Mikhail Gutseriev has disclosed the amount of revenue from falling oil prices

The owner of “RussNeft” and Neftisa, billionaire Mikhail Gutseriev confirmed through a representative that really hedge the risks of a sharp drop in oil prices. According to him, only for hedging, he earned $700 million in 2015-2016.

Gutseriev received funds “invested in the repayment of the debt of RussNeft and the acquisition of new assets”, said the representative of the billionaire. He also confirmed that to insure the risks of the businessman advised the head of Sberbank German Gref.

On Tuesday, 26 April, Reuters, citing sources in the banking and oil sector, reported that Gutseriyev could earn hundreds of millions of dollars in the crisis year due to the hedging of falling oil prices. Reuters wrote that according to his calculations, the income Gutseriev from this “insurance” could be up to $1.75 billion.

The Agency said, the risks hedged under the control of Gutseriev company “Neftis”, agreed at the end of 2014 on the sale of future oil supplies by 50 million barrels. at $85 per barrel. At the time of the transaction, the price of oil fluctuated between $110 and $85 per barrel, then began to fall.

The Reuters source also said that the structures Gutseriev was a lot of debt to Sberbank, its head German Gref and advised to zahedzhirovat against falling oil prices. First Deputy Chairman of Sberbank Maxim Poletayev confirmed to the Agency that the Bank in 2014, made a deal again. Soon after that, he explained, the savings Bank sold the contract of one foreign banking group.