#AceFinanceNews – MOSCOW – April 22 – Russia’s aid for Ukraine during the entire post-Soviet period was worth approximately a quarter of a trillion dollars, the Voice of Russia radio quoted Prime Minister Dmitry Medvedev as saying.
Commenting on the statements of Russian MPs in the State Duma on Tuesday, he said that about $250 billion was a fair figure.
“This is the size of the support that we may have provided to our Ukrainian friends and brothers during the entire post-Soviet period at the expense of all sorts of preferences, including the non-market conditions for gas trade,” Medvedev said.
Tass – RT – VoR
#AceFinanceNews – MOSCOW – March 22 – A draft law outlining key aspects of the financial system in Crimea and Sevastopol and its operation during the transitional period was submitted to the State Duma, lower house of parliament, on Saturday, March 22.
The draft law, written by Natalia Burykin, Head of the Duma Committee on the Financial Market, and Nikolai Zhuravlev, Deputy Head of the Committee on the Budget and Financial Markets of the Federation Council (upper house of parliament), sets out the terms of operation for banks, non-lending financial institutions, non-bank financial organisations, and cash exchange offices in Crimea and Sevastopol during the transitional period.
The transitional period will continue until January 1, 2015 to solve all issues pertaining to the integration of the new constituent members into the economic, financial, credit and legal systems of Russia, into its government system, as well as issues concerning military duty and military service in the Republic of Crimea and Sevastopol.
Taxes collected in Crimea will remain in its budget until 2015, and Russia will provide financial support to Crimea and Sevastopol in 2014-2016.
Russian Finance News
#AceFinanceNews says that Gazprom and Rosneft are officially the only companies with the right to explore the Russian Artic shelf, as they both received exclusive extraction licenses in return for large cash payments.
In 2009, Rosneft agreed to pay 1.4 billion roubles ($450 million) and Gazprom 1.2 billion in a resolution passed by the state Duma, but the exact amount paid in June 2013 for the licenses is unknown.
Russia has passed a law that only companies in which the state owns more than half and have at least 5 years of Arctic experience are eligible for permits
Lukoil, the country’s second largest oil company, is publicly owned, and Sugtneftegas, known to have close ties with the Kremlin, is also publicly owned, and therefore not up for a permit.
Tatneft is the country’s sixth largest and operates out of the Republic of Tatarstan, which is also the company’s primary shareholder.