A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

RC personal account
Восстановление пароля
Введите адрес электронной почты или телефон, указанные при регистрации. Вам будет отправлена инструкция по восстановлению пароля.
Некорректный формат электронной почты или телефона

Russian regions have become net lenders for financial institutions

In 2017, Russian regions earned RUB 99.4 billion as bank deposit interest and spent RUB 110.1 billion to pay loan interest. 12 Russian regions earned additional revenues, of which 74.7% was the share of Moscow. Bank deposits placed by regions include surplus funds of previous periods, intra-year cash surpluses and temporary free cash balances of state-owned enterprises.

Most payments (in absolute terms) were made by the Krasnoyarsk Region and Moscow Region (RUB 6.8 billion and RUB 6.6 billion, respectively). The Moscow Region earned about RUB 7 billion from its bank deposits, which completely covered its debt service costs. Note that, in 2017, the interest earnings on bank deposits exceeded debt service costs in nine Russian regions. Regions’ bank deposits and commercial debt are comparable in volume: as of 1 March 2018, the volume of bank deposits placed by regions amounted to RUB 1.122 trillion, while the volume of commercial debt (bonds and bank loans) was RUB 1.069 trillion (RUB 1.309 trillion including the commercial debt of municipalities). In 2017, the volume of Russian regions’ bank deposits exceeded their commercial debt for over seven months, reaching RUB 1.363 trillion.

Regions place deposits with one banks and borrow from the other. As of 1 March 2018, the aggregate share of Bank GBP (JSC), Bank VTB (PJSC) and RSHB (JSC) in the total deposits placed by regions was 90.2%, while the share of Sberbank was 1.5%. At the same time, Sberbank issued about 84% of loans to regions (including municipalities), while the shares of Bank GBP (JSC), Bank VTB (PJSC) and RSHB (JSC) were 3.0%, 2.5% and 0.3%, respectively. According to ACRA estimates, 11 Russian regions have financial reserves. For comparison: in the USA, where states are active in the debt market, 44 out of 50 states have Rainy Day Funds. The availability of financial reserves supports the credit quality of the largest Russian regions and U.S. states and allows them to cover budget deficits and maneuver in the debt market and raise funds under comfortable rates. Provided that Russian regions retain a certain degree of budgetary independence and remain active in the debt markets (including the bond market and the bank loan market), they should follow a counter-cyclic budget policy in the mid-term.

Analytics on the topic