The decrease in dividends “Gazprom” will pay for the expense of the Reserve Fund

The Ministry of Finance compensates forgone from state-owned companies dividends from the Reserve Fund. On Wednesday, said Deputy Finance Minister Alexei Moiseev. “While there is only one solution — at “Gazprom”. So let’s wait for the end of the season-making guidelines to say how many will receive less [budget]. As for compensation, source of compensation is of course the Reserve Fund”, — quotes the words of Moses, “RIA Novosti”.

A resolution according to which the level of dividends from companies with state participation cannot be less than half of the net profit under RAS or IFRS (the larger of the two values), in mid-April, was signed by the head of the government Dmitry Medvedev. The previous limit was 25%. Due to this measure the Cabinet was expected to provide at least 100 billion rubles of additional budget revenues. Previously, the newspaper “Vedomosti” reported that the Ministry of Finance expects to receive this year from state-owned companies 400-450 billion rubles at the expense of dividends and interest on deposits. The additional 300 billion rubles from state-owned companies, over and above prescribed in the law this year 140 billion, will allow to meet the budget deficit of 3% of GDP, the Finance Ministry noted.

Last year, the Agency transferred to the Treasury 258 billion roubles in dividends from state-owned companies received for 2014.

If “Gazprom” has completed the disposal of the government, its dividends could be a record in the history of the company: the amount they could amount to 393 billion rubles, However, the group won the right to pay dividend 50% of net profit, the company, and not under IFRS. On may 17 the Minister of economic development Alexei Ulyukayev said that the Ministry has prepared a Directive according to which “Gazprom” will pay to shareholders of about 175 billion rubles (50% of the profits, the company, or 21.8% under IFRS).

In addition to “Gazprom” several companies have been able to avoid payment of increased dividends in 2015. So, “Rosneftegaz” has achieved the right to pay 50% of the adjusted profit (about 25% of the index, the company unadjusted — RUB 36 billion), and Rosneft have agreed on the payment of approximately 35% of net profit under IFRS, or 124.5 billion rubles. At “Transneft” and “Bashneft” Directive is not yet approved.

In April, the government resumed spending currency from the Reserve Fund to cover the budget deficit. Last month, the Treasury sold $2,62 billion €2.30 billion and £0.41 billion from accounts in Bank of Russia. Raised 390 billion rubles were credited to the single account of the Federal budget to Finance its deficit, the Finance Ministry reported. As a result, on may 1, 2016, the volume of Reserve Fund has decreased for a month by 15.5% and amounted to 2,89 trillion rubles., and in dollars — by 11.1% (to $44,96 billion). Last year, the Ministry of Finance spent from the Reserve Fund at 2.6 trillion rubles, and this year will be spent to cover the budget deficit of about 2 trillion rubles.