Sechin reported on the sale of Rosneft’s $45 billion to stabilize the ruble

The company “Rosneft” last year, sold through the Central Bank about $45 billion. the head of the company Igor Sechin told Russian President Vladimir Putin in the March 28 conversation, the transcript of which is published on the Kremlin website. According to Sechin, “Rosneft” understands “your responsibility” for “ensuring the export earnings of the state.”

“We understand our responsibility, Mr President, and the supply of petroleum products to the domestic market, and the provision of export income for the state. In the past year to stabilize the currency market of the country sold through the system of the Central Bank at about $ 45 billion.”, — said Sechin. “Well,” said the President.

In addition, in a conversation with Putin the head of “Rosneft” told how the company “coped with the instability of the market.” “In the conditions of crisis in the world markets associated with falling prices for hydrocarbons, the situation in recent years has developed quite difficult. But I am pleased to report that the company coped with the instability of the market,” he said.

In February of last year, reporting to the President, Sechin said that “Rosneft” in 2014 sold on the foreign exchange market is $93 billion. “So, that was our contribution to the stabilization of the monetary system of the country”, — said Sechin.

As previously posted , the government turned to private companies with the informal requirement to sell foreign exchange earnings in December 2014, when one day, on 16 December, the dollar has updated the historical maximum, rising to over 80 rubles, and Euro — 100 rubles. in addition, after the panic of December 16, a Directive was issued ordering state-owned companies to lead to March 1, 2015 their net foreign exchange position to tier 1 of October 2014. In December 2014, this provision has received “Gazprom”, “Rosneft”, “Zarubezhneft”, “ALROSA” and “Crystal”. As told said a top Manager of one of the major companies-exporters and a source in the government, it is an informal requirement has ceased to operate in March 2015.

In January 2016, after the next collapse of the ruble, when the dollar soared above 85 rubles, the financial authorities began to think again about returning to the mode of guidance to exporters to sell part of foreign currency earnings for the stabilization of the ruble. A source in the government reported that these actions could be discussed at a meeting in the government with participation of the head of the Central Bank. About these plans and told one of the bankers, which communicate with the members of the Central Bank. Exporters told that continue to communicate with the regulator on this issue. The interlocutor in one of the banks clarified that the sale of foreign currency proceeds shall be agreed upon heads of departments of the Central Bank and export companies.