In Putin's Shadow
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IMPORTANT NOTICE IMPORTANT: You Must Read the Following Before Continuing. the Following Applies to the Prospectus Following
IMPORTANT NOTICE IMPORTANT: You must read the following before continuing. The following applies to the prospectus following this page (the "Prospectus"), and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information as a result of such access. This Prospectus is valid for 12 months from its date. SIBUR Securities DAC (the "Issuer") will, in the event of any significant new factor, material mistake or inaccuracy relating to information included in this Prospectus which is capable of affecting the assessment of the Notes and arises or is noted between the date of this Prospectus and the time at which the Notes are admitted to trading on the Regulated Market (as defined below), prepare a supplement to this Prospectus. The obligation to prepare a supplement to this Prospectus shall not apply following the time at which the Notes are admitted to trading on the Regulated Market. THE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THE PROSPECTUS MAY ONLY BE DISTRIBUTED OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITHIN THE UNITED STATES TO QIBs (AS DEFINED BELOW). ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE PROSPECTUS IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. -
Testimony: the Russian Economy: More Than Just Energy?
The Russian Economy: More than Just Energy? Anders Åslund, Peterson Institute for International Economics Testimony for the Committee on Foreign Affairs of the European Parliament April 2009 1 Introduction Russia has enjoyed a decade of high economic growth because of the eventually successful market reforms of the 1990s as well as an oil boom. For the last six years, however, the Russian economy has become increasingly dysfunctional because the authorities have done nothing to impede corruption. The energy sector has been a generator of corrupt revenues, and its renationalization has concentrated these corrupt incomes in the hands of the security police elite. Russia depends on the European Union for most of its exports and imports, but no free trade agreement is even on the horizon. Investments, by contrast, are relatively well secured through international conventions. In global governance, Russia has changed its attitude from being a joiner to becoming a spoiler. The disruption of supplies of Russian gas to Europe in January 2009 displayed all the shortfalls both of the Russian and Ukrainian gas sectors and of EU policy. The European Union needs to play a more active role. It should monitor gas supplies, production, and storage. It should demand the exclusion of corrupt intermediaries in its gas trade. It should demand that Russia and Ukraine conclude a long- term transit and supply agreement. The European Union should form a proper energy policy, with energy conservation, diversification, unbundling, and increased storage. This is a good time to persuade Russia to ratify the Energy Charter. The European Union should also demand that Ukraine undertake a market-oriented and transparent energy-sector reform. -
Mexico and Russia : Mirror Images?
Mexico and Russia : Mirror Images? NIKOLAS K. GVOSDEV D oes Mexico's past experience as a "managed democracy" have any relevante for understanding developments in contemporary Russia?' At first glance, there are important dissimilarities between Mexico and Russia. Russia is the core of a collapsed superpower, with a highly developed industrial and scientific infra- structure; Mexico is a developing nation. Russia has great power pretensions and is a major regional actor, whereas Mexico has subsisted largely in the shadow of its neighbor to the north. However, as far back as the 1940s, American journalist W. L. White suggested that Americans could better understand developments in Russia through a comparison with Mexico 2 More recently, Guillermo O'Don- nell, among others, has drawn important and useful comparisons between the countries of Latin America and Eastern Europe in their respective paths toward democracy, and Robert Leiken, in a recent Foreign Affairs article, has cited the importance of the comparison between Mexico and Russia.3 Russia and Mexico share a number of common elements in their respective political cultures. Mexico's view of itself as an "Ibero-American" fusion of Euro- pean and Indian components is echoed by the notion of Russia as a "Eurasian" society, bridging the gap between European, Islamic, and Asian civilizations. Both countries have strong authoritarian and socialist-communalist currents, which have played a major role in shaping the political culture.4 What is most striking, however, is the degree to which Russia under President Vladimir Putin appears to be moving toward the creation of a political regime of managed democracy that resembles what emerged in Mexico after the 1940s under the Partido Revolucionario Institucional, or Institutional Revolutionary Party (PRI). -
The Russia You Never Met
The Russia You Never Met MATT BIVENS AND JONAS BERNSTEIN fter staggering to reelection in summer 1996, President Boris Yeltsin A announced what had long been obvious: that he had a bad heart and needed surgery. Then he disappeared from view, leaving his prime minister, Viktor Cher- nomyrdin, and his chief of staff, Anatoly Chubais, to mind the Kremlin. For the next few months, Russians would tune in the morning news to learn if the presi- dent was still alive. Evenings they would tune in Chubais and Chernomyrdin to hear about a national emergency—no one was paying their taxes. Summer turned to autumn, but as Yeltsin’s by-pass operation approached, strange things began to happen. Chubais and Chernomyrdin suddenly announced the creation of a new body, the Cheka, to help the government collect taxes. In Lenin’s day, the Cheka was the secret police force—the forerunner of the KGB— that, among other things, forcibly wrested food and money from the peasantry and drove some of them into collective farms or concentration camps. Chubais made no apologies, saying that he had chosen such a historically weighted name to communicate the seriousness of the tax emergency.1 Western governments nod- ded their collective heads in solemn agreement. The International Monetary Fund and the World Bank both confirmed that Russia was experiencing a tax collec- tion emergency and insisted that serious steps be taken.2 Never mind that the Russian government had been granting enormous tax breaks to the politically connected, including billions to Chernomyrdin’s favorite, Gazprom, the natural gas monopoly,3 and around $1 billion to Chubais’s favorite, Uneximbank,4 never mind the horrendous corruption that had been bleeding the treasury dry for years, or the nihilistic and pointless (and expensive) destruction of Chechnya. -
Natural-Gas Trade Between Russia, Turkmenistan, and Ukraine
Asian Cultures and Modernity Research Reports Editorial Board Birgit N. Schlyter (Editor-in-chief) Merrick Tabor (Associate editor) Mirja Juntunen (Associate editor) Johan Fresk (Assistant) International Advisory Board Prof. Ishtiaq Ahmed (Stockholm University, Sweden) Dr. Bayram Balcı (Inst. français d’étude sur l’Asie centrale, Uzbekistan) Dr. Ooi Kee Beng (Institute of Southeast Asian Studies, Singapore) Datuk Prof. Dr. Shamsul A.B. (Universiti Kebangsaan Malaysia) The Asian Cultures and Modernity Research Group A plethora of state- and nation-building programmes are being developed in present- day Asia, where governments have to consider the regionality of old ethno-cultural identities. While the cohesive power of traditions must be put into use within a particular nation, that same power challenges its national boundaries. To soften this contradiction, economic and/or political regionalism, in contrast to isolationism and globalism, becomes a solution, suggesting new and exciting routes to modernity. In studies conducted by the Asian Cultures and Modernity Research Group at Stockholm University, sociolinguistic and culture-relativistic perspectives are applied with the support of epistemological considerations from the field of political science. Department of Oriental Languages Stockholm University SE-106 91 Stockholm E-mail: [email protected] ISSN 1651-0666 ISBN 978-91-976907-2-0 Asian Cultures and Modernity Research Report No. 15 Natural-Gas Trade between Russia, Turkmenistan, and Ukraine Agreements and Disputes by Michael Fredholm Department of South and Central Asian Studies Stockholm University Editorial Note The author has written extensively on the history, defence and security policies, and energy sector developments of Eurasia. He also heads the business research company Team Ippeki. -
Privatization in Russia: Catalyst for the Elite
PRIVATIZATION IN RUSSIA: CATALYST FOR THE ELITE VIRGINIE COULLOUDON During the fall of 1997, the Russian press exposed a corruption scandal in- volving First Deputy Prime Minister Anatoli Chubais, and several other high- ranking officials of the Russian government.' In a familiar scenario, news organizations run by several bankers involved in the privatization process published compromising material that prompted the dismissal of the politi- 2 cians on bribery charges. The main significance of the so-called "Chubais affair" is not that it pro- vides further evidence of corruption in Russia. Rather, it underscores the im- portance of the scandal's timing in light of the prevailing economic environment and privatization policy. It shows how deliberate this political campaign was in removing a rival on the eve of the privatization of Rosneft, Russia's only remaining state-owned oil and gas company. The history of privatization in Russia is riddled with scandals, revealing the critical nature of the struggle for state funding in Russia today. At stake is influence over defining the rules of the political game. The aim of this article is to demonstrate how privatization in Russia gave birth to an oligarchic re- gime and how, paradoxically, it would eventually destroy that very oligar- chy. This article intends to study how privatization influenced the creation of the present elite structure and how it may further transform Russian decision making in the foreseeable future. Privatization is generally seen as a prerequisite to a market economy, which in turn is considered a sine qua non to establishing a democratic regime. But some Russian analysts and political leaders disagree with this approach. -
Sanctions Intelligence Update
July 17, 2014 SANCTIONS INTELLIGENCE UPDATE GENNADY TIMCHENKO & VOLGA GROUP adapting BUSINESS FOLLOWING U.S. & Canadian sanctions Overview In March and April, the US government sanctioned Russian businessman Gennady Timchenko, his Luxembourg-registered holding company Volga Group, and ten related subsidiaries. Timchenko was identified as a “member of the Russian leadership’s inner circle,” whose involvement in the energy sector was “directly linked to [President] Putin.” To date, Canada has sanctioned Timchenko, Volga Group, and nine Volga Group subsidiaries. The European Union has not acted against Timchenko or Volga Group. Since the announcement of US and Canadian sanctions, Timchenko and Volga Group- controlled firms have announced new projects in Asia, Europe, and Syria with reported financing from Chinese and Russian banks, including institutions sanctioned by the US on July 16. Financial institutions engaged in global business should consider the implications for AML and sanctions risk management. Timchenko’s post-sanctionS business ventures in China In late April 2014, President Putin appointed Gennady Timchenko to lead the Russia-China Business Council (RCBC), a body created in 2004 to expand partnerships between the two countries. Timchenko told reporters after President Putin’s RCBC announcement: “You know what Putin said? He introduced me by As head of RCBC, Timchenko is advancing Volga Group interests in saying Mr. Timchenko is the head of our business council. In other China. words – it is my words here – he is our main man for China.” • In late May 2014, Volga Group is constructing a terminal for announced a joint-venture with coal and iron ore shipments in the state-owned China Harbour Russia’s Far East. -
Overlap Issues Consent Order
IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION The Honourable Mrs Justice Gloster DBE 12 October 2012 BETWEEN:- HCO8C03549 BORIS BEREZOVSICY Claimant - and - INNA GUDAVADZE & OTHERS Defendants HCO9C00494 BORIS BEREZOVSKY Claimant - and - VASILY ANISIMOV & OTHERS Defendants HCO9C00711 BORIS BEREZOVSICY Claimant - and - SALFORD CAPITAL PARTNERS INC & OTHERS Defendants 1),D 1147 (f) MEEK ORDER UPON the Order of Mr Justice Mann and Mrs Justice Gloster DBE dated 16 August 2010, ordering the trial of the issues set out in paragraph 1 of that Order (the Overlap Issues) as preliminary issues in proceedings number HC08C03549 (the Main Action), HC09C00494 (the Metalloinvest Action) and HCO9C00711 (the Salford Action); AND UPON the trial of the Overlap Issues (as amended by subsequent Orders) together with the trial of the Claimant's claims in Commercial Court proceedings number 2007 Folio 942 (the Joint Trial); AND UPON the Court having heard oral evidence and having read the written evidence filed; AND UPON hearing Leading Counsel for the Claimant, Counsel for the Second to Fifth Defendants in the Main Action (the Family Defendants), Leading Counsel for the Third to Fifth and Tenth Defendants in the Metalloinvest Action (the Anisimov Defendants), and Counsel for the Fourth to Ninth and Eleventh Defendants in the Salford Action (the Salford Defendants); AND UPON the Court having given judgment on the Overlap Issues on 31 August 2012; AND UPON the parties having agreed the orders as to costs set out in paragraphs 2 to 5 of this Order below; IT IS ORDERED THAT:- Determination of the Overlap Issues 1. The Overlap Issues are determined as follows:- (1) The Claimant did not acquire any interest in any Russian aluminium industry assets prior to the alleged meeting at the Dorchester Hotel in March 2000 (other than as a result of the alleged overarching joint venture agreement alleged by the Claimant in the Main Action, in relation to which no findings are made). -
Mr. Chairman, I Welcome the Opportunity to Appear Before The
Mr. Chairman, I welcome the opportunity to appear before the Helsinki Commission to discuss the current situation in Russia and the concerns of all of us about the Putin government and the future of Russia. First, I wish to emphasize the value of the Commission’s mandate and stated criteria to promote compliance with the fundamental standards of civil society in Russia and the other former Soviet republics. Second, those of us who have witnessed first-hand the travesty of justice in Russia much appreciate the concerns expressed by the co-chairmen about the improper handling of the Yukos trial and the sentencing of Mikhail Khodorkovsky and his colleagues by Russian authorities. Your formal statement to the world’s press that the “case appears to the world to be justice directed by politics” and that the “selective prosecution such as appears to be the case here will wreak havoc on Russia’s legal system” reflects that the chairmen of this commission have an accurate view of the Khodorkovsky trial and the weakened state of the legal system in Russia. Third, it is vitally important that the Helsinki Commission continue monitoring the implementation of the provisions of the 1975 Helsinki Accords as they relate to Russia and report its findings to the public. While the U.S. Administration and Congressional leaders must necessarily balance many variables in the bilateral relationship, the Helsinki Commission has a clear mandate to insure that human rights and basic freedoms are maintained in the countries under its jurisdiction. Mr. Chairman, it is my opinion that the rule of law is the cornerstone of civil society because it serves to protect the rights and freedoms of all citizens. -
November 1-30, 2020
UZBEKISATN– NOVEMBER 1-30, 2020 UZBEKISATN– NOVEMBER 1-30, 2020 ....................................................................................................................................... 1 TOP NEWS OF THE PERIOD ................................................................................................................................................................ 2 Government intends to increase excise tax rates on petrol and diesel 2 Leading trade partners of Uzbekistan 2 POLITICS AND LAW ................................................................................................................................................................................. 3 Namangan plans to build an international business center: Alisher Usmanov to contribute to the implementation of the project 3 Uzbekistan rises in the Legatum Prosperity Index 3 Worldwide Cost of Living 2020 report: Tashkent among cheapest cities to live in 4 International Organization of Migration to open its office in Uzbekistan 4 Central Asia, EU reaffirm their commitment to build strong relations 5 Facilitating Uzbekistan's Accession to the WTO 7 Economy AND FINANCE ...................................................................................................................................................................... 8 Uzbekistan takes first place in the world in terms of gold sold in the third quarter 8 The National Venture Fund UzVC is being created 8 Diesel fuel production of Euro-4 and Euro-5 standards starts in Ferghana region 9 Food -
CONGRESSIONAL RECORD— Extensions of Remarks E2636 HON
E2636 CONGRESSIONAL RECORD — Extensions of Remarks December 19, 2007 well known in the U.S. and Europe for his RUSSIA’S NEW OLIGARCHY was the real owner of Russian telecommuni- leadership in helping Russia make the transi- FOR PUTIN AND FRIENDS, A GUSHER OF cations assets currently valued at on less tion to a market economy. QUESTIONABLE DEALS than $6 billion. Reiman has amassed this ex- (By Antlers Aslund) traordinary fortune as a state official, partly But the Yukos Company’s vast energy re- through beneficial privatizations, partly The news that Dmitry Medvedev, Vladimir sources and Mr. Khodorkovsky’s Western through privileged licenses issued to his Putin’s nominee to succeed him as president, leanings proved too much for Kremlin companies. A government with any stand- wants Putin to become prime minister of ards would fire such an official, but Putin operatives eager to assert state control over Russia next year opens one option for Putin suppressed this negative information within the energy sector and discipline Russian busi- to retain power after his term ends. Putin Russia and kept Reiman on, showing that he nessmen who supported opposition parties. has little choice but to stay in power as long accepts corruption. In what was widely reported by major news as he can. The Russian daily Kommersant published a A year ago, a famous Russian journalist publications at the time, Russian authorities long interview with Russian businessman asked me: Is it true that Putin has a net for- Oleg Shvartsman on the eve of the recent used arbitrary and possibly extralegal means tune of $35 to 40 billion?’’ (This journalist, of Duma elections. -
Security Aspects of the South Stream Project
BRIEFING PAPER Policy Department External Policies SECURITY ASPECTS OF THE SOUTH STREAM PROJECT FOREIGN AFFAIRS October 2008 JANUARY 2004 EN This briefing paper was requested by the European Parliament's Committee on Foreign Affairs. It is published in the following language: English Author: Zeyno Baran, Director Center for Eurasian Policy (CEP), Hudson Institute www.hudson.org The author is grateful for the support of CEP Research Associates Onur Sazak and Emmet C. Tuohy as well as former CEP Research Assistant Rob A. Smith. Responsible Official: Levente Császi Directorate-General for External Policies of the Union Policy Department BD4 06 M 55 rue Wiertz B-1047 Brussels E-mail: [email protected] Publisher European Parliament Manuscript completed on 23 October 2008. The briefing paper is available on the Internet at http://www.europarl.europa.eu/activities/committees/studies.do?language=EN If you are unable to download the information you require, please request a paper copy by e-mail : [email protected] Brussels: European Parliament, 2008. Any opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament. © European Communities, 2008. Reproduction and translation, except for commercial purposes, are authorised, provided the source is acknowledged and provided the publisher is given prior notice and supplied with a copy of the publication. EXPO/B/AFET/2008/30 October 2008 PE 388.962 EN CONTENTS SECURITY ASPECTS OF THE SOUTH STREAM PROJECT ................................ ii EXECUTIVE SUMMARY .............................................................................................iii 1. INTRODUCTION......................................................................................................... 1 2. THE RUSSIAN CHALLENGE................................................................................... 2 2.1.