central Bank on debts for clearing the banking sector in the amount of 880 billion rubles

On December 5, 2022, the state corporation Deposit Insurance Agency (DIA) announced the early full repayment of a Bank of Russia loan received to maintain the sufficiency of the mandatory deposit insurance fund.

The last tranche in the amount of 24.01 billion rubles. the agency listed the Central Bank on December 2, 2022, according to the press service of the DIA. In total, the agency paid 880.4 billion rubles to the Bank of Russia, of which 842 billion rubles went to repay the principal amount of the debt, 38.4 billion rubles fell on interest payments for using the loan. Of this amount, the agency transferred 240.4 billion rubles in 2022 (227 billion rubles - to repay the principal amount of the debt, 13.4 billion rubles - to repay interest).

DIA paid off the Central Bank on debt for clearing the banking sector, transferring 880 billion rubles

As the DIA recalls, the mandatory deposit insurance fund until 2015 was formed mainly due to regular contributions from participating banks, as well as payments from the bankruptcy estate of liquidated banks to pay off debt formed after paying depositors insurance compensation. The maximum amount of funds in the fund was accumulated at the end of 2013 - about 230 billion rubles.

The Central Bank provided the DIA with a credit limit of 1 trillion rubles to maintain the sufficiency of the deposit insurance system fund in 2015, when the Central Bank was clearing the banking sector. In 2013-2015, the fund had a peak load - about 130 banks lost their licenses, the DIA said in a commentary. Prior to this, the fund was formed mainly due to constant contributions from participating banks, as well as payments from the bankruptcy estate of liquidated banks to pay off debts. From the provided limit, the agency chose 842 billion rubles.

The DIA planned to fully repay the loan of the Central Bank by 2024. It was possible to pay off the debt ahead of schedule due to an increase in the number of liquidation procedures, which made it possible to replenish the competitive mass of banks being liquidated, the agency emphasized.^[4]

Sale of IT equipment of bankrupt banks

As it became known on March 22, 2022, the Deposit Insurance Agency (DIA) sells the IT equipment of bankrupt banks. This is one of the measures designed to help credit institutions after the suspension of activities in Russia of leading foreign technology companies.

As Kommersant writes with reference to the DIA message, the agency implements specialized banking equipment, anyone can take part in the auction. So, on the DIA website at the request of Cisco there are five offers. The search for Fortinet and Check Point Software Technologies solutions yielded no results.

DIA disassemble IT equipment of bankrupt banks

The publication notes that the most sensitive was the refusal to cooperate with such suppliers as Cisco, Oracle, Microsoft, Fortinet, Checkpoint. The largest players in the market bought out the remaining equipment for "any money," the newspaper reported.

As a result of the search, banks turn to Avito, where equipment is available by March 22, 2022. In particular, one of the interlocutors of the publication from a bank in the top 50 said that he managed to buy Cisco on this site three times cheaper than officially.

CENTRAL BANK OF THE RUSSIAN FEDERATION When asked by the publication how to act for banks in the absence of supplies of new IT equipment software and Western production, they essentially did not answer, noting only that the regulator "is taking all necessary measures to support financial organizations." The market still continues to hope that "it will settle down after all."

Most of the players did not leave the Russian market forever, but took a three-month time-out, and their actions will depend on the development of events, "said Alexey Lukatsky, a business security consultant at Cisco. - The optimal strategy for banks now is to wait by preparing a list of alternatives in case of negative developments[5]

Andrey Melnikov - the new head of the agency

In January 2022, it became known that the Deposit Insurance Agency will be headed by former deputy Isaev and ex-Minister of Economic Development of Crimea Andrei Melnikov.

2021

Sale of Russlavbank headquarters for 0.5 billion rubles

In November 2021, the Deposit Insurance Agency announced the sale of the headquarters of the Russian Slavic Bank (Russlavbank) for 470 million rubles. The building with an area of ​ ​ 4.3 thousand square meters. m, located in the immediate vicinity of the Sukharevskaya metro station in Moscow, was bought by the general director of the Beijing Hotel and a member of the board of directors of the Sochi Zhemchuzhina Hotel Oganes Grigoryan. Read more here.

Of the 4.7 trillion rubles of assets handled by the DIA, only 700 billion are supported by real value

The real value of the assets of 414 financial organizations, which are liquidated by the Deposit Insurance Agency, is only 15% of what is indicated on the balance sheet,  the Deposit Insurance Agency reported in September 2021. Of the 4.7 trillion rubles in assets, only about 700 billion are backed up by real value, and the remainder - 85% - is simply "drawn."

DIA increases deposit insurance fees for banks from 0.1 to 0.12%

As of April 2021, all banks pay quarterly non-refundable insurance to the Deposit Insurance Fund (FSV) from each deposit 0.1%. If the bank attracts deposits at a rate 2-3% higher than the basic level of return on deposits (the average rate on large banks), then an increased rate of deductions to the FSV of 0.125% is applied. If the bank raised at least one deposit with a rate higher than the average by 3% during the quarter, then quarterly insurance is 0.4%. These rates have been in effect since April 2020 - as a mitigating measure for banks during the peak of the COVID-19 pandemic (before that, the rates were 0.15%, 0.225% and 0.9%, respectively).

The peak of the pandemic has passed, many banks have withstood the outflow of depositors and a decrease in the quality of assets, the DIA can no longer tolerate profit loss. From July 1, 2021, the DIA raises rates: basic to 0.12%, increased to 0.15% and 0.48%, respectively.

This is negative news:

• for banks: over the period of the reduced deduction rate, banks saved 118.9 billion rubles (~ 30 billion per quarter), at the new rate, the amount of savings will decrease to 12 billion rubles per quarter
• for depositors: banks will be forced to compensate for the increase in insurance costs in the DIA at the expense of customer money. At first glance, the decrease in annual yields by 0.08% for ruble deposits looks insignificant, but the DIA has the opportunity to increase deductions for increased contributions. Rates on foreign currency deposits will suffer the most, banks will refuse to accept euro deposits at interest.

2018

Central Bank and DIA intend to expand the deposit insurance system

In particular, it is planned to increase insurance from 1.4 million to 10 million rubles. for depositors who received large funds under certain circumstances, but did not have time to quickly remove them before the license was revoked. Also, the DIA will not dispute transactions with deposits made shortly before the revocation of the license from the bank, if their amount does not exceed 10 million rubles.

As the head of the DIA Yuri Isaev commented on the initiative, it is assumed that the amount of insurance coverage will be increased to 10 million rubles. for certain categories of depositors. If a person received an inheritance, sold a land plot, received a payment by a court decision, compensation for damage under accident insurance, maternity capital, etc. If the funds were in the account for no more than three months at the time of the occurrence of the insured event, then the depositor will receive an increased insurance compensation, if longer - standard (1.4 million rubles).

Central Bank and DIA will create a single register of depositors based on blockchain technology

In  2019, the Bank of Russia and the Deposit Insurance Agency (DIA) will create a single register of depositors based on blockchain technology. Sources close to the DIA and the Central Bank told Izvestia about this in March 2018, and two bankers familiar with the situation confirmed. However, the departments themselves did not respond to the request from^[6].

The register will help fight unscrupulous bankers who destroy customer databases at the time of license revocation. According to experts, the innovation will increase the transparency of the bank deposit market.

According to one of the sources of the publication, information on the opening of a deposit banks will be recorded in the register block, which will be stored on the Central Bank server. Each block will store information about the name of the bank, personal data depositor and the amount of the deposit. When replenishing or closing deposits, changes will be recorded in a new registry block.

All information about depositors will be reliably protected, since data from the blockchain registry cannot be changed or deleted. Thus, the use of blockchain technology will help avoid situations where, when revoking a license, banks "lose" the databases of depositors who, because of this, cannot receive insurance compensation due to the law.

DIA spent 1.8 trillion rubles on bank reorganization

The Deposit Insurance Agency (DIA) for the entire period of activity is aimed at the reorganization of banks of 1.8 trillion rubles. This is reported by PRIME with reference to the annual report of the state corporation.

"In total, as of December 31, 2017, the agency actually allocated 1,818 trillion rubles for the purpose of bank reorganization," the report said.

In particular, 1.505 trillion rubles were allocated through loans from the Bank of Russia, 304.99 billion rubles - from the funds of the property contribution of the Russian Federation to the property of the DIA and 7.75 billion rubles - from the Deposit Insurance Fund.

According to information on the DIA website, the state corporation is currently reorganizing 26 banks.

2017

DIA asked the Central Bank for an additional 210 billion rubles of credit

On July 31, 2017 , a meeting of the Board of Directors of the State Corporation "Deposit Insurance Agency" (DIA) was held. It elected a new member of the Board of Directors of the DIA and reviewed the report on the results of the first quarter of 2017 on the results of monitoring the activities of banks in respect of which measures are being taken to increase their capitalization.

In particular, the members of the Board of Directors of the DIA agreed with the proposal of the Agency's Management Board to appeal to the Bank of Russia with a request to increase the amount of the credit line provided by the Central Bank by 210 billion rubles in order to ensure the financial stability of the deposit insurance system. Also, DIA members asked to extend the validity of the corresponding loan agreement for 5 years while maintaining the interest rate.

• As of July 27 , 136.5 thousand depositors were paid insurance compensation for a total amount of about 109.9 billion rubles, which amounted to 63.5% of the Agency's insurance liability. This insured event has become the largest in the Russian banking system.
• In addition, according to the DIA report , the total volume of mortgage lending, lending to small and medium-sized businesses, as well as constituent entities of the Russian Federation and enterprises, carrying out activities in priority sectors of the economy, and purchased bonds issued by these entities, for the period from the date of the banks' obligations to increase the volume of lending and investments in bonds until March 2017 inclusive increased by 1.54 trillion rubles (+ 23.8%).

At the same time, for the first quarter of 2017, the volume of lending and investments in bonds increased by 2.94%. The obligation to increase the volume of lending and purchased bonds by an average of at least 1% per month in the first quarter of 2017 was fulfilled by 25 banks, 6 financial institutions did not fulfill this obligation Based on ^[7].

10 years for rogue bankers

In June 2017, the Central Bank proposed toughening the punishment for unscrupulous bankers involved in fraud with household deposits and falsification of reporting. The formation of off-balance sheet deposits may threaten imprisonment for up to six years, and as part of an organized group - up to ten years. Meanwhile, the growth rate of deposits is decreasing, and in 2017, according to the forecasts of the head of the Central Bank of the Russian Federation, they may be lower than the growth rate of lending - 2-4%. This speaks, among other things, of a drop in the level of confidence in the banking system as a whole. As of 01.07.16, the volume of bank deposits of the population according to the Central Bank of the Russian Federation is 23.1 trillion rubles.

President Vladimir Putin signed a law on a new scheme for the reorganization of banks

In accordance with the document, the Bank of Russia will create a Banking Sector Consolidation Fund and establish a management company under the fund. The State Duma approved the law on April 21, the Federation Council on April 26. The main provisions of the law on the new bank reorganization scheme and the work of the Banking Sector Consolidation Fund will come into force on June 16. The provisions changing the ratio of representatives of the Central Bank and the government on the board of directors of the Deposit Insurance Agency (DIA) will come into force on July 31. All other rules of the law come into force on May 2, 2017. ^[8].

Under the new law, in order to prevent bankruptcy of a credit institution, the Central Bank can independently invest in the capital of a bank being rehabilitated through the Banking Sector Consolidation Fund. The Bank of Russia will be able to buy shares (shares) of banks being rehabilitated, provide subordinated loans to these banks, and also sell shares (shares) of these banks, including at a price that will be lower than the purchase price of the Bank of Russia.

The Central Bank of the Russian Federation will be able to provide banks with loans, place deposits, issue bank guarantees, as well as acquire and alienate acquired property of banks. The Central Bank will create LLC "Management Company of the Banking Sector Consolidation Fund," which on behalf of the Central Bank will take part in the reorganization of banks using the funds of the Banking Sector Consolidation Fund. The management company has the right to carry out dealer activities, manage securities and shares of banks, mutual funds, as well as rights under subords and other loans, deposits and bank guarantees, if any, transferred by the Bank of Russia to the management company.

The law changes the ratio of representatives of the Bank of Russia and the government on the board of directors of the Deposit Insurance Agency (DIA). The number of representatives of the Central Bank has been increased from five to seven, the number of government representatives has been reduced to five people. The chairman of the board of directors of the DIA is the head of the Central Bank. The law gives the Central Bank the right to extend loans to the Deposit Insurance Agency issued to finance payments to depositors of bankrupt banks for a period of up to five years.

Russia lost more than 200 billion rubles due to financial fraudsters

The damage caused by financial fraudulent operations reached 201.2 billion rubles in 2016.

This figure is given by experts in the document "Consolidated Annual Report on the Progress in the Implementation of the Effectiveness of State Programs of the Russian Federation at the End of 2016." Note that the indicator is steadily increasing and over the past two years has increased 3.7 times, which amounted to 76% of all closed criminal cases in 2016^[9].

The loss caused by crimes in the financial sector is directly related to the increase in the number of premeditated bankruptcy of organizations in the credit and financial sector. In the previous year alone, 146 credit institutions lost their licenses.

The Bank of Russia and the Deposit Insurance Agency are engaged in the return of funds to depositors affected by fraudsters. At the same time, as noted in the Ministry of Internal Affairs of the Russian Federation, the efficiency of work is at an insufficiently high level.

In Russia, the Central Bank is the only regulator in the activities of credit and financial sector organizations. However, both its powers and capabilities are legally limited, and the Central Bank has no right to interfere in the work of banks without a court order.

To improve the efficiency of regulation of credit and financial organizations, the Central Bank is already developing mechanisms that would enable law enforcement agencies to monitor documents constituting bank secrets as part of an ongoing investigation into the withdrawal of assets. The Central Bank also proposes to toughen the punishment for bringing the bank to bankruptcy, forging financial statements and proposes to prohibit the heads of organizations from leaving the country until the license to operate is revoked.

The era of the DIA ended with the reorganization of Peresvet Bank

On April 14, the period that the Deposit Insurance Agency (DIA) allocated to the creditors of Peresvet Bank to decide on the future fate of the financial institution expires. The moratorium of the Central Bank on satisfying the requirements of the bank's creditors, the second in a row, also expires the other day. This is the last bank in the reorganization of which the DIA takes part. In the near future, the reorganization procedures will be transferred to the currently being created structure of the Central Bank - the Banking Sector Consolidation Fund.

This is the first large-scale reorganization of the bank using the bail-in procedure - when the bank's creditors enter its authorized capital. The procedure itself has not yet been described in Russian legislation, there is no general opinion even on what percentage of the bank's creditors should agree to participate in the capital in order for the procedure to be legitimate. To some extent, Peresvet will be the pioneer in which the financial authorities test the operability of the bail-in mechanism and decide: to scale this experience to other banks or abandon it. At the same time, the procedure for financial recovery of banks with the participation of the DIA and the involvement of third-party commercial sanatorium banks has repeatedly been called an expensive procedure for the Bank of Russia. Now the sanatorium bank is allocated an impressive tranche of funds for several years and at a rather low percentage. For example, the Otkritie group received 127 billion rubles for the reorganization of Trust Bank. It often turns out that the allocated money is not enough and the sanator asks to allocate new funds, since more and more holes pop up in the balance sheet of the "ward" of the bank. And sometimes it turns out that the sanatorium transfers its distressed assets to the sponsored bank.

Under the new bill on the fund for the consolidation of the banking sector, the DIA will remain only the function of the liquidator of banks, that is, the agency will deal with the analysis of the rubble in banks with the revoked license. It is noteworthy that the DIA was created in 1999 as the Agency for the Restructuring of Credit Institutions (ARKO). ARKO worked for five years and with its help, 21 banks underwent financial recovery. After the adoption of the law on deposit insurance on the basis of ARKO, the DIA was created, which gradually became both a liquidator and a sanator of banks^[10]

Financial University: 17% of Russians suffered from bank bankruptcy

A sociological study conducted by the Department of Sociology of the Financial University under the Government of the Russian Federation in May-July 2016 and devoted to the perception by the population of the reliability of the Russian banking system and the role of the DIA in it showed that on average 17% of Russians faced cases of bankruptcy of banks and financial companies.

Among the regions, the largest percentage of victims is in the Ryazan region (27% of respondents). This is followed by the Stavropol Territory (25%) and the Kaliningrad Region. Oddly enough, among those who regularly save, the share of victims of bank bankruptcies is much less - 12%.

The revocation of licenses from banks did not strengthen confidence in the banking system: on the contrary, it led to the fact that 28% of Russians began to trust to a lesser extent than before. Moreover, among those who regularly save, this figure is even higher - 34%. At the same time, 69% of respondents said that the withdrawal of banks from the market did not affect their attitude to savings, and 3% of Russians began to trust the financial system even more after that.

According to the authors of the study, information about the work of the DIA among the population is rather fragmentary. More than a quarter of Russians (28%) know nothing about how the bank deposit insurance system works in our country. Only 18% of respondents were able to correctly name the DIA liability limit - 1.4 million rubles - and another 9% indicated the previous (until 2015) refund limit of 700 thousand rubles. At the same time, two-thirds of the population (68%) fully or partially trust the deposit insurance system, and among the "regular savers" of such respondents even more - 74%. About the same number of respondents (77%) believe that the deposit insurance system is completely or mainly reliable.

The bank's participation in the deposit insurance system is of great importance for the population - 88% of respondents believe that it is "very important" or "rather important" for them when choosing a bank to invest their own funds. Moreover: participation in the deposit insurance system affects the choice of the bank more seriously than its state status, which 78% of the population consider "very important" or "rather important."

2010

In 2010, VEB agreed with Svyazinvest on an option agreement to sell its stake in Rostelecom.

Next year, the holding will be able to redeem these shares, and if this does not happen, then in 2013 VEB itself may request to buy these shares from it. The price of these transactions will be calculated based on the value of one share in the same 230 rubles plus 7.1% per annum. DIA also wanted to receive an option from Svyazinvest, but on the same terms as VEB. The holding was not satisfied with such a proposal, since the purchase price would significantly exceed the market value: now Rostelecom shares are trading at 145 rubles, that is, the price of the DIA package is 31.5 billion rubles.

DIA began to consider various options for the sale of Rostelecom shares. At the same time, the possible sale of shares to third-party investors would not correspond to the interests of the state seeking to maintain control over Rostelecom. After merging with MRK, Svyazinvest's share in Rostelecom decreased from 51% to 43% of voting shares, and the state retains control over the operator only thanks to the shares of VEB and DIA. As a result, the Ministry of Finance, which oversees the activities of the agency, found a way out of the situation, offering the DIA to actually transfer these shares to the state free of charge.

• In August 2011, it became known that the Ministry of Finance developed a bill on amending the Law "On Additional Measures to Strengthen the Stability of the Banking System until December 31, 2011," adopted after the 2008 crisis. The document assumes the possibility for the state corporation Deposit Insurance Agency (DIA) to transfer to the state the property that the agency received during the process of improving banks.

The transfer of property should be carried out at the acquisition price to reduce the state's property contribution to the capital of the DIA. According to the explanatory note to the bill, the purpose of the document is to provide the DIA with the opportunity to transfer the shares of Rostelecom belonging to it to the state, which should ensure compliance with the interests of the state during the reform of the Svyazinvest holding.

Director of the Institute for National Strategy Stanislav Belkovsky explains the desire of the Ministry of Finance to resolve this problem by the connections of former shareholders of Kit-Finance with the head of the ministry Alexei Kudrin. "In 2008-09, Kudrin's task was to save Kit-Finance from bankruptcy at the expense of the state, as a result of which the DIA entered into an unfavorable deal to buy Rostelecom shares," says Belkovsky. "Now Kudrin needs to take this deal out of criticism."

The bill, which is being created specifically for one deal, may not pass, warns Yuri Bryukvin, general director of the Rustelecom analytical agency. "Obviously, if an exception is made to the law for one transaction, there are many who want to achieve the same exceptions," the analyst suggests.

2008: Kit-Finance - a forced investment

One of the first victims of the 2008 crisis was Kit-Finance Bank, which by that time had bought up about 40% of Rostelecom's shares. The bank came under the control of state corporations Russian Railways and Alrosa, then its share in Rostelecom was sold to Vnesheconombank (VEB) and DIA. The purchase was carried out based on the value of one share of 230 rubles. VEB paid 17.1 billion rubles for a 10% stake in Rostelecom, DIA - 50.28 billion rubles for 30%.

After the joining of seven RTOs included in the Svyazinvest holding to Rostelecom, the share of DIAs in the combined company decreased to 7.4% of voting shares, VEB - to 2.4%. At the same time, the DIA, as a non-core investor, transferred its stake to VEB in trust.

Notes