Can Russia play the role of a saver?

12.10.2011 Today officials confidently declare that if necessary Russia is ready to assist Europe to solve urgent problems connected with the debt crisis way out. Specifically one of the topics - Spanish debt securities buyout - was discussed by officials of the Russian Federation and Spain during Minister of Economy and Finance of the Kingdom visit to Moscow. Moreover the mentioned position of Russia to assist European states, to invest in Spanish debt securities in particular, was confirmed by the relevant statement of the Central Bank. However concrete steps will be made only after the final formulation of policies and strategies by the European countries to overcome the crisis.

Expert’s opinion

“Russian position on Europe assistance and in particular investing in Spanish debt securities is controversial enough. If we recall the motivation of Cyprus assistance - it was obvious: it is not a secret that huge financial flows of Russian business are transferred exactly through this low-tax zone. Among the factors influencing the need for Spain assistance we can name the existing agreement between the countries in the energy sector according to which Russia is in favor to buy Spanish oil and gas companies. In any case before providing assistance to other regions it is necessary to assess all the risks and consequences: let’s recall that Russia also has a lot of problems in the financial sector - one of them is connected with achievement of deficit-free state budget”.

On the basis: www.expert.ru

Andrianova Irina ( the lawyer of international consulting department of “Honest & Bright” )