In fact, the NWF is filled from federal budget funds, subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of Russian citizens, as well as to ensure a balance federal budget and the budget of the Pension Fund of Russia.
The part of the NWF denominated in foreign currency and placed by the Russian government on accounts with the Bank of Russia, which it invests in foreign financial assets, is accounted for as part of the International Reserves of the Russian Federation. Part of the NWF funds was used in projects that are unacceptable in terms of risk and liquidity for the placement of international reserves. Thus, the NWF performs the functions of a more risky, but potentially more profitable tool for the Government of the Russian Federation.
Description
The National Wealth Fund of Russia was formed on February 1, 2008 as a result of the division of the Stabilization Fund in force at that time into the Reserve Fund (created to provide financial support for the oil and gas transfer) and the National Welfare Fund (created to provide co-financing of voluntary pension savings of citizens Russian Federation and balance (deficit coverage) of the budget pension fund Russian Federation). The NWF was replenished from the oil and gas revenues of the federal budget in an amount exceeding the amount of the oil and gas transfer approved for the corresponding financial year, from the moment when the accumulated amount of the Reserve Fund reached (exceeded) its standard value.
The NWF is a "safety cushion" that allows the state to compensate for the loss of oil and gas revenues in the event of a sharp drop in oil prices and fulfill all social obligations assumed.
From January 1, 2018, the FNB was merged with the Reserve Fund into a single fund based on the NWF. From February 1, 2018 reserve fund ceased to exist, and the funds in it were previously used to ensure that the state fulfills its spending obligations.
As a result of the merger of the funds, the purpose of the NWF funds remained the same: co-financing the voluntary pension savings of Russian citizens, ensuring a balanced budget of the Pension Fund, but the goal of balancing (covering the deficit) of the federal budget was also added.
Formation of the NWF
The National Wealth Fund is formed by:
Additional oil and gas revenues of the federal budget above the cut-off price are directed to replenish the National Welfare Fund. In turn, the cut-off price is the base price of USD 40 per barrel of Urals oil in 2017 prices, subject to annual indexation from 2018 by 2 percent. Definition base price for oil at this level is due to the assessment of the long-term equilibrium level of oil prices.
Management of funds of the National Welfare Fund
The funds of the National Wealth Fund are managed by the Ministry of Finance of Russia in the manner established by the Government of the Russian Federation. Separate powers to manage the funds of the NWF may be exercised by the Central Bank of Russia.
Managing the funds of the NWF in order to ensure a stable level of income from their placement in the long term allows for the possibility of obtaining negative financial results in the short term.
Accommodation
Funds of the National Wealth Fund, both individually and simultaneously, can be placed in foreign currency and financial assets of the following types:
- debt obligations of foreign states, foreign government agencies and central banks;
- debt obligations of international financial institutions, including in the form valuable papers;
- deposits and balances bank accounts in banks and credit institutions, including for the purpose of financing self-sustaining infrastructure projects;
- deposits and balances on bank accounts with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", including for the purpose of financing projects of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" in the real sector of the economy, implemented Russian organizations;
- deposits and bank balances in central bank Russian Federation;
- debt obligations and shares of legal entities, including Russian securities related to the implementation of self-sustaining infrastructure projects (the list of such projects is approved by the Government of the Russian Federation);
- shares investment funds, trust management of which is carried out by the Management Company of the Russian Direct Investment Fund.
As part of reporting on the execution of the federal budget, the Government of the Russian Federation submits to the State Duma of the Federal Assembly of the Russian Federation and the Federation Council of the Federal Assembly of the Russian Federation an annual report on the formation and use of additional oil and gas revenues of the federal budget, quarterly and annual reports on the formation and use of funds from the National Wealth Fund and on the management of its funds.
The structure of placement in assets and profitability
The Government of the Russian Federation sets limits on permitted financial assets in the total amount of funds placed by the NWF. In order to improve the efficiency of managing the funds of the National Welfare Fund, the Ministry of Finance of Russia is authorized to approve the regulatory shares of permitted financial assets in the total amount of placed funds of the National Welfare Fund within the limits of the respective shares established by the Government of the Russian Federation.
| Permitted financial assets defined by the Budget Code of the Russian Federation | Limit shares established by the Government of the Russian Federation |
|---|---|
| Maximum share of debt obligations of foreign states | 100 % |
| Maximum share of debt obligations of foreign government agencies and central banks | 30 % |
| Maximum share of debt obligations of international financial institutions | 15 % |
| Maximum share of deposits and balances on bank accounts with the Central Bank of the Russian Federation | 100 % |
| Maximum share of debt obligations of legal entities | 50 % |
| Maximum share of shares of legal entities | 50 % |
| The maximum share of debt obligations and shares of Russian legal entities associated with the implementation of projects (with the exception of projects implemented with the participation of the Russian Direct Investment Fund Management Company Joint-Stock Company and the State Atomic Energy Corporation Rosatom) | no more than 40% of the volume of the National Wealth Fund as of as of April 1, 2015, but not more than 1,738 billion rubles. |
| The maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the Russian Direct Investment Fund Management Company Joint-Stock Company | no more than 290 billion rubles. |
| The maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the State Atomic Energy Corporation Rosatom | no more than 290 billion rubles. |
As of January 1, 2018, the volume of the NWF amounted to 3,753 billion rubles, which is equivalent to 65 billion US dollars, including:
- about 15 billion US dollars, 15 billion euros, 3 billion pounds sterling were placed on separate accounts for accounting for the funds of the National Welfare Fund with the Bank of Russia;
- on deposits with Vnesheconombank - more than 222 billion rubles and 6 billion US dollars;
- into debt obligations of foreign states on the basis of a separate decision of the Government of the Russian Federation, without presenting a requirement for a long-term credit rating - USD 3.00 billion;
- into securities of Russian issuers related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation - 113 billion rubles and 4 billion US dollars;
- in preferred shares of credit institutions - about 279 billion rubles;
- on deposits with VTB Bank (PJSC) and Bank GPB (JSC) in order to finance self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation - about 164 billion rubles.
The total income from the placement of the Fund's funds in permitted financial assets, excluding funds on accounts with the Bank of Russia, in 2017 amounted to 50.84 billion rubles, which is equivalent to 0.87 billion US dollars.
In 2018, the income of the federal budget of the Russian Federation from the placement of funds from the National Welfare Fund amounted to 70.52 billion rubles.
All data on the structure of NWF funds invested in financial assets and returns on investments are updated on an annual basis on the official website of the Russian Ministry of Finance.
It is allowed to obtain a negative financial result from the placement of funds of the NWF.
The dynamics of change
Information on changes in the volume of the NWF in US dollars and in ruble terms, as well as data on the movement of funds and the results of managing the funds of the National Wealth Fund, are published monthly on the website of the Ministry of Finance of Russia.
| date | fund size, billion $ |
fund size, billion rubles |
|---|---|---|
| 01.02.2008 | 32,00 | 783,31 |
| 01.03.2008 | 32,22 | 777,03 |
| 01.04.2008 | 32,90 | 773,57 |
| 01.05.2008 | 32,72 | 773,82 |
| 01.06.2008 | 32,60 | 773,93 |
| 01.07.2008 | 32,85 | 770,56 |
| 01.08.2008 | 32,69 | 766,48 |
| 01.09.2008 | 31,92 | 784,51 |
| 01.10.2008 | 48,68 | 1 228,88 |
| 01.11.2008 | 62,82 | 1 667,48 |
| 01.12.2008 | 76,38 | 2 108,46 |
| 01.01.2009 | 87,97 | 2 584,49 |
| 01.02.2009 | 84,47 | 2 991,50 |
| 01.03.2009 | 83,86 | 2 995,51 |
| 01.04.2009 | 85,71 | 2 915,21 |
| 01.05.2009 | 86,30 | 2 869,44 |
| 01.06.2009 | 89,86 | 2 784,14 |
| 01.07.2009 | 89,93 | 2 813,94 |
| 01.08.2009 | 90,02 | 2 858,70 |
| 01.09.2009 | 90,69 | 2 863,08 |
| 01.10.2009 | 91,86 | 2 764,37 |
| 01.11.2009 | 93,38 | 2 712,56 |
| 01.12.2009 | 92,89 | 2 769,84 |
| 01.01.2010 | 91,56 | 2 769,02 |
| 01.02.2010 | 90,63 | 2 757,89 |
| 01.03.2010 | 89,63 | 2 684,21 |
| 01.04.2010 | 89,58 | 2 630,27 |
| 01.05.2010 | 88,83 | 2 601,62 |
| 01.06.2010 | 85,80 | 2 616,54 |
| 01.07.2010 | 85,47 | 2 666,41 |
| 01.08.2010 | 88,24 | 2 663,76 |
| 01.09.2010 | 87,12 | 2 671,54 |
| 01.10.2010 | 89,54 | 2 722,15 |
| 01.11.2010 | 90,08 | 2 772,80 |
| 01.12.2010 | 88,22 | 2 761,96 |
| 01.01.2011 | 88,44 | 2 695,52 |
| 01.02.2011 | 90,15 | 2 674,53 |
| 01.03.2011 | 90,94 | 2 631,98 |
| 01.04.2011 | 91,80 | 2 609,66 |
| 01.05.2011 | 94,34 | 2 594,58 |
| 01.06.2011 | 92,54 | 2 597,55 |
| 01.07.2011 | 92,61 | 2 600,00 |
| 01.08.2011 | 92,70 | 2 566,04 |
| 01.09.2011 | 92,63 | 2 673,05 |
| 01.10.2011 | 88,69 | 2 827,10 |
| 01.11.2011 | 91,19 | 2 726,42 |
| 01.12.2011 | 88,26 | 2 764,40 |
| 01.01.2012 | 86,79 | 2 794,43 |
| 01.02.2012 | 88,33 | 2 682,21 |
| 01.03.2012 | 89,84 | 2 600,88 |
| 01.04.2012 | 89,50 | 2 624,78 |
| 01.05.2012 | 89,21 | 2 619,52 |
| 01.06.2012 | 85,48 | 2 773,78 |
| 01.07.2012 | 85,64 | 2 810,45 |
| 01.08.2012 | 85,21 | 2 742,85 |
| 01.09.2012 | 85,85 | 2 772,45 |
| 01.10.2012 | 87,61 | 2 708,58 |
| 01.11.2012 | 87,19 | 2 748,67 |
| 01.12.2012 | 87,47 | 2 716,61 |
| 01.01.2013 | 88,59 | 2 690,63 |
| 01.02.2013 | 89,21 | 2 678,63 |
| 01.03.2013 | 87,61 | 2 682,58 |
| 01.04.2013 | 86,76 | 2 696,73 |
| 01.05.2013 | 87,27 | 2 727,79 |
| 01.06.2013 | 86,72 | 2 739,33 |
| 01.07.2013 | 86,47 | 2 828,23 |
| 01.08.2013 | 86,90 | 2 858,04 |
| 01.09.2013 | 86,77 | 2 884,79 |
| 01.10.2013 | 88,03 | 2 847,35 |
| 01.11.2013 | 88,74 | 2 845,19 |
| 01.12.2013 | 88,06 | 2 922,79 |
| 01.01.2014 | 88,63 | 2 900,64 |
| 01.02.2014 | 87,39 | 3 079,94 |
| 01.03.2014 | 87,25 | 3 145,34 |
| 01.04.2014 | 87,50 | 3 122,51 |
| 01.05.2014 | 87,62 | 3 127,94 |
| 01.06.2014 | 87,32 | 3 033,17 |
| 01.07.2014 | 87,94 | 2 957,38 |
| 01.08.2014 | 86,46 | 3 088,79 |
| 01.09.2014 | 85,31 | 3 150,50 |
| 01.10.2014 | 83,20 | 3 276,79 |
| 01.11.2014 | 81,74 | 3 547,02 |
| 01.12.2014 | 79,97 | 3 994,12 |
| 01.01.2015 | 78,00 | 4 388,09 |
| 01.02.2015 | 74,02 | 5 101,83 |
| 01.03.2015 | 74,92 | 4 590,59 |
| 01.04.2015 | 74,35 | 4 346,94 |
| 01.05.2015 | 76,33 | 3 946,42 |
| 01.06.2015 | 75,86 | 4 018,51 |
| 01.07.2015 | 75,65 | 4 200,53 |
| 01.08.2015 | 74,56 | 4 398,15 |
| 01.09.2015 | 73,76 | 4 903,67 |
| 01.10.2015 | 73,66 | 4 878,80 |
| 01.11.2015 | 73,45 | 4 728,39 |
| 01.12.2015 | 72,22 | 4 784,05 |
| 01.01.2016 | 71,72 | 5 227,18 |
| 01.02.2016 | 71,15 | 5 348,66 |
| 01.03.2016 | 71,34 | 5 356,96 |
| 01.04.2016 | 73,18 | 4 947,33 |
| 01.05.2016 | 73,86 | 4 751,69 |
| 01.06.2016 | 72,99 | 4 823,19 |
| 01.07.2016 | 72,76 | 4 675,36 |
| 01.08.2016 | 72,21 | 4 842,00 |
| 01.09.2016 | 72,71 | 4 719,17 |
| 01.10.2016 | 72,71 | 4 617,54 |
| 01.11.2016 | 72,20 | 4 541,93 |
| 01.12.2016 | 71,26 | 4 628,09 |
| 01.01.2017 | 71,87 | 4 359,16 |
| 01.02.2017 | 72,46 | 4 359,30 |
| 01.03.2017 | 72,60 | 4 206,38 |
| 01.04.2017 | 73,33 | 4 134,27 |
| 01.05.2017 | 73,57 | 4 192,50 |
| 01.06.2017 | 74,18 | 4 192,30 |
| 01.07.2017 | 74,22 | 4 385,49 |
| 01.08.2017 | 74,72 | 4 449,35 |
| 01.09.2017 | 75,36 | 4 425,35 |
| 01.10.2017 | 72,57 | 4 210,36 |
| 01.11.2017 | 69,36 | 4 130,81 |
| 01.12.2017 | 66,94 | 3 904,76 |
| 01.01.2018 | 65,15 | 3 752,94 |
| 01.02.2018 | 66,26 | 3 729,71 |
| 01.03.2018 | 66,44 | 3 698,96 |
| 01.04.2018 | 65,88 | 3 772,89 |
| 01.05.2018 | 63,91 | 3 962,70 |
| 01.06.2018 | 62,75 | 3 927,58 |
| 01.07.2018 | 77.11 | 4 839.26 |
| 01.08.2018 | 77.16 | 4 844.38 |
| 01.09.2018 | 75.79 | 5 160.28 |
| 01.10.2018 | 76.20 | 5 004.49 |
| 01.11.2018 | 75,59 | 4 972,44 |
| 01.12.2018 | 68,55 | 4 567,74 |
| 01.01.2019 | 58,10 | 4 036,05 |
| 01.02.2019 | 59,05 | 3 903,00 |
| 01.03.2019 | 59,12 | 3 888,00 |
| 01.04.2019 | 59,14 | 3 828,25 |
As you probably already guessed, we will talk about the International Reserves, which are also called the Gold and Foreign Exchange Reserves, we will also talk about the funds that were formed during the liquidation of the Stabilization Fund and its division into two parts into the National Welfare Fund and the Reserve Fund. I think it’s worth talking about them, because today the thesis is being put forward that almost all the money received from the sale of oil and gas is returned to the United States by Russia through the mechanism of buying bonds government loan US governments.
Popular economists propose to carry out the nationalization of the Central Bank at this very second and see this as a great boon for our state. There are also politicians who, under this simple and understandable for the heart of a simple person slogan about a beautiful life, call on people to take active street actions, speaking about the wrecking activities of the Central Bank's monetarists. Therefore, I want to understand all these reserves and understand what is true and what is false in the sweet speeches of economists and politicians.
So, let's start with the funds - the heirs of the Stabilization Fund (the National Welfare Fund and the Reserve Fund).
The Budget Code of the Russian Federation says the following.
Article 96.9. Reserve fund.
The reserve fund is a part of the federal budget funds subject to separate accounting, management and use in order to ensure the balance (deficit coverage) of the federal budget. The amount as of February 1, 2015 is 5,864.90 billion rubles. 
The reserve fund is formed by:
The National Wealth Fund is a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as to ensure a balance (deficit coverage) of the budget of the Pension Fund of the Russian Federation.
The size of the fund is 5,101.83 billion rubles.
The National Wealth Fund is formed by additional oil and gas revenues of the federal budget in the event that the accumulated volume of the Reserve Fund reaches its standard value.
The funds of the National Welfare Fund may be placed in foreign currency and the following types financial assets:
Debt obligations of foreign states, foreign government agencies and central banks;
- debt obligations of international financial organizations, including those issued in securities;
- deposits and balances on bank accounts with banks and credit institutions, as well as with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", including for the purpose of financing self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation;
- deposits and balances on bank accounts with the Central Bank of the Russian Federation;
- debt obligations and shares of legal entities, including Russian securities related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation;
- shares (shares) of investment funds.
In order to ensure the sufficiency own funds(capital) of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" up to 7 percent of the funds of the National Wealth Fund may be placed on deposits in the said state corporation.
In order to finance self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation, up to 10 percent of the funds of the National Wealth Fund may be placed on the basis of separate decisions of the Government of the Russian Federation in Russian credit institutions.
In the Address of the President, V. Putin said: “Since 2013, after the creation of an appropriate management structure, I have been offering part of the National Wealth Fund resources - for a start it can be up to 100 billion rubles, some believe that at least 100 billion rubles - it is necessary to invest in Russian securities, which should be associated with the implementation of infrastructure projects.” 
What is the fault of the Central Bank? What is the fault of the country's leadership? After all, the existing system was formed as a result of two world wars and a geopolitical catastrophe - the collapse of the USSR and the countries of the Soviet camp. And the system is whether we like it or not.
If you want to conduct international trade - buy dollars in which it is carried out, buy special drawing rights for dollars, join the IMF and others international organizations and follow their rules.
What is the reproach of the Central Bank? We see that the proceeds from the sale of oil do not go to the US budget at all, but to the development of the Russian economy, to cover the risks associated with falling oil prices (organized by the US).
What is criticism? They call for abandoning the existing system completely, nationalizing the Central Bank and launching the issue of the ruble, which is not backed by the international reserve currency - the US dollar, IMF loan bonds, and currencies of other countries.
Let's pretend we did it. The question arises: how will we buy the goods, services, technologies necessary for our economy? For rubles? But, in the existing system, for the purchase of certain goods and services necessary for our economy, agricultural products, equipment and other things necessary for our economy and the population, US dollars are needed. After all, today we cannot provide ourselves with 100% everything we need, and we are dependent on imported goods and services, which can be bought in the existing international system only for dollars.
With some countries, like China, who need our resources and have the goods we need, we can trade directly, without the dollar. This becomes possible also because of the territorial proximity of China, and the high level of its state sovereignty.
Management Goals
The objectives of managing the resources of the National Wealth Fund are to ensure the safety of the Fund's resources and a stable level of income from its placement in the long term. Management of the Fund's resources for these purposes allows for the possibility of obtaining negative financial results in the short term.
Managment structure
The management of the funds of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the National Wealth Fund may be exercised by the Central Bank of the Russian Federation. In the case of attracting specialized financial organizations to exercise certain powers to manage the funds of the National Welfare Fund, the procedure for attracting these organizations, as well as the requirements for them, are established by the Government of the Russian Federation.
The management of the funds of the National Wealth Fund can be carried out in the following ways (both individually and simultaneously):
1) by acquiring foreign currency at the expense of the Fund and placing it on the accounts of the National Wealth Fund in foreign currency (US dollars, euros, pounds sterling) at the Central Bank of the Russian Federation. For use in cash on the said accounts the Central Bank of the Russian Federation shall pay the interest established by the bank account agreement;
2) by placing the Fund's resources in foreign currency and financial assets denominated in Russian rubles and permitted foreign currency (hereinafter referred to as permitted financial assets).
The Ministry of Finance of the Russian Federation manages the funds of the National Wealth Fund in accordance with the first method, that is, by placing funds in foreign currency accounts with the Central Bank of the Russian Federation as follows. According to the procedure for calculating and crediting interest accrued to the accounts of the National Wealth Fund in foreign currency, approved by the Ministry of Finance of the Russian Federation, the Bank of Russia pays interest on the balances on these accounts equivalent to the yield of indices formed from financial assets in which the Fund's funds can be placed national welfare, the requirements for which are approved by the Government of the Russian Federation.
Investment Rules
The Government of the Russian Federation sets the maximum share of permitted financial assets in the total amount of placed funds of the National Welfare Fund. In order to improve the efficiency of managing the funds of the National Wealth Fund, the Ministry of Finance of the Russian Federation is authorized to approve the regulatory shares of permitted financial assets in the total amount of placed funds of the National Wealth Fund within the appropriate shares established by the Government of the Russian Federation.
|
Permitted financial assets defined by the Budget Code of the Russian Federation |
Limit shares established by the Government of the Russian Federation |
Regulatory shares approved by the Russian Ministry of Finance |
|
|
debt obligations of foreign states |
|||
|
debt obligations of foreign government agencies and central banks |
|||
|
debt obligations of international financial organizations, including those issued in securities |
|||
|
deposits and balances on bank accounts in banks and credit institutions |
|||
|
deposits in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" |
|||
|
deposits and balances on bank accounts with the Central Bank of the Russian Federation |
|||
|
debt obligations of legal entities |
|||
|
shares of legal entities and shares (participatory interests) of investment funds |
|||
The Government of the Russian Federation has established the following claims on the said financial assets:
1. Funds from the National Wealth Fund may be placed in debt obligations in the form of securities of foreign states, foreign government agencies and central banks of the following countries:
Austria;
Belgium;
Great Britain;
Germany;
Spain;
Luxembourg;
Netherlands;
Finland;
France;
2. debt obligations must meet the following requirements:
Foreign issuers of debt obligations must have a long-term credit rating of at least "AA-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" (Standard & Poor's) or not lower than "Aa3" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a foreign issuer of debt obligations has been assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;
Russian issuers of debt obligations must have a long-term credit rating of at least "BBB-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" (Standard & Poor's) or not lower than the level of "Baa3" according to classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If a Russian issuer of debt obligations has been assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;
The maturity dates of issues of debt obligations are fixed, the terms of issue and circulation do not provide for the issuer's right to redeem (redemption) them ahead of schedule;
The terms of issue and circulation of debt obligations of foreign issuers do not provide for the right of the owner of debt obligations to present them ahead of schedule for redemption (redemption) by the issuer;
Standards for minimum and maximum maturities of debt issues established by the Ministry of Finance of the Russian Federation are mandatory;
The rate of coupon income paid on coupon debt obligations, as well as the face values of debt obligations, are fixed;
The nominal value of debt obligations is fixed and is expressed in Russian rubles, US dollars, euros or pounds sterling, payments on debt obligations are made in the currency of par value;
The issue volume of debt obligations in circulation is at least 1 billion rubles for debt obligations denominated in Russian rubles, 1 billion US dollars for debt obligations denominated in US dollars, at least 1 billion euros - for debt obligations, denominated in euros, and not less than 0.5 billion pounds sterling - for debt denominated in pounds sterling;
Issues of debt obligations are not issues intended for private (non-public) placement.
3. to international financial institutions, in whose debt obligations the funds of the National Wealth Fund can be placed, include debt obligations (including securities) of the following institutions:
Asian Development Bank (ABD);
Development Bank under the Council of Europe (Council of Europe Development Bank, CEB);
European Bank for Reconstruction and Development (EBRD);
European investment bank(European Investment Bank, EIB);
Inter-American Development Bank (IADB);
International Finance Corporation (IFC);
international bank reconstruction and development (International Bank for Reconstruction and Development, IBRD);
Nordic Investment Bank (NIB).
4. Shares of legal entities and shares (shares) of investment funds, in which the funds of the National Wealth Fund can be placed must meet the following requirements:
Shares of legal entities must be listed on at least one stock exchange;
Shares of foreign issuers must be included in the lists of securities used to calculate the stock indexes "MSCI World Index" (MSCI World Index) and "AFTSI All-World Index" (FTSE All-World Index);
Shares of Russian issuers must be included in the lists of securities used to calculate the stock indexes "RTS Index" or "MICEX Index";
The assets of investment funds that have issued units (participatory interests) must include only permitted financial assets.
5. when placing funds from the National Wealth Fund on deposits and bank accounts in banks and credit institutions
The bank or credit institution must have a long-term credit rating of at least 'AA-' as classified by Fitch-Ratings or Standard & Poor's or at least 'Aa3' as classified by the rating agency. agency "Moody's Investors Service" (Moody's Investors Service). If a bank or a credit institution is assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;
The standards for the minimum and maximum periods for placing funds from the National Wealth Fund on deposits in banks and credit institutions established by the Ministry of Finance of the Russian Federation are mandatory;
6. When placing funds from the National Welfare Fund on deposits in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" the following requirements must be met:
a) funds can be placed on deposits in Russian rubles, US dollars, euros and pounds sterling;
b) the maximum allowable aggregate amount within which funds can be placed on deposits in Russian rubles is 955 billion rubles, while:
Up to 175 billion rubles can be placed on deposits, the amounts, terms and other material conditions for which are determined by the Ministry of Finance of the Russian Federation;
Up to 410 billion rubles can be placed on deposits in the manner established by the Government of the Russian Federation, on the following terms:
Up to 40 billion rubles can be placed on deposits at a rate of 6.25 percent per annum for a period up to June 1, 2020 in the manner established by the Government of the Russian Federation;
Up to 30 billion rubles can be placed on deposits at a rate of 6.25 percent per annum for a period up to December 31, 2017 in the manner established by the Government of the Russian Federation;
Up to 300 billion rubles can be placed no later than December 31, 2012 on deposits at a rate of 6.25 percent per annum for a period up to December 30, 2022 inclusive.
Payment of interest from the placement of funds during the entire period is carried out quarterly.
The possibility of early return of funds is allowed with the consent of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", while interest on the placement of funds is paid for the actual term of the funds on deposit.
c) the amounts and terms of placement of funds are determined by the Ministry of Finance of the Russian Federation, taking into account the specified requirements; placement of funds on deposits is carried out by the Federal Treasury by decision of the Ministry of Finance of the Russian Federation.
1. maximum shares in the total amount of the Fund's resources:
In Russian rubles - 40%;
In foreign currency - 100%.
2. regulatory currency structure funds of the National Wealth Fund in foreign currency in the following composition:
3. current maturities of debt issues foreign countries, debt obligations allowed for the placement of funds from the National Welfare Fund:
For debt denominated in US dollars and euros (excluding Spanish government debt):
For GBP-denominated debt (other than Spanish government debt):
For Spanish government debt:
The terms specified above are valid at the time of the acquisition of debt obligations at the expense of the National Welfare Fund or at the time of formation of indices from debt obligations used to calculate the amounts of interest accrued on cash balances on accounts for recording funds of the National Wealth Fund in permitted foreign currencies, opened by the Federal Treasury in the Central Bank of the Russian Federation.
4. list of foreign government agencies, in whose debt obligations the funds of the National Wealth Fund can be placed (in agreement with the Central Bank of the Russian Federation):
Austrian Export-Import Bank (Oesterreichische Kontrollbank Aktiengesellschaft, OKB);
Public Lending Agency, Spain (Instituto de Credito Oficial, ICO);
Autobahnen- und Schnellstrassen- Finanzierungs- Aktiengesellschaft, ASFINAG, Autobahnen- und Schnellstrassen- Finanzierungs-Aktiengesellschaft, Austria;
Group of Banks for Reconstruction and Development, Germany (Kreditanstalt fur Wiederaufbau Bankengruppe);
Export Development Canada (EDC);
Community Bank of the Netherlands (Bank Nederlandse Gemeenten, BNG);
Society for medium-term financing of the railway network, UK (Network Rail MTN Finance CLG (Plc));
Agricultural Rent Bank, Germany (Landwirtschaftliche Rentenbank);
Federal Mortgage Lending Corporation housing construction, USA (Federal Home Loan Mortgage Corporation, Freddie Mac);
Federal National Mortgage Association, USA (Federal National Mortgage Assosiation, Fannie Mae);
Federal Home Loan Banks, USA (Federal Home Loan Banks, FHLBanks);
Federal Farm Credit Banks, USA (Federal Farm Credit Banks, FFCB);
Municipal Loan Fund, France (Dexia Group);
System Debt Service Fund social security, France (Caisse d'Amortissement de la Dette Sociale, CADES);
French Foundation mortgage lending(Credit Foncier de France, CFF).
5. maximum nominal amount of purchased debt obligations one release:
for debt obligations of foreign states - 25% of the nominal volume of the issue;
for debt obligations of foreign government agencies, central banks and international financial organizations - 5% of the nominal volume of the issue.
Budget Code of the Russian Federation, chapter 13.2, article 96.11, paragraph 2.
Decree of the Government of the Russian Federation of January 19, 2008 N 18
"On the procedure for managing the resources of the National Wealth Fund"
October 15, 2008, July 22, September 28, 2009, April 1, April 21, July 26, August 24, 2010, September 10, 2012, January 25, November 5, December 19, 2013, June 7, July 31, August 22, November 24, December 26, 29, 2014, May 6, October 12, December 30, 2015, November 1, 2016, February 10, April 5, August 25, November 8, 2017, February 13, March 5, September 28, December 30, 2018
In accordance with and 96.12 of the Budget Code of the Russian Federation, the Government of the Russian Federation decides:
1. Establish that the allocation of funds from the National Wealth Fund can be carried out:
a) by acquiring, at the expense of the National Welfare Fund, foreign currency in US dollars, euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs and yen (hereinafter referred to as the permitted foreign currency) and placing it on bank accounts opened with the Central Bank of the Russian Federation in permitted foreign currency (hereinafter referred to as the National Wealth Fund accounts) on the basis of a bank account agreement between the Federal Treasury and the Central Bank of the Russian Federation (hereinafter referred to as the bank account agreement). For the use of funds placed on the accounts for the National Wealth Fund, the Central Bank of the Russian Federation pays the interest established by the bank account agreement;
b) by placing funds from the National Welfare Fund in the following types of financial assets denominated in the currency of the Russian Federation and permitted foreign currency (hereinafter referred to as permitted financial assets):
debt obligations of foreign states;
debt obligations of foreign government agencies and central banks;
debt obligations of international financial organizations, including securities;
the paragraph was excluded from January 4, 2015 - Decree of the Government of the Russian Federation of December 29, 2014 N 1592
debt obligations and shares of legal entities, including Russian securities related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation (hereinafter referred to as projects), including projects implemented by the Russian Direct Investment Fund Management Company JSC;
deposits and balances on bank accounts in banks and credit institutions, including for the purpose of financing projects;
deposits and balances on bank accounts with the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", including for the purpose of financing projects of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" in the real sector of the economy implemented by Russian organizations (hereinafter - projects of Vnesheconombank);
shares of investment funds, trust management of which is carried out by a management company acting in accordance with the Federal Law
Information about changes:
The resolution is supplemented by clause 1.1. since February 27, 2018 - Decree
1.1. The assets of the National Wealth Fund include deposits with the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) placed in order to ensure the sufficiency of own funds (capital) of the said state corporation before January 1, 2018, and subordinated deposits with Russian credit institutions, placed to finance projects before January 1, 2018
Information about changes:
The resolution is supplemented by paragraph 1.2. from February 27, 2018 - Decree of the Government of the Russian Federation of February 13, 2018 N 154
1.2. Until the amount of the National Welfare Fund placed on deposits and bank accounts with the Central Bank of the Russian Federation is reached, at the end of the next financial year and (or) the first year of the planning period and (or) the second year of the planning period, 7 percent of the forecast volume of the gross domestic product specified in the federal law on the federal budget for the next financial year and planning period, the placement of funds from the National Welfare Fund in other financial assets is not allowed, with the exception of financing projects started before January 1, 2018 and projects of Vnesheconombank started before January 1, 2018, as well as acquisition of shares of investment funds, trust management of which is carried out by a management company acting in accordance with the Federal Law "On Russian Foundation Direct Investment".
Placement of funds of the National Wealth Fund in other financial assets, with the exception of funds placed on deposits and bank accounts with the Central Bank of the Russian Federation, and shares of investment funds, which are managed in trust by a management company acting in accordance with the Federal Law "On the Russian Direct Investment Fund ", is allowed in amounts that do not lead to a decrease at the end of the next financial year and (or) the first year of the planning period and (or) the second year of the planning period of the amount of funds of the National Welfare Fund placed on deposits and bank accounts with the Central Bank of the Russian Federation, less than 7 percent of the gross domestic product specified in the federal law on the federal budget for the next financial year and planning period.
2. Establish that the maximum shares of permitted financial assets in the total amount of placed funds of the National Welfare Fund are:
the maximum share of debt obligations of foreign states - 100 percent;
the maximum share of debt obligations of foreign state agencies and central banks - 30 percent;
the maximum share of debt obligations of international financial organizations - 15 percent;
the maximum share of debt obligations and shares of Russian legal entities associated with the implementation of projects (with the exception of projects implemented with the participation of the Russian Direct Investment Fund Management Company joint-stock company and the State Atomic Energy Corporation Rosatom), deposits and balances on bank accounts in banks, credit institutions and the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", subordinated deposits in Russian credit institutions, preferred shares credit institutions acquired in accordance with Part 3 of Article 4 of the Federal Law "On additional measures to support financial system Russian Federation" - no more than 40 percent of the total funds of the National Wealth Fund as of April 1, 2015, but no more than 1,738 billion rubles;
the maximum share of deposits and balances on bank accounts with the Central Bank of the Russian Federation - 100 percent;
the maximum share of debt obligations of legal entities - 50 percent;
maximum share of shares of legal entities - 50 percent;
the maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the Russian Direct Investment Fund Management Company joint-stock company, as well as shares of investment funds, the trust management of which is carried out by a management company acting in accordance with the Federal Law "On Russian Direct Investment Fund" - no more than 290 billion rubles;
the maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the State Atomic Energy Corporation "Rosatom" - no more than 290 billion rubles.
2.1. The share of the funds of the National Wealth Fund placed in permitted financial assets related to the implementation of a particular project cannot exceed 40 percent of the total amount of financing of this project from all sources upon completion of each stage of the project implementation in accordance with the schedule for the implementation of the investment project, provided for by the Rules by Government Decree of the Russian Federation dated August 25, 2017 N 1008 "On the procedure for monitoring and controlling the implementation of self-sustaining infrastructure projects implemented legal entities, whose financial assets are invested with funds from the National Wealth Fund and (or) pension savings held in trust management state management company, on a repayable basis, for the targeted use of funds from the National Welfare Fund in financing these projects and introducing amendments to certain acts of the Government of the Russian Federation" (hereinafter referred to as the project implementation schedule), except for the cases specified in paragraphs two, four and five of this clause.
The share of the National Wealth Fund funds placed in securities of a Russian issuer related to the implementation of the project provided for in paragraph 1 of the list of self-sustaining infrastructure projects implemented by legal entities in whose financial assets the funds of the National Welfare Fund and (or) pension savings are placed in trust management state management company, on a reimbursable basis, approved by Decree of the Government of the Russian Federation of November 5, 2013 N 2044-r, cannot exceed 50 percent of the total amount of financing for this project from all sources.
At the same time, for projects financed from the funds of the National Welfare Fund included in the list specified in paragraph two of this paragraph, with the exception of projects provided for in paragraphs 1 and this list, and having the funds of the National Welfare Fund attracted for the implementation of the project as of the date of entry into by virtue of Decree of the Government of the Russian Federation of August 25, 2017 N 1008 "On the procedure for monitoring and controlling the implementation of self-sustaining infrastructure projects implemented by legal entities whose financial assets are invested with funds from the National Wealth Fund and (or) pension savings held in trust management of the state management company, on a repayable basis, for the targeted use of funds from the National Welfare Fund in financing these projects and making changes to certain acts of the Government of the Russian Federation", this ratio of shares must be observed upon completion at each stage of the project implementation in accordance with the project implementation schedule, not completed at the time of entry into force of the specified resolution of the Government of the Russian Federation, but no later than one calendar year from the specified date.
The share of the National Wealth Fund allocated to permitted financial assets related to the implementation of a particular project may be more than 40 percent, but not more than 80 percent of the total amount of financing of this project from all sources upon completion of each stage of the project implementation in accordance with the project schedule. in the event that in order to fulfill obligations to return the entire amount of the National Wealth Fund funds placed in permitted financial assets, highly liquid collateral is provided, the requirements for which are established by the Ministry of Finance of the Russian Federation.
The share of the National Welfare Fund placed in permitted financial assets related to the financing of Vnesheconombank's projects can be up to 80 percent of the total volume of financing of this project from all sources, while the requirement to provide highly liquid collateral for Vnesheconombank's projects does not apply.
Non-compliance by the project initiator with the requirements for the provided security is the basis for suspending the placement of the funds of the National Welfare Fund into permitted financial assets related to the implementation of the relevant project, and presenting the project initiator with a requirement for early return of the previously provided funds of the National Wealth Fund.
The maximum total amount of project financing and the maximum amount of funds from the National Wealth Fund allocated to finance the project for each project, except for projects of Vnesheconombank, are approved by the Government of the Russian Federation.
For Vnesheconombank's projects, the maximum total amount of project financing and the maximum amount of funds from the National Wealth Fund allocated to finance the project are approved by the Supervisory Board of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)".
If the credit institution, in which the project initiator opened a separate bank account with restrictions (special regime) for conducting operations on the account to account for the funds of the National Welfare Fund, paid the project initiator the amount of interest for the use of funds placed on such an account, temporarily not directed to project implementation:
if there is a balance of funds from the National Welfare Fund to be transferred to the project initiator in accordance with the project passport, the specified balance is reduced by the amount of the specified percentage;
in the absence of the balance of the National Wealth Fund funds to be transferred to the project initiator in accordance with the project passport, the project initiator, no later than 30 days from the date of crediting the amount of the indicated interest to the bank account of the project initiator, repurchases the securities at the price of their acquisition by the credit institution and pays the accumulated coupon income at the redemption date (for bonds). At the same time, the value of the repurchased securities, taking into account the multiplicity of their nominal value, must not be less than the amount of interest received by the project initiator.
It is allowed to transfer the funds of the National Wealth Fund attracted to finance the project provided for in paragraph 2 of the list specified in paragraph two of this paragraph, by placing preferred shares received on a special account to other settlement accounts of the project initiator as reimbursement of expenses for the purposes specified in the project passport approved by the Government of the Russian Federation, previously incurred by the project initiator at the expense of its own or borrowed funds, in an amount not exceeding the amount of the project initiator's own funds previously transferred to a special account.
The provisions of paragraphs nine through eleven of this paragraph shall not apply to the projects provided for in paragraphs 1 and the list specified in paragraph two of this paragraph.
If the credit institution in which the project initiator specified in clauses 1 and the list specified in paragraph two of this clause has opened a separate bank account with restrictions (special regime) for conducting operations on the account to account for the funds of the National Wealth Fund and the project initiator has been paid the amount interest for the use of funds placed on such an account, temporarily not directed to the implementation of the project, then the balance of the subsidy and (or) contribution to authorized capital provided from the federal budget for the implementation of the project is reduced by the amount of the specified percentage.
3. Approve the attached Requirements for financial assets in which funds from the National Wealth Fund can be placed.
4. Establish that in order to manage the funds of the National Wealth Fund, the Ministry of Finance of the Russian Federation approves:
a) the normative currency structure of the National Welfare Fund, the procedure for bringing the actual currency structure of the National Welfare Fund in line with the normative one;
b) the normative shares of permitted financial assets in the total volume of placed funds of the National Wealth Fund within the requirements established by paragraph 2 of this resolution, the procedure for calculating the actual shares of permitted financial assets in the total volume of placed funds of the National Welfare Fund and bringing them into line with the normative shares;
c) standards for the minimum and maximum maturities of debt obligations of foreign states, debt obligations of foreign state agencies and central banks, debt obligations of international financial organizations, including those issued in securities, debt obligations of legal entities;
d) a list of foreign state agencies in whose debt obligations funds from the National Wealth Fund can be placed;
e) the standards for the minimum and maximum terms for placing the funds of the National Wealth Fund on deposits in banks and credit organizations;
f) the procedure for calculating and crediting interest accrued on funds placed on accounts for recording funds of the National Wealth Fund, providing for the use of permitted financial assets for calculating interest, specified in paragraphs two to four of subparagraph "b" of paragraph 1 of this resolution, and other conditions bank account agreements;
g) the procedure for interaction with the Federal Treasury when conducting operations on accounts to record the funds of the National Wealth Fund in the process of managing the funds of the National Wealth Fund;
h) the procedure for interaction with the Federal Treasury in determining the terms of the bank account agreement in the process of managing the funds of the National Welfare Fund.
5. The Federal Treasury conclude a bank account agreement with the Central Bank of the Russian Federation.
6. The Ministry of Finance of the Russian Federation shall submit quarterly and annual reports on the management of the National Welfare Fund to the Government of the Russian Federation as part of the reporting on the execution of the federal budget. Wherein:
information on the balances of funds in the accounts for recording the funds of the National Welfare Fund;
information on the volume of purchased and sold permitted foreign currency and the volume of permitted foreign currency placed on accounts for the National Welfare Fund and in permitted financial assets;
information on the estimated interest rates for the use of funds placed on accounts for recording the funds of the National Welfare Fund;
information on the estimated amounts of income for the use of funds placed on accounts for recording the funds of the National Welfare Fund;
the names and main characteristics of the permitted financial assets in which the funds of the National Wealth Fund were placed;
information on income received from the placement of funds of the National Welfare Fund in permitted financial assets by types of permitted financial assets;
b) in the annual report, in addition to the information provided for in subparagraph "a" of this paragraph, shall be reflected:
information on the annual income received from the payment of interest for the use of funds placed on accounts for recording the funds of the National Welfare Fund;
information on the annual income received from the placement of funds from the National Welfare Fund in permitted financial assets by types of permitted financial assets.
7. The Ministry of Finance of the Russian Federation on a monthly basis, no later than the 20th day of the month following the reporting one, post on the website of the Ministry of Finance of the Russian Federation on the Internet information on the amount of assets of the National Wealth Fund at the beginning of the reporting month, information on the transfer of funds to the specified fund, their placement and use in the reporting month.
8. To the Ministry of Finance of the Russian Federation with the participation of the Ministry economic development and trade of the Russian Federation, Federal Service for Financial Markets, the Ministry of Justice of the Russian Federation and the Central Bank of the Russian Federation, by October 1, 2008, to develop and submit to the Government of the Russian Federation in the prescribed manner a draft resolution of the Government of the Russian Federation defining:
a) the procedure for managing the funds of the National Welfare Fund, which provides for the placement of its funds on deposits and in balances on bank accounts in banks and credit organizations, in debt obligations and shares of legal entities, as well as in shares (shares) of investment funds;
b) claims to financial assets specified in subparagraph "a" of this paragraph;
c) the procedure for exercising certain powers to manage the funds of the National Wealth Fund by specialized financial organizations, as well as the procedure for their involvement in the exercise of these powers;
d) requirements for specialized financial organizations specified in subparagraph "c" of this paragraph.
Requirements
to financial assets in which funds from the National Wealth Fund can be placed
(approved by Decree of the Government of the Russian Federation of January 19, 2008 N 18)
(as amended by Decree of the Government of the Russian Federation of October 15, 2008 N 766)
With changes and additions from:
July 22, September 28, 2009, April 1, July 26, August 24, 2010, September 10, 2012, January 25, November 5, December 19, 2013, June 7, July 31, August 22, 26, December 29, 2014, May 6, October 12, December 30, 2015, November 1, 2016, February 10, April 5, August 25, 2017, February 13, March 5, September 28, 2018
1. Requirements for financial assets in which funds of the National Wealth Fund can be placed and which are denominated in Russian rubles, US dollars, euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs and yens (hereinafter referred to as permitted financial assets), include claims to debt obligations of foreign states, debt obligations of foreign state agencies and central banks, debt obligations of international financial organizations, including issued securities, debt obligations of legal entities (hereinafter referred to as debt obligations), shares of legal entities and shares of investment funds, trust which are managed by a management company acting in accordance with the Federal Law "On the Russian Direct Investment Fund", as well as requirements for deposits and balances on bank accounts in banks, credit institutions and the state corporation "Bank for Development and Foreign Economic Activity (Vnesheconombank)".
2. The debt obligations of foreign states, in which the funds of the National Wealth Fund may be placed, include debt obligations in the form of securities of the governments of Australia, Austria, Belgium, Great Britain, Germany, Denmark, Ireland, Spain, Canada, Luxembourg, the Netherlands, the USA, Finland , France, Switzerland, Sweden and Japan. The placement of funds from the National Wealth Fund in debt obligations of other foreign states is allowed on the basis of separate decisions of the Government of the Russian Federation.
3. The debt obligations of foreign state agencies, in which the funds of the National Welfare Fund may be placed, include debt obligations in the form of securities of organizations (legal entities) that are established in foreign states specified in paragraph 2 of this document to perform the functions of providing public services, management of state property or lending to certain sectors of the economy. These organizations (legal entities) must be accountable to the state authorities of the foreign states in which they are established. The list of foreign state agencies, in whose debt obligations the funds of the National Wealth Fund can be placed, is approved by the Ministry of Finance of the Russian Federation in agreement with the Central Bank of the Russian Federation.
4. The debt obligations of foreign central banks, in which the funds of the National Welfare Fund may be placed, include debt obligations in the form of securities of the central issuing banks of foreign states specified in paragraph 2 of this document.
5. The debt obligations of international financial organizations, in which the funds of the National Welfare Fund may be placed, include debt obligations (including those issued in securities) of the following financial institutions:
a) Asian Development Bank (ADB);
b) Development Bank under the Council of Europe (Council of Europe Development Bank, CEB);
c) European Bank for Reconstruction and Development (EBRD);
d) European Investment Bank (EIB);
e) Inter-American Development Bank (IADB);
f) International Finance Corporation (IFC);
g) International Bank for Reconstruction and Development (IBRD);
h) Nordic Investment Bank (NIB).
6. Debt obligations must meet the following requirements:
a) foreign issuers of debt obligations must have a long-term credit rating of at least "AA-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor"s) or not lower than "AaZ" "according to the rating agency Moody's Investors Service". If a foreign issuer of debt obligations is assigned different long-term credit ratings by the said agencies, the lowest of the assigned ones is taken as the long-term credit rating. These requirements do not apply to debt obligations of foreign states, in which the funds of the National Wealth Fund are placed on the basis of separate decisions of the Government of the Russian Federation in an aggregate amount not exceeding 10 percent of the total amount of placed funds of the National Wealth Fund;
b) Russian issuers of debt obligations related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation (hereinafter referred to as projects), must have a long-term credit rating of at least "BB +" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings ) or "Standard & Poor" (Standard & Poor "s) or not lower than the level of "Bal" according to the classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If the Russian issuer of these debt obligations is assigned different long-term credit ratings by the said agencies, the lowest of the assigned ones is taken as the long-term credit rating. Non-application of the requirements for the long-term credit rating of Russian issuers of debt obligations related to the implementation of projects is allowed on the basis of individual decisions of the Government of the Russian Federation;
c) Russian issuers of debt obligations not related to the implementation of projects must have a long-term credit rating of at least "BBB-" according to the classification of rating agencies Fitch Ratings or Standard & Poor's ) or not lower than the level of "BaaZ" according to the classification of the rating agency "Moody's Investors Service" (Moody's Investors Service). If the Russian issuer of these debt obligations is assigned different long-term credit ratings by the indicated agencies, the lowest of the assigned ones is taken as the long-term credit rating;
d) the decision to issue and the prospectus of the Russian issuer's debt obligations related to the implementation of projects must contain information about the project for the implementation of which borrowings are made;
f) repayment of debt obligations cannot be carried out in parts, with the exception of debt obligations of Russian issuers related to the implementation of projects;
g) the terms of issue and circulation of debt obligations do not provide for the issuer's right to redeem (redemption) them ahead of schedule. The right of the owner of debt obligations to present them ahead of schedule for redemption (redemption) by the issuer can be provided only for debt obligations related to the implementation of projects;
h) the terms of issuance and circulation of debt obligations of Russian issuers related to the implementation of projects may provide for a deferral of interest payments;
i) debt obligations meet the minimum and maximum maturity requirements set by the Ministry of Finance of the Russian Federation;
j) the nominal value of debt obligations is expressed in Russian rubles, US dollars, euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs and yen and is fixed, except for debt obligations of foreign countries, the nominal value of which varies depending on the level of inflation. Payments on debt obligations are made in the nominal currency, with the exception of debt obligations of Russian issuers related to the implementation of projects, the nominal value of which is denominated in foreign currency and payments for which can be made in Russian rubles at the exchange rate
k) the volume of issue of debt obligations in circulation is not less than:
1 billion rubles - for debt instruments denominated in Russian rubles;
1 billion US dollars - for debt instruments denominated in US dollars;
1 billion euros - for debt obligations denominated in euros;
0.5 billion pounds sterling - for debt denominated in pounds sterling;
1 billion Australian dollars - for debt denominated in Australian dollars;
1 billion Canadian dollars - for debt denominated in Canadian dollars;
1 billion Swiss francs for debt denominated in Swiss francs;
100 billion yen - for debt denominated in yen;
l) issues of debt obligations of foreign issuers are not issues intended for private (non-public) placement (private (non-public) placement is allowed for debt obligations of Russian issuers);
m) debt obligations cannot be restricted in circulation;
n) payment of income on debt obligations of Russian issuers related to the implementation of projects, the nominal value of which is expressed in Russian rubles, must ensure a yield not lower than the value of the index
Information about changes:
By Decree of the Government of the Russian Federation of December 26, 2014 N 1547, paragraph 6 was supplemented with subparagraph "p"
o) payment of income on debt obligations of Russian issuers related to the implementation of projects, the nominal value of which is denominated in foreign currency, must ensure a yield not lower than the value of the consumer price index calculated in a foreign state (a group of foreign states), by the central bank (an organization that performs the functions of a central bank) of which the issue of the relevant currency is carried out, for the last calendar year preceding the beginning of the coupon income accrual period, for which the official publication by the authorized body of the relevant foreign state (group of foreign states) was made, increased by one percentage point;
7. subparagraph "a" of paragraph 6 of this document, below the level established by this document, the funds of the National Wealth Fund may not be additionally placed in the debt obligations of this issuer, and previously acquired debt obligations of this issuer may be held until they are sold or redeemed, provided that the the issuer's long-term credit rating is not lower than "A" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" or not lower than "A2" according to the rating agency Moody's Investors Service "(Moody" s Investors Service).
In the event that the long-term credit rating of the issuer of debt obligations specified in subparagraph "b" of paragraph 6 of this document is lowered below the level established by this document, the funds of the National Wealth Fund cannot be additionally placed in debt obligations of this issuer, and previously acquired debt obligations of this issuer may held until their sale or redemption, provided that the issuer has a long-term credit rating of at least "BB-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" or not lower than level "VAZ" according to the rating agency "Moody's Investors Service" (Moody's Investors Service).
In the event that the long-term credit rating of the issuer of debt obligations specified in subparagraph "c" of paragraph 6 of this document is lowered below the level established by this document, the funds of the National Wealth Fund cannot be additionally placed in debt obligations of this issuer, and previously acquired debt obligations of this issuer may held until their sale or redemption, provided that the issuer has a long-term credit rating of at least "BB +" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" or not lower level "Bal" according to the rating agency "Moody's Investors Service" (Moody's Investors Service).
In case of violation of the requirements to the long-term credit rating of the issuer of debt obligations established by this paragraph, in the presence of which the debt obligations of this issuer can be held until they are sold or redeemed, such debt obligations are subject to sale within 3 months from the date of the violation.
These requirements do not apply to debt obligations of foreign states, in which the funds of the National Wealth Fund are placed on the basis of separate decisions of the Government of the Russian Federation in an aggregate amount not exceeding 10 percent of the total amount of placed funds of the National Wealth Fund.
These requirements do not apply to the debt obligations of Russian issuers related to the implementation of projects in which the funds of the National Wealth Fund are placed on the basis of separate decisions of the Government of the Russian Federation.
8. Shares of legal entities must meet the following requirements:
a) shares of legal entities are included in the quotation list of at least one stock exchange;
b) shares of foreign issuers are included in the lists of securities used to calculate the stock indices "MSCI World Index" (MSCI World Index) and "FTI All-World Index" (FTSE All-World Index);
c) shares of Russian issuers are included in the lists of securities used for the calculation of stock indices "RTS Index" or "MICEX Index";
Information about changes:
By Decree of the Government of the Russian Federation of November 1, 2016 N 1120, paragraph 8 was supplemented with subparagraph "e"
f) the decision on the issue and the prospectus of shares of a Russian issuer related to the implementation of projects must contain information about the project for the implementation of which the issue of shares is being carried out.
9. If the acquired shares of legal entities cease to comply with any of the requirements established by clause 8 of this document, such shares are subject to sale within 3 months from the date of the discrepancy.
Information about changes:
Decree of the Government of the Russian Federation of November 5, 2013 N 989 Requirements are supplemented by paragraph 9.1
9.1. When making decisions on the placement of funds from the National Welfare Fund in securities of Russian issuers related to the implementation of projects, priority is given to the purchase of bonds.
Information about changes:
Decree of the Government of the Russian Federation of November 1, 2016 N 1120 The requirements are supplemented by clause 9.2
9.2. It is not allowed to place the funds of the National Wealth Fund in securities of a Russian issuer related to the implementation of the same project, in excess of the maximum amount of funds approved by the Government of the Russian Federation allocated to finance this project from the funds of the National Wealth Fund.
Information about changes:
The requirements were supplemented by clause 9.3 from February 27, 2018 - Decree of the Government of the Russian Federation of February 13, 2018 N 154
9.3. The acquisition of shares of investment funds, the trust management of which is carried out by a management company acting in accordance with the Federal Law "On the Russian Direct Investment Fund", is carried out on the basis of separate decisions of the Government of the Russian Federation.
10. Funds of the National Wealth Fund may be placed on deposits and bank accounts in banks, credit institutions and the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)".
11. When placing funds from the National Wealth Fund on deposits and bank accounts in banks and credit organizations, the following requirements must be met:
a) the bank or credit institution must have a long-term credit rating of at least "AA-" according to the classification of rating agencies "Fitch Ratings" (Fitch-Ratings) or "Standard & Poor's" or not lower than "Aa3" "according to the rating agency Moody's Investors Service". If a bank or a credit institution is assigned different long-term credit ratings by the said agencies, then the lowest of the assigned ratings shall be taken as the long-term credit rating;
b) the standards for the minimum and maximum terms for placing funds from the National Wealth Fund on deposits in banks and credit institutions established by the Ministry of Finance of the Russian Federation are mandatory;
Information about changes:
By Decree of the Government of the Russian Federation of December 29, 2014 N 1592, paragraph 11 was supplemented with subparagraph "c"
c) the requirements of this paragraph shall not apply when placing funds from the National Wealth Fund on subordinated deposits in Russian credit institutions for the purpose of financing projects.
Information about changes:
Decree of the Government of the Russian Federation of December 29, 2014 N 1592 The requirements are supplemented by clause 11.1
11.1. Funds from the National Wealth Fund are placed on subordinated deposits with Russian credit institutions subject to the following conditions:
a) the amount of own funds (capital) of the Russian credit institution is at least 100 billion rubles;
b) there is no prohibition of the Central Bank of the Russian Federation on attracting funds to deposits in relation to the Russian credit institution individuals and opening bank accounts for individuals in accordance with Part 3 of Article 48 of the Federal Law "On Insurance of Deposits in Banks of the Russian Federation";
c) the Russian credit institution has at least 10 years of financing experience investment projects during the last 3 years in the amount of at least 3 billion rubles each;
d) funds may be placed on subordinated deposits with Russian credit institutions in Russian rubles, US dollars, euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs or yen. Payments on subordinated deposits in Russian credit institutions are allowed both in the nominal currency and in Russian rubles at the rate of the relevant foreign currency established by the Central Bank of the Russian Federation as of the date of making the respective payment;
e) the agreement on the placement of funds on a subordinated deposit with a Russian credit institution complies with the requirements of the Central Bank of the Russian Federation for the inclusion of a subordinated deposit as a source of additional capital for credit institutions and contains the following provisions:
placement of funds is carried out in order to finance projects at interest rates equal to the interest rate on subordinated deposits, on which the funds of the National Welfare Fund are placed;
the credit institution undertakes to submit to the Ministry of Finance of the Russian Federation and the Ministry of Economic Development of the Russian Federation on a monthly basis, no later than the 10th day of the month following the reporting month, information on the allocation of funds raised on subordinated deposits to finance projects (including project names, volumes and terms of project financing), as well as information on the use of funds not directed as of the reporting date to finance projects;
a mandatory condition is required to exchange a subordinated deposit for ordinary shares of the relevant credit institutions in cases stipulated by the methodology for determining the amount of own funds (capital) of credit institutions approved by the Central Bank of the Russian Federation, in order to include subordinated deposits in the sources of additional capital of credit institutions;
the credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, provided that the issuer of these securities submits to the credit institution and the Ministry of Finance of the Russian Federation a copy of the agreement on the submission of reports and other additional information on the progress of the implementation of a self-sustaining infrastructure project and on the use of funds from the National Fund welfare for its financing, signed by the issuer with the federal executive body authorized by the Government of the Russian Federation to control the implementation of the project and the targeted use of the funds of the National Wealth Fund, as well as with the federal executive body authorized by the Government of the Russian Federation to perform the functions of a coordinating body responsible for monitoring and control of the implementation of self-sustaining infrastructure projects implemented by legal entities in the financial act those who place the funds of the National Wealth Fund and (or) pension savings, held in trust by the state management company, on a repayable basis, the targeted use of the funds of the National Welfare Fund in financing these projects;
a credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, provided that the issuer of these securities submits to the credit institution and the Ministry of Finance of the Russian Federation a written confirmation of the use by the issuer for the implementation of the relevant project of previously attracted funds from the National Welfare Fund and (or) funds of credit institutions who have attracted funds from the National Wealth Fund through subordinated deposits, in full;
the credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, subject to the signing of an agreement with the issuer on the repurchase by the issuer of the issuer's securities at the price of their acquisition by the credit institution and the payment of accumulated coupon income on the redemption date (for bonds) in case of violation by the issuer established by the Rules for investing the funds of the National Welfare Fund in securities of Russian issuers related to the implementation of self-sustaining infrastructure projects, approved by Decree of the Government of the Russian Federation of November 5, 2013 N 990 "On the procedure for investing the funds of the National Welfare Fund in securities of Russian issuers related to the implementation self-sustaining infrastructure projects", the deadline for the allocation of attracted funds from the National Wealth Fund to finance the project. At the same time, the value of the repurchased securities, taking into account the multiplicity of their nominal value, must not be less than the amount of funds from the National Wealth Fund not directed by the issuer to finance the project;
a credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, subject to the issuer's conclusion with a credit institution in which, for the purpose of ensuring control over the intended use of the funds of the National Welfare Fund, a separate bank account has been opened with restrictions (special regime) for conducting operations on the account ( hereinafter referred to as a special account), agreements on banking support of the project;
the credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, subject to the signing of an agreement with the issuer on the repurchase by the issuer of the issuer's securities at the price of their acquisition by the credit institution and the payment of accumulated coupon income on the redemption date (for bonds) in case the issuer receives the amount of interest for the use of funds temporarily not allocated for the implementation of the project and placed on a special account, in the absence of the balance of the National Wealth Fund, to be transferred to the issuer in accordance with the project passport. At the same time, the value of the repurchased securities, taking into account the multiplicity of their nominal value, must not be less than the amount of interest paid to the issuer by the credit institution in which the project initiator has a special account opened to account for the funds of the National Welfare Fund;
the credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, subject to the completion of all stages of the project, which are specified in the project implementation schedule provided for by the Rules for monitoring and controlling the implementation of self-sustaining infrastructure projects implemented by legal entities whose financial assets are placed funds of the National Welfare Fund and (or) pension savings held in trust by a state management company, on a repayable basis, for the targeted use of the funds of the National Welfare Fund in financing these projects, approved by Decree of the Government of the Russian Federation of August 25, 2017 N 1008 "On the procedure monitoring and controlling the implementation of self-sustaining infrastructure projects implemented by legal entities whose financial assets are invested with funds from the National Welfare Fund and (or) pensions funds held in trust by a state management company on a repayable basis, the targeted use of the funds of the National Wealth Fund in financing these projects and making changes to certain acts of the Government of the Russian Federation", and in accordance with this schedule are subject to completion before the acquisition of securities Russian issuers in the corresponding amount;
the credit institution undertakes to enter into an agreement with the issuer on the repurchase by the issuer of the issuer's securities at the price of their acquisition by the credit institution in full and the payment of the accumulated coupon income on the date of redemption (for bonds) in the event that the issuer violates the provisions of paragraph 6.1 of the Rules for investing funds of the National Wealth Fund in securities securities of Russian issuers related to the implementation of self-sustaining infrastructure projects approved by Decree of the Government of the Russian Federation of November 5, 2013 N 990;
the credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, provided that the decisions on issuance and prospectuses of these securities comply with the requirements established by subparagraph "d" of paragraph 6 and subparagraph "f" of paragraph 8, respectively, of these Requirements.
The requirements established by paragraphs eight - eleven of this subparagraph do not apply to the projects specified in paragraphs 1, and the list of self-sustaining infrastructure projects implemented by legal entities, in whose financial assets the funds of the National Wealth Fund and (or) pension savings are placed in trust management state management company, on a reimbursable basis, approved by the order of the Government of the Russian Federation of November 5, 2013 N 2044-r;
f) payments of income on subordinated deposits in Russian credit institutions in Russian rubles must ensure a return of at least the minimum of the two values:
the value of the consumer price index for goods and services in the Russian Federation (December to December), published on the official website of the federal executive body responsible for the development public policy and legal regulation in the field of official statistical accounting, the formation of official statistical information on social, economic, demographic, environmental and other social processes in the Russian Federation, in the information and telecommunication network "Internet", for the last calendar year preceding the period of accrual of interest income , for which the official publication was made by the specified executive authority, increased by one percentage point;
interest rate established by the Central Bank of the Russian Federation when conducting deposit operations at fixed interest rates;
g) payments of income on subordinated deposits in Russian credit institutions in foreign currency must ensure a yield not lower than the value of the consumer price index calculated in a foreign state (a group of foreign states), the central bank (organization performing the functions of a central bank) which issues the corresponding currency, for the last calendar year preceding the beginning of the interest income accrual period, for which the official publication was made by the authorized body of the relevant foreign state (group of foreign states), increased by one percentage point;
h) the maximum term for placing funds on subordinated deposits with Russian credit institutions is 30 years;
i) an agreement on the placement of funds on a subordinated deposit with a Russian credit institution is concluded between the relevant Russian credit institution and the Federal Treasury in agreement with the Ministry of Finance of the Russian Federation.
11.2. Funds from the National Wealth Fund may be placed on subordinated deposits with Russian credit institutions in an aggregate amount not exceeding 10 percent of the funds from the National Wealth Fund.
12. When placing the funds of the National Wealth Fund on deposits in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the following requirements must be met:
a) funds can be placed on deposits in Russian rubles, US dollars, euros and pounds sterling;
b) the maximum allowable aggregate amount within which funds can be placed on deposits in Russian rubles and in foreign currency, with the exception of deposits placed in accordance with sub-clause "c.1" of this clause, is 955 billion rubles.
At the same time, up to 175 billion rubles can be placed on deposits, the amounts, terms and other material conditions for which are determined by the Ministry of Finance of the Russian Federation.
Up to 410 billion rubles can be placed on deposits:
in accordance with Clause 1 of Part 1 of Article 4 of the Federal Law "On Additional Measures to Support the Financial System of the Russian Federation" (hereinafter referred to as the Federal Law), subject to the following requirements:
from January 1, 2020 - at a rate equal to the value of the consumer price index for goods and services in the Russian Federation (December to December), published on the official website of the federal executive body responsible for developing state policy and legal regulation in the field of official statistical accounting, the formation of official statistical information on social, economic, demographic, environmental and other social processes in the Russian Federation, in the information and telecommunications network "Internet", for the last calendar year preceding the period of accrual of interest income, for which the official publication of the specified by the executive authority, increased by 1 percentage point, but not less than 6.25 percent per annum and not higher than the maximum interest rate established by the Central Bank of the Russian Federation on a subordinated loan (deposit, loan, bonded loan) in rubles, reduced by 0.25 percentage points;
in accordance with paragraph 2 of part 1 of article 4
Payment of interest on the placement of funds is carried out quarterly at the following interest rates:
from January 1, 2021 - at a rate equal to the value of the consumer price index for goods and services in the Russian Federation (December to December), published on the official website of the federal executive body responsible for developing state policy and legal regulation in the field official statistical accounting, the formation of official statistical information on social, economic, demographic, environmental and other social processes in the Russian Federation, in the information and telecommunications network "Internet", for the last calendar year preceding the period of accrual of interest income, for which the official publication of the specified by the executive authority, increased by 1 percentage point, but not less than 7.25 percent per annum and not higher than the maximum interest rate established by the Central Bank of the Russian Federation on a subordinated loan (deposit, loan, bonded loan) in rubles, reduced by 0.25 percentage points.
Up to 40 billion rubles can be placed on deposits in accordance with Part 1 of Article 6.2 of the Federal Law, subject to the following requirements:
In the event that the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" returns the deposits placed in accordance with Part 1 of Article 6.2 of the Federal Law, funds within the volume of returned deposits may be placed on deposits for the purpose of providing by the state corporation "Bank for Development and Foreign Economic Affairs" (Vnesheconombank)" loans joint-stock company"DOM.RF" subject to the following requirements:
payment of interest on the placement of funds throughout the entire period is carried out quarterly at a rate of 6.25 percent per annum until 2020 inclusive, and in the period from 2021 to 2048 - at a rate equal to the value of the consumer price index for goods and services in the Russian Federation (December by December) published on the official website of the federal executive body responsible for the development of state policy and legal regulation in the field of official statistical accounting, the formation of official statistical information on social, economic, demographic, environmental and other social processes in the Russian Federation, in the information and telecommunications network "Internet", for the last calendar year preceding the period of accrual of interest income, for which the official publication was made by the specified executive authority, increased by 1 percentage point.
Up to 30 billion rubles can be placed on deposits subject to the following requirements:
payment of interest from the placement of funds during the entire period is carried out quarterly at a rate of 6.25 percent per annum.
The amounts and terms of placement of funds on deposits in accordance with paragraphs three - twenty two of this subparagraph are determined by the Ministry of Finance of the Russian Federation, taking into account the requirements established by this paragraph.
Up to 300 billion rubles can be placed on deposits subject to the following requirements:
placement of funds on deposits is carried out in order to finance Vnesheconombank's projects in the real sector of the economy implemented by Russian organizations;
a positive conclusion was submitted to the Ministry of Finance of the Russian Federation by the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" on the feasibility of financing the project of Vnesheconombank in the form in accordance with Appendix No. 2 to the Rules for assessing the feasibility of financing investment projects at the expense of the National Welfare Fund and (or) pension funds savings held in trust by a state management company on a repayable basis, approved by Decree of the Government of the Russian Federation of November 5, 2013 N 991 "On the procedure for assessing the feasibility of financing investment projects at the expense of the National Wealth Fund and (or) pension savings held in trust management of the state management company, on a repayable basis" (hereinafter referred to as the Project Appraisal Rules), in terms of the composition of information applicable to Vnesheconombank's projects;
the terms of financing (purpose, currency, amount, term, interest rate and deadline for the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" to send funds to the project) of each Vnesheconombank project with the involvement of funds from the National Wealth Fund are approved by the Supervisory Board of the State Corporation "Bank development and foreign economic activity (Vnesheconombank)" subject to the requirements specified in paragraphs twenty-ninth - thirty-three and paragraph thirty-five of this subparagraph;
the currency and amount of the deposit, the interest rate on deposits, the period of placement of funds on each deposit and the frequency of payment of interest are determined by the Ministry of Finance of the Russian Federation in accordance with applications sent by the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" with the application of passports of Vnesheconombank's projects in the form in accordance with Appendix No. 3 to the Rules for Project Evaluation (in terms of the composition of information applicable to Vnesheconombank's projects) and copies of extracts from the minutes of meetings of the Supervisory Board of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", containing the conditions for financing Vnesheconombank's projects, subject to the requirements, specified in paragraphs twenty-ninth - thirty-three and paragraph thirty-five of this subparagraph;
the amount of each deposit corresponds to the amount specified in the relevant application of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", and is determined taking into account the provisions of paragraph 2.1 of the Decree of the Government of the Russian Federation of January 19, 2008 N 18 "On the procedure for managing the funds of the National Wealth Fund ";
funds of the National Welfare Fund are credited to the deposit in separate amounts (tranches) equal to the amounts used by the borrower of the funds of the Vnesheconombank loan to finance the relevant project;
the term of each deposit corresponds to the term specified in the relevant application of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", but cannot exceed 30 years;
the interest rate on deposits in Russian rubles in terms of funds actually placed in Vnesheconombank's projects should provide a yield of 6 percent per annum or at a level equal to the value of the consumer price index for goods and services in the Russian Federation (December to December), published on the official the website of the federal executive body responsible for the development of state policy and legal regulation in the field of official statistical accounting, the formation of official statistical information on social, economic, demographic, environmental and other social processes in the Russian Federation, in the information and telecommunication network "Internet ", for the last calendar year preceding the period of accrual of interest income, for which the official publication was made by the specified executive authority, increased by one percentage point, unless a different level of interest rate is established en by the decision of the Government of the Russian Federation;
the interest rate on deposits in foreign currency should provide a yield not lower than the value of the consumer price index calculated in a foreign state (group of foreign states), the central bank (organization performing the functions of a central bank) of which issues the corresponding currency, for the last calendar year preceding the start of the period of accrual of interest income, for which the official publication was made by the authorized body of the relevant foreign state (group of foreign states), increased by one percentage point;
the deposit agreement contains a provision on the acceptance by the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" of an obligation to return the funds no later than the working day following the specified date in the event that funds from the National Wealth Fund are not allocated to finance the Vnesheconombank project as of the date of their placement on deposit;
payment of interest on the deposit is carried out at least once a year;
the deposit agreement contains a provision on the acceptance by the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" of the obligation to submit to the Ministry of Finance of the Russian Federation and the Ministry of Economic Development of the Russian Federation on a quarterly basis, no later than the 10th business day of the month following the reporting quarter, information on the direction funds attracted on deposit to finance Vnesheconombank projects (including the name of the project, the volume and terms of project financing, the date of transfer of funds for project financing), as well as to ensure control over the intended use of these funds and on a quarterly basis, no later than the 10th business day of the month following for the reporting quarter, send to the Ministry of Finance of the Russian Federation a report on the targeted nature of the use of these funds.
In order to control the limitation of the amount of deposits provided for in paragraph twenty-four of this subparagraph, the equivalent of the amount of deposits placed in foreign currency for the purpose of financing Vnesheconombank's projects in Russian rubles is calculated at the rate of the corresponding foreign currency to the Russian ruble established by the Central Bank of the Russian Federation on the dates of placement deposits in foreign currency.
Early return of funds is allowed with the consent of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", while interest on the placement of funds is paid for the actual term of the funds on deposit;
c) placement of funds on deposits is carried out by the Federal Treasury by decision of the Ministry of Finance of the Russian Federation;
c.1) the funds of the National Wealth Fund may be placed on deposits in US dollars in accordance with paragraph 4 of Article 96.10 of the Budget Code of the Russian Federation in an aggregate amount not exceeding 7 percent of the funds of the National Wealth Fund, subject to the following conditions:
the deposit agreement contains provisions on the impossibility of demanding early return of the deposit or part thereof, as well as early payment of interest for the use of the deposit, early termination of the deposit agreement or early termination of obligations under the agreement;
the level of interest rate is similar to the level of interest rates on deposits in US dollars, previously placed from the National Wealth Fund in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)";
interest is paid at least once a year;
the deposit agreement contains a provision that in the event of the liquidation of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", claims on such a deposit are satisfied after the claims of all other creditors are satisfied;
the term of the deposit is not less than 5 years and not more than 20 years;
early return of the deposit (its part) at the initiative of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" can be carried out no earlier than 5 years from the date of inclusion of the deposit in the sources of additional capital of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" ";
the deposit agreement contains a condition that if the value of the basic capital adequacy ratio has reached a level below 2 percent, the unpaid interest on the deposit is not reimbursed and is not accumulated due to the termination in full or in part of the obligation of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" "on payment of the amount of accrued interest on the deposit, while the obligation of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" to return the amount of the principal debt on the deposit is terminated in full or in part (in the event that the state corporation "Bank for Development and Foreign Economic Affairs" suffers losses ( Vnesheconombank)", the result of which is a decrease in the value of the basic capital adequacy ratio to a level below 2 percent, provided that retained earnings and a reserve fund to cover the losses of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)";
e) on the basis of individual decisions of the Government of the Russian Federation, agreements on the placement of funds of the National Wealth Fund on deposits, concluded in accordance with subparagraph "c.1" of this paragraph, may be amended, providing for:
setting an interest rate at a level of at least 0.25 percent per annum on deposits in US dollars and at least 2.86 percent per annum on deposits in Russian rubles;
establishment of a grace period for the payment of interest for a period of up to 3 years, during which interest is accrued, not capitalized and paid on the day of the end of this period.
13. The Ministry of Finance of the Russian Federation has the right to establish additional requirements for permitted financial assets within the limits of the requirements provided for by this document.
14. The list of operations with permitted financial assets, with the exception of deposits in banks, credit institutions and the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", includes permitted operations, which include the purchase and sale of permitted financial assets.
15. The Ministry of Finance of the Russian Federation has the right to establish the procedure for conducting transactions with permitted financial assets, provided for in clauses 10 and this document.
In accordance with Art. 96.9. Budget Code RF defines the following provisions:
1. The National Wealth Fund is a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as to ensure a balance (deficit coverage) of the budget of the Pension Fund of the Russian Federation.
2. federal law on the federal budget for the next financial year and planning period, the amount of federal budget funds allocated for the purposes specified in paragraph 1 of this article is established.
3. The National Welfare Fund is formed by:
Oil and gas revenues of the federal budget in an amount exceeding the amount of the oil and gas transfer approved for the corresponding financial year, if the accumulated amount of the Reserve Fund reaches (exceeds) its standard value;
Income from the management of the funds of the National Welfare Fund.
Managing the resources of the Reserve Fund and the National Welfare Fund in order to ensure a stable level of income from their placement in the long term allows for the possibility of obtaining negative financial results in the short term.
Funds of the National Welfare Fund can be placed in foreign currency and the following types of financial assets:
Debt obligations of foreign states, foreign government agencies and central banks;
Debt obligations of international financial organizations, including those issued in securities;
Deposits and balances on bank accounts in banks and credit institutions;
Deposits and balances on bank accounts with the Central Bank of the Russian Federation;
Debt obligations and shares of legal entities;
Units (shares) of investment funds.
The Ministry of Finance of the Russian Federation publishes on a monthly basis information on the receipt and use of oil and gas revenues from the federal budget, the value of the assets of the Reserve Fund and the National Wealth Fund at the beginning of the reporting month, the transfer of funds to these funds, their placement and use in the reporting month.
It is proposed to place the funds of the Future Generations Fund in more profitable foreign financial instruments, allowing you to receive income at the level of 6.5-7 percent per annum. However, it is not so easy to ensure the level of profitability planned by the Ministry of Finance.
Firstly, for this it is necessary to abandon the use of foreign currency deposits, since with current situation on the world financial market deposits will bring no more than 3-3.5 percent per annum. However, this means a violation international practice diversification of the placement of state reserves.
Secondly, when placing the funds of the Future Generations Fund in foreign bonds - state (their yield is currently 3.5-4.5 percent per annum) and corporate - the yield of corporate securities should be 10-12 percent per annum. But reliable debt obligations of the largest corporations have a yield of 4.5-6 percent per annum. To achieve twice the yield, it is necessary to place the Fund's funds in extremely risky bonds, which contradicts the established practice of placing state reserves.
Even more risky is the placement of the Fund's money in shares of foreign corporations. In the late 20th and early 21st centuries, due to investors' overestimation of the growth prospects of the high-tech sector of the economy, an incredible revaluation of the value of shares occurred. In the United States in the first half of the 1990s, capitalization equal to six times the annual profit was considered standard. At the end of the 90s, the standard increased by 4 times. And this is without any adequate growth in the real sector. But even with such a rapid rise in standards, the capitalization of the 500 largest companies listed on the New York stock exchange, averages 35 annual profits - 1.7 times higher than the standard. That is, by the year 2000, the capitalization of the world stock market was almost equal to the world GDP. Such a disproportion real sector and the securities market could not but result in a grandiose stock crisis. It began in the United States of America in the fall of 2000. In late 2000-early 2001, this crisis spread to the global stock market. Since 2003, the stock market has begun to recover. However, at present, most stock indices, with the exception of Dow Jones Industrial, have not reached the pre-crisis level. Gone are the days of paying high dividends on stocks.