The scheme of financial support for assets of the state, which got under the sanction of Oleg Deripaska, became known. The central link in it, as expected, will be Promsvyazbank (PSB). He plans to issue a loan to the GAZ Group to replenish working capital and considers the issue of assistance to Rusal. The latter asked not only financial resources, but also purchases of aluminum by Rosrezervom. But if decisions on GAZ have already been taken, the appeal of "Rusal" is still being considered.
The structures of Oleg Deripaska, RusAl and GAZ group, together with their owner, who have fallen under US sanctions, can get loans to the PSB, a high-ranking source in the government told journalists at SPIEF-2018. According to him, the decision on "Rusal" has not yet been made, "the appeal was, it is being considered by the PSB". The government also did not decide whether to purchase aluminum through the Rosrezerv - about such a measure of support, according to the official, the company asked. But the decision to support the GAZ Group is already de facto: "GAZ will be supported to replenish the turnover. The volume required for working capital. " The official did not disclose the financing terms, but he assured that they would be market-based. In the GAZ group, they refused to discuss the situation, Rusal's representatives were unavailable for comment.
The problems of Rusal and the GAZ Group arose after April 6, when US sanctions were imposed on the companies themselves and their key shareholders Oleg Deripaska and Viktor Vekselberg in the most rigid format. These individuals, along with a number of others, got on the black list (SDN list), the US forbids to conduct business with its figurants. The government of the Russian Federation promised to support the companies that got under sanctions through providing liquidity for 100 billion rubles. in the form of loans of the basic PSB, created for the state defense order and other large state contracts. The bank has already allocated funds to the assets of Viktor Vekselberg: his group Renova repaid loans for 720 million and 310 million Swiss francs raised on the security of shares in Swiss Sulzer, Oerlikon and Schmolz + Bickenbach. Renova also paid 820 million francs on a loan issued on behalf of a group of shares owned by Rusal, and said that it has no debts to Western banks.
Meanwhile, it is around "Rusal" that the most critical situation has developed. In mid-April, the London Metal Exchange (LME) imposed temporary restrictions on the aluminum trade of the company, many traders and partners officially refused to work with it. As a result, the plants of Rusal in April reduced aluminum export shipments by 70% compared to March - from 254.8 thousand tons to 76.7 thousand tons, Interfax reported citing the materials of Russian Railways. But the demand for electricity from the company's plants remained stable and there was a sharp 25% increase in aluminum loading inside the Russian Federation, which, according to experts, meant that Rusal was working in the warehouse.
In 2014, the Ministry of Economy, the Ministry of Industry, the Ministry of Finance, the Federal Reserve and the VEB already discussed the possibility of creating a state aluminum fund (up to 1 million tons of primary aluminum), the idea belonged to Rusal. Then the company also had financial problems due to low prices for aluminum, Rusal was able to conserve high-cost production and restrained the production of metal at key plants. But then the idea of purchasing aluminum by Rosrezervom was not supported.
GAZ Group repeatedly spoke about the high cost of credit resources for producers, including in comparison with foreign players, which are credited at rates of about 3%. However, the financial position of the group does not look critical: in 2017, it increased its net profit by more than three times, to 3.5 billion rubles, revenue - by 10%, to 164.6 billion rubles. The company reported that the loan portfolio was reduced by 4.8 billion rubles. (without absolute figures), the volume of investments was increased by 30%, to 5.2 billion rubles. In March, even before the introduction of sanctions, the group restructured the debt to 8.5 billion rubles. ($ 147.569 million) - repayment was postponed for more than a year.