Get caught in the middle

Who asked for money from the state and how much he received

To support the Russian economy, the authorities are ready to allocate billions of dollars from reserves, ease the tax burden, protect domestic producers from foreign competitors and stimulate demand. Who and how much asked the state and what they got in the end - studied by The New Times

The queue to the government to discuss rescue measures began to line up in mid-October: oil and gas workers were among the first to ask for help. The debt burden and the fall in world oil prices forced the seemingly richest Russian enterprises to beat their heads and wring their hands in front of the curator of the energy industry, Deputy Prime Minister Igor Sechin.

Oil, gas, metal...

“Russia remains a resource power. Thanks to high prices for resources, the Reserve Fund was accumulated, without which, in the current situation, the sectors of the real economy would experience huge problems, so supporting the main “breadwinner” of the treasury is the government’s top priority, ”said Oleg Sysuev, First Deputy Chairman of the Board of Directors of Alfa- Bank .

To refinance the external debt this year, oil and gas companies were allocated $9 billion, but their needs due to the repayment of external debts are much higher. Therefore, the state is ready to reduce their tax burden by lowering the customs duty rate from the current $485 per ton of oil to $287, and to review this rate on a monthly basis to take into account price fluctuations on world markets.

Following the oil industry, metallurgists went to the government with a request to expedite the return of VAT, freeze the tariffs of natural monopolies, and establish protective duties on certain product categories. But the main problem of steelmakers is the drop in demand from their main consumers: machine builders and developers. “Metallurgists did not ask for money from the government - the financial stability of the steel industry is very reliable. They discussed the possibility of supporting automakers and builders,” says Olga Mitrofanova, an analyst at Aton. “During the economic boom, companies created their own airbags, which they use today.”

However, the course of the crisis showed that not all companies in the metallurgical industry were so prudent. As it turned out, the most problematic company, RUSAL, asked the state for $4.5 billion to pay off debts to Western banks. Ultimately, the empire of Oleg Deripaska received an exclusive loan from Vnesheconombank secured by a 25% stake in Norilsk Nickel and, possibly, other securities.

... machine builders, agro-industry ...

The machine builders, in turn, appealed directly to the president, directly declaring their appetites: KamAZ and AvtoVAZ each asked for $1 billion for the implementation of leasing programs and long-term projects, GAZ - $3.7 billion. Introduction of protective duties for foreign cars and a moratorium on their purchase by government agencies , as well as freezing prices for the services of natural monopolies - all this was on the list of anti-crisis measures presented in the petition to Medvedev and Putin.

As a result, duties on foreign cars are planned to be raised from the current 25% to 30% (car giants lobbied for 35%). “Increasing duties in a crisis and falling incomes of the population will most likely lead to a decrease in sales of all cars, rather than an increase in sales of domestic cars,” said Maxim Tishin, a leading portfolio manager at UFG Asset Management . Stimulating demand for Russian cars through direct purchases for state needs, expanding credit programs for the population, developing new leasing schemes for enterprises are the most effective anti-crisis measures, the expert believes. But for this, it is necessary to lower existing interest rates in order to generate additional demand.

The crisis did not pass by the agro-industrial complex, with representatives of which First Deputy Prime Minister Viktor Zubkov met. “At a meeting in the government, we advocated an increase in the purchase price for third-class food wheat to 6,000 rubles per ton, and discussed the freezing of tariffs for natural monopolies and mechanisms for refinancing the industry,” said Arkady Zlochevsky, president of the Russian Grain Union, in an interview with The New Times . As a result, from November 1, the price was increased by 8% - up to 5.5 thousand rubles. “This measure provided serious support to the market,” the expert emphasized.

...and others

Meanwhile, the line of money walkers from builders, bankers, retailers, airlines, IT specialists and even representatives of the gambling business only increased. Against the backdrop of a rapid decline in gold and foreign exchange reserves (about $100 billion in one month), Prime Minister Putin was forced to rein in the lobbyists and prepare a list of industries that the state is primarily responsible for saving: construction, engineering, agriculture, defense, raw materials and retail.

“At the very beginning of the crisis, government policy did not have a clear sectoral specialization. We supported all economic entities that got into trouble,” says Elena Matrosova, director of the Center for Macroeconomic Research at BDO Unicon. - All the resources are still not enough, so the principles of support were developed. But the priority still remained not the sectors of the economy, but specific enterprises. The selection criterion is the company's market share and significance for the national economic security of the state.”

At the same time, many experts interviewed by The New Times admit that the government reacts quite quickly to the problems of large and medium-sized enterprises. However, the authorities are more likely to extinguish fires than to prevent their occurrence. Meanwhile, according to FBK estimates, funds allocated for anti-crisis measures reach 15% of GDP, which is two to three times higher than similar measures implemented by the American and European governments. “Trying to save everyone is crazy! exclaims Oleg Sysuev. - The principle: whoever came running first and began to ask for support, he received it - is wrong. Support measures should be of a market nature, and the conditions for receiving them should be transparent.”

How much would you like to receive (based on open sources)

Oil and gas workers - $90 billion to pay off loans.

Metallurgists — $10.5 billion to implement investment programs and repay loans.

Automakers — $6 billion to support leasing and long-term projects.

Retailers - $5 billion for the development of long-term projects.

Aircraft manufacturers - $ 1 billion.

Agricultural producers — $0.4 billion

How much are you willing to give?

The total amount of anti-crisis resources, according to Prime Minister Putin, is $200 billion (of which $50 billion is intended for the banking sector).