A History of Russian Crises
Total Page:16
File Type:pdf, Size:1020Kb
WWW.BNE.EU Moody’s hits Turkey with downgrade to all-time lowest rating in unscheduled move Poland pledges bold move away from coal October 2020 Serbia and Kosovo sign “historic” economic deal in Washington Navalny’s smart voting scores rare successes in Russia’s regional elections '14 '20 '08 A HISTORY OF RUSSIAN CRISES The Belarusian Saakashvili returning to Major fighting erupts Banshees fray in Georgian general between Armenia p.46 election defying and Azerbaijan over critics who see Nagorno-Karabakh move as own goal p.54 p.52 ISSN 2059-2736 ISSN Recent Capital Market Solutions inspired by RBI: Romania Romania Republic of Belarus EUR 500,000,000 USD 2,000,000,000 USD 1,300,000,000 USD 750,000,000 3.375% Senior Unsecured 4.00% Senior Unsecured 3.00% Senior Unsecured 6.378% Fixed Rate Bonds Green Bonds due 2027 Eurobond due 2051 Eurobond due 2031 due 2031 Bookrunner Bookrunner Bookrunner Bookrunner July 2020 Romania July 2020 Romania July 2020 Romania June 2020 Belarus Republic of Albania Republic of Belarus EUR 650,000,000 EUR 500,000,000 USD 500,000,000 EUR 200,000,000 3.50% Fixed Rate Bonds 1.625% Senior Unsecured 5.875% Fixed Rate Bonds Tap of 3.00% Senior Bonds due 2027 Bonds due 2027 due 2026 due 2025 Bookrunner Bookrunner Bookrunner Bookrunner June 2020 Albania June 2020 Slovakia June 2020 Belarus June 2020 Netherlands Republic of Slovakia Ukraine EUR 750,000,000 / EUR 400,000,000 EUR 750,000,000 EUR 1,500,000,000 EUR 1,250,000,000 2.75% Senior Unsecured Dual Tranche 1.00% Fixed Rate Bonds 4.375% Senior Unsecured Bonds due 2025 0.00% / 0.75% Senior Bonds due 2030 Eurobond due 2030 due 2023 and 2030 Bookrunner Bookrunner Bookrunner Bookrunner May 2020 Austria May 2020 Austria April 2020 Slovakia January 2020 Ukraine Experience extending beyond Central and Eastern Europe. Customised solutions for all Issuer‘s needs. www.rbinternational.com RBI_AZ_Tombstones_082020_202x272_RZ.indd 1 10.09.2020 15:40:29 Recent Capital Market Solutions inspired by RBI: Romania Romania Republic of Belarus EUR 500,000,000 USD 2,000,000,000 USD 1,300,000,000 USD 750,000,000 3.375% Senior Unsecured 4.00% Senior Unsecured 3.00% Senior Unsecured 6.378% Fixed Rate Bonds Green Bonds due 2027 Eurobond due 2051 Eurobond due 2031 due 2031 Bookrunner Bookrunner Bookrunner Bookrunner July 2020 Romania July 2020 Romania July 2020 Romania June 2020 Belarus Republic of Albania Republic of Belarus From our desk to yours EUR 650,000,000 EUR 500,000,000 USD 500,000,000 EUR 200,000,000 3.50% Fixed Rate Bonds 1.625% Senior Unsecured 5.875% Fixed Rate Bonds Tap of 3.00% Senior Bonds Get the original CEE, Central Asia, MEA due 2027 Bonds due 2027 due 2026 due 2025 Bookrunner Bookrunner Bookrunner Bookrunner and South Asia business newswire. June 2020 Albania June 2020 Slovakia June 2020 Belarus June 2020 Netherlands Try IntelliNews Pro for free today at j.mp/intellinews-pro Republic of Slovakia Ukraine EUR 750,000,000 / EUR 400,000,000 EUR 750,000,000 EUR 1,500,000,000 EUR 1,250,000,000 2.75% Senior Unsecured Dual Tranche 1.00% Fixed Rate Bonds 4.375% Senior Unsecured Bonds due 2025 0.00% / 0.75% Senior Bonds due 2030 Eurobond due 2030 due 2023 and 2030 Bookrunner Bookrunner Bookrunner Bookrunner May 2020 Austria May 2020 Austria April 2020 Slovakia January 2020 Ukraine Experience extending beyond Central and Eastern Europe. Customised solutions for all Issuer‘s needs. www.rbinternational.com PRO RBI_AZ_Tombstones_082020_202x272_RZ.indd 1 10.09.2020 15:40:29 4 I Contents bne October 2020 Senior editorial board Ben Aris editor-in-chief & publisher I Berlin 2010 +49 17664016602 I [email protected] Clare Nuttall news editor I Glasgow +44 7766 513641 I [email protected] William Conroy editor Eurasia & SE Europe I Prague +420 774 849 172 I [email protected] ——— Subscriptions Stephen Vanson 24 London I +44 753 529 6546 [email protected] ——— 6 THE MONTH THAT WAS 23 Polish e-commerce platform Advertising Allegro officially announces IPO Elena Arbuzova COMPANIES & MARKETS 23 Russia to IPO state-controlled business development director (CIS) I Moscow +7 9160015510 I [email protected] Sovkomflot ——— 10 Belarus top supermarket Eurotorg brushes off the 24 Shares of Russian Yandex soar on Design coronacrisis with revenues Tinkoff Bank mega-merger Olga Gusarova down only 2% in dollar terms art director I London in 1H20 25 Equity funds acquire Hungary’s +44 7738783240 I [email protected] leading meat processor 12 Questions raised over Please direct comments, letters, press releases veracity of Russia’s Sputnik V 26 Furore over Bucharest land plot gift and other editorial enquires to [email protected] coronavirus vaccine test data for €2.9bn Romexpo development All rights reserved. No part of this publication 13 Poland plans to curb 27 Uzbekistan’s Bukhara refinery buys may be reproduced, stored in or introduced to any electricity sales via power in Honeywell technology to help retrival system, or transmitted, in any form, or by any means electronic, mechanical, photocopying, exchange to help coal meet government’s oil and fuel recording or other means of transmission, without industry ambitions express written permission of the publisher. The opinions or recommendations are not necessar- 14 Iran earmarks 1% of SWF to 28 Lukashenko’s crackdown leads to ily those of the publisher or contributing authors, including the submissions to bne by third parties. stabilise stock market exodus of IT professionals No liability can be attached to the publisher for these comments, nor for inaccuracies, errors 14 Uzbekistan wins deals 29 Contactless payments grow in or omissions. Investment decisions or related actions taken on the basis of views or opinions to produce Nike, Adidas popularity in Slovakia that appear herein are the responsibility of the footwear reader and the publisher, contributors and related 30 Kazakhstan headhunts Belarusian parties cannot be held liable for these actions. 15 Bulgarian protesters go toy IT developers, in vain so far bne Intellinews is published by shopping to support local Emerging Markets Direct OU businessmen targeted by 30 Poland tables draft bill that could authorities chase Huawei off the market Print issue: £4.50 /$6.75 /€5.90 . €499 / year 16 Moody’s hits Turkey with 31 Russia's national program for downgrade to all-time lowest digital economy stumbles rating in unscheduled move Follow us on 32 Skolkovo suspends key grant twitter.com/bneintellinews 20 250 companies ‘in queue for programmes until next year Tehran IPO’ due to crisis cuts Sign up to FREE electronic version of bne monthly magazine OR buy 20 Capital Economics and IIF a print subscription at report capital flows have reversed and returning bne.eu/subscribe to EMs bne October 2020 Contents I 5 29 38 42 COVER FEATURE EASTERN EUROPE 56 34 A history of Russian crises 46 The Belarusian Banshees 48 Navalny’s smart voting CENTRAL EUROPE scores rare successes in Russia’s regional elections 38 Poland pledges bold move away from coal 50 Ukraine’s partners worried about deteriorating 39 A new growth area in a clean commitment of Zelenskiy new world administration to judicial reform 40 Political rift causes Europe’s top acoustic piano producer to lose Chinese contract EURASIA 41 Hungary’s culture war 52 Saakashvili returning to fray escalates as students defy in Georgian general election government-appointed defying critics who see move leadership at Budapest's as own goal SZFE universityn countering Chinese influence 54 Major fighting erupts between Armenia and Azerbaijan over Nagorno-Karabakh SOUTHEAST EUROPE 55 Kazakhstan slaps foreign 64 42 Serbia and Kosovo sign bank account ban on officials “historic” economic deal in Washington OPINION NEW EUROPE IN NUMBERS 43 EU’s relationship with Turkey has reached “watershed 56 Whatever is happening to 67 Lawmakers’ promises, one moment” says foreign policy Putin? year later chief Borrell 58 Belarus – out of the frying 44 Croatian officials slam MEP’s pan and into the “Rublezone” watermelon protest as “security threat” 61 The Tajik election – Stick not twist for Moscow 45 EU under pressure to intervene as Bulgarian 64 Turkmenistan: They call me protests enter third month Mr. Boombastic 6 I The Month That Was bne October 2020 Politics Eastern Europe The state-owned company will invest as part of a protest to raise awareness of PLN25bn ($6.6bn) in clean energy local farmers who are failing to compete The Russian Government has projects over the next three decades. with cheap imports from the EU. increased taxes for Russian companies registered in Cyprus and Poland’s ruling Law and Justice (PiS) Moldova’s President Igor Dodon amended a double taxation treaty, as party has proposed banning fur said he will run for another term on a way to force more Russian companies farming causing protests by industry September 9, “on behalf of the people” to move their domicile home. Aluminium workers. The proposal is seen as and he pledged to dissolve parliament if producer Rusal has already re-registered a PiS move to become more attractive he wins. in a Russian “on-shore” tax haven. to younger voters but the party has struggled to win the support of its Bulgaria will block North Macedonia’s Two out of five (42%) Russians say that coalition partners. EU accession bid if no agreement is a merger between Russia and Belarus is reached on controversial historical a bad idea, according to the state owned Slovakia’s Specialised Criminal Court issues between the two countries. pollster, the Russian Public Opinion acquitted businessman Marian Kocner, Relations between the two neighboring Research Centre (VTsIOM).