#AceFinanceNews KUALA LUMPUR April 16 The leadership of…

#AceFinanceNews – KUALA-LUMPUR – April 16 – The leadership of UralVagonZavod (UVZ) Scientific Industrial Corporation hopes that the joint venture with Kazakhstan for the production of Terminator BMPT tank support fighting vehicles will be set up in the near future. UVZ special representative for military-technical cooperation Alexei Maslov said this on Wednesday at the DSA-2014 arms exhibition that is under-way in the Malaysian capital.

“We hope that the work regarding the enterprise’s establishment will be completed shortly. We have prepared full set of documents and passed it to the level of government,” he said.

According to Maslov, within the framework of this partnership, the Russian side would supply combat modules and spare details for the BMPT, and Kazakhstan — the chassis. The Terminator vehicle will be assembled in Kazakhstan starting from next year.

UralVagonZavod and Kazakhstan Engineering signed the agreement on establishing a JV for Terminator BMPT production on a parity basis in September 2013 at Russia Arms Expo exhibition in Nizhny Tagil.

#AFN2014

#kazakhstan, #kuala-lumpar, #russian

#AceFinanceNews SIMFEROPOL April 14 QHA Crimea to shorten…

#AceFinanceNews – SIMFEROPOL – April 14 – (QHA) – Crimea to shorten the period of time during which the Russian Ruble and Ukrainian Hryvnia will simultaneously circulate in the region due to the declining value of the Hryvnia, Crimean vice premier Rustam Temirgaliyev announced.

“Amid declining value of the Hryvnia and the possibility of default in Ukraine we have to reconsider the terms of operating two-currency system in the region. We discuss the possibility of a withdrawal of Hryvnia in a short period of time”- he said.

“We discuss the possibility of a significant withdrawal of Hryvnia in case of unrestricted exchange of the Ruble and Hryvnia along with deposit compensation from Ukrainian banks in Crimea Deposit Insurance Agency (DIA).

DIA already opening its offices in Crimea”- Temirgaliev added.

#AFN2014

#crimea, #crimea-deposit-insurance-agency-dia, #hryvnia, #ruble, #russian, #simferopol, #ukraine, #ukrainian

` China is looking at `Alternative Energy Projects in the Crimea ‘ meanwhile Gas Supplies are being Finalised ‘

#AceFinanceNews – Moscow – April 14 – China takes interest in alternative energy projects in Crimea, Russian Vice-Premier Arkady Dvorkovich.

“We also agreed (during talks in China) that we will look into new projects, including in our new regions. Chinese colleagues who deal with alternative energy, take interest in these projects in the Republic of Crimea,” Dvorkovich said at a session chaired by Prime Minister Dmitry Medvedev.

Gazprom’s contract on supplies of Russian gas to China would be finalized by the upcoming visit to China by Russian President Vladimir Putin, due in May, he said at a session chaired by Prime Minister Dmitry Medvedev on Monday.

Also Russia may increase electricity, coal supplies to China fourfold.
“Talks on gas are nearing completion, and there is a general intent to finish that work before Russian president’s visit,” he said.

Tass – Russian Media and Energy News Sources.

#AFN2014

#china, #chinese, #crimea, #energy, #gas, #moscow, #republic-of-crimea, #russia, #russian, #russian-president-vladimir-putin

#AceFinanceNews MOSCOW April 14 Eight billion cubic meters…

#AceFinanceNews – MOSCOW – April 14 – Eight billion cubic meters of gas in Ukraine’s underground storage facilities is enough for three months’ uninterrupted transit of Russian natural gas to Europe, parliament-appointed Minister for Energy and Coal Yuriy Prodan told Bulgarian national radio on Monday.

“Within a certain period of time, up to three months, Ukraine will be able to ensure gas transit to European countries. Within this period of time we must consider the issue of gas pumping and settle it before June,” the minister said.

However, according to Russian President Vladimir Putin, Ukraine needs about 11 billion cubic meters in underground storage to guarantee uninterrupted transit of Russian gas to Europe, he told European leaders in a letter last Friday. Under the current price for Russian gas of $485.5 per 1,000 cubic meters, up to $5 billion will be needed.

Currently, 7.2 billion cubic meters is in underground storage, head of Ukraine’s national oil and gas company Naftogaz Andriy Kobolev has reported. According to Russian supplier Gazprom, 6.5 billion cubic meters lay underground on April 9.

#AFN2014

#ans2014, #bulgarian, #europe, #gazprom, #moscow, #naftogaz, #russian, #russian-president-vladimir-putin, #ukraines

#AceBreakingNews VIENNA April 11 EUROPEAN UNION EU Commissioner…

#AceBreakingNews – VIENNA – April 11 – EUROPEAN UNION – EU Commissioner for Energy Gunter Oettinger is drafting proposals for how to pay off Ukraine’s debt to the Russian supplier of natural gas, OAO Gazprom, Oettinger said Friday speaking to O1 Austrian Public Radio as he visited Vienna.

He said along with it he personally thought that only a part of the bills Gazprom had issued to Ukraine contained grounded total sums to be paid.

#AFN2014

#austrian, #eu, #gazprom, #russian, #ukraine, #ukraines, #vienna

#AceFinanceNews MOSCOW April 11 Russian President Vladimir Putin…

#AceFinanceNews – MOSCOW – April 11 – Russian President Vladimir Putin instructed Russian government and the Central Bank of Russia (CBR) to develop “a mechanism of receiving information from foreign banks about monetary funds and valuables” owned by Russian state officials at these banks.

These are crediting institutions situated in foreign countries. The decree to this effect was formulated in a National Anti-Corruption Commission plan for 2014-2015 approved on Friday.

Information requested from foreign banks can also include facts of “possession and use of foreign financial instruments by public servants.”

This information “can be provided to the CBR by foreign lending organisations through conclusion of agreements on information exchange between authorised Russian authorities and law enforcement agencies in foreign countries,” the document noted.

A report on results of fulfilling the instruction should be submitted to the president before March 1, 2015.

#AFN2014

#moscow, #national-anti-corruption-commission, #russias-central-bank-cbr, #russian, #russian-president-vladimir-putin

` VTB has Accused the Bank of England of not Conforming to the Standards of Fiscal Supervision ‘

#AceFinanceNews – MOSCOW- April 10 – VTB chief Andrei Kostin mentioned “politically motivated” complexities which the Bank of England brings about for the operations of the London-based subsidiary bank VTB Capital.

“Over the recent weeks, we have been experiencing a very strong pressure on the part of the Bank of England with regard to our bank VTB Capital.

This is the only Russian bank with a full license.

Attempts are being made to place demands on us, the demands that are incompatible with the regular supervision practice,” Kostin pointed out in an interview published in the newspaper Izvestia on Thursday.

“We applied to the Central Bank of the Russian Federation (CBRF) in a request to render assistance in talks with the Bank of England, because those demands do not conform to a professional approach. They contain, rather, a large share of political motivation.

All verifications testified to the fact that the bank is reliable and stable and does not bring problems for the UK financial sector.”

The chief of the VTB Group sets hope on the possibility to prove that “this kind of actions with regard to the Russian bank in the UK is not quite compatible with international norms of supervision”.

In response to a question whether VTB plans to seek Russian government’s protection, Kostin said, “We are operating on the territory of another state and in line with UK law which we do not break. I consider that talks through the CBRF will be the most effective.”

#AFN2014

#ans2014, #bank-of-england, #central-bank-of-russian-federation-cbrf, #moscow, #russian, #uk, #vtb, #vtb-capital

` Ukraine Suspends Natural Gas Intake from Russia as Result of Gas Hike and said it will Resume at Right Price’

#AceFinanceNews – UKRAINE – April 10 – (Neurope) – Ukraine has suspended natural gas intake from Russia since April 1 as a result of a price hike, the country’s Energy Minister Yury Prodan said Wednesday.

 "We are not pumping Russian gas today, but we still have time to resume the appropriate gas flows," Prodan told a media briefing.

 The suspension came after Russian gas monopoly Gazprom cancelled discounts on natural gas supplies to Ukraine, citing Kiev's non-fulfilment of its debt obligations and "changing circumstances" over Crimea.

 Russia set the price of gas to Ukraine at 485 U.S. dollars per 1,000 cubic meters.

 Prodan said his country is ready to resume gas imports from Gazprom if Moscow returns to the price of 385 dollars.

As of early April, Ukraine’s accumulated debt for gas supplies from Russia topped 2 billion dollars.

 In 2010, Russia and Ukraine signed a gas-for-fleet agreement, with Moscow offering a discount for gas in exchange for extending its lease of the Black Sea Fleet in Crimea for another 25 years.

 The Kremlin said the pact was no longer valid as Crimea joined Russia after a referendum last month. 

#AFN2014

#crimea, #discounts, #energy-minister-yuri-prodan, #gas, #gazprom, #imports, #kiev, #moscow, #russia, #russian, #ukraine

` Ukraine's Overall debt to ` Russia ' stands at $16.6 Billion of which $2.2 Billion is Accumulated Gas Debt '

#AceFinanceNews – MOSCOW – April 09 – Ukraine’s overall debt to Russia stands at $16.6 billion, Russian Prime Minister Dmitry Medvedev said Wednesday at a meeting with President Vladimir Putin dedicated to the situation around Ukraine.

“Three billion dollars is Ukraine’s debt, the accumulated gas debt stands at $2.2 billion, and what we consider Russia’s profit shortfall stands $11.4 billion, which brings the total sum to $16.6 billion,” Medvedev said.

“We use the same approach in regard to our Ukrainian partners as regarding other partners, the key principle is that contracts should be implemented,” the Russian premier said.

He recalled that Russia and Ukraine have an agreement signed in 2009, which should be implemented. In his words, the document stipulates “a switch to the advance system of gas payments if the debt has not been repaid”.

“We could have switched to the advance payment system earlier, but we did not do that because we understood the difficult economic situation in Ukraine,” Medvedev said.

Russian Finance News

#AFN2014

#debt, #dmitry-medvedev, #moscow, #president-vladimir-putin, #russias, #russian, #ukraine, #ukrainian

“ Russian Subsidiary of US-Based `Hewlett Packard Admits Giving Bribes to Russian Officials for Contract ‘

#AceFinanceNews – WASHINGTON – April 10 – The Russian subsidiary of US-based Hewlett-Packard Company (HP) has admitted its guilt on charges of US authorities of giving bribes to Russian officials in order to secure a beneficial state contract.

This was reported by the US Department of Justice, which investigated this case together with the FBI, California Prosecutor’s Office and US Internal Revenue System.

According to the documents presented to California’s northern district court, the Hewlett-Packard (A.O. CJSC) , registered in Russia, has violated the Foreign Corrupt Practices Act.

Similar charges are brought against the sub-divisions of the US-based company in Poland and Mexico. According to the estimates of the US Department of Justice, Hewlett-Packard and its subsidiaries will have to pay fines in the overall amount of $108 million.

Bribes given by the company to Russian officials and transferred to banking accounts of front companies related to these officials are also estimated at millions of dollars. This was made in order to secure a state contract for office automation and providing computing equipment to one of the Russian federal institutions in 1999 at the amount of $100 million.

In addition, Hewlett-Packard employees expected that after the first contract, there would be additional agreements amounting to $150 million.

“Hewlett-Packard subsidiaries created a slush fund for bribe payments, set up an intricate web of shell companies and bank accounts to launder money, employed two sets of books to track bribe recipients, and used anonymous e-mail accounts and prepaid mobile telephones to arrange covert meetings to hand over bags of cash,” stated Deputy Assistant Attorney General Bruce Swartz.

Meanwhile, Valerie Parlave of the FBI’s Washington Field Office said that attaches for legal issues in US embassies in Moscow, Warsaw, Mexico City and Berlin participated in the investigation of these cases.

Russian and US News Sources

#AFN2014

#fbi, #foreign-corrupt-practices-act, #hewlett-packard-company-hp, #hewlett-packard-a-o-cjsc, #russia, #russian, #washington