Vnesheconombank Chairman V.A. Dmitriev Speaks Live in the Bloomberg TV Programme “Emerging Markets”
Text of the interview:
Correspondent Ellen Pinchuk
Good afternoon, Vladimir Dmitriev is now in our studio, he is the Chairman of Vnesheconombank, Russia’s Bank for Development. We’ve got a lot of things to discuss. Let’s start with the hot news – TNK-BP. How important in your opinion is this story for industrial companies in Russia?
Vladimir Dmitriev
I think that it is the right step in the right direction in terms of improving corporate governance of Russian corporations and joint stock companies. And this is proof that balanced decisions and prudence are gaining the upper hand over emotions and emotional approaches. I welcome this decision, a compromise settlement, which shareholders managed to make and enshrined in their agreement.
E.P. A period of differences lasted for about four months. What do you think about the extent of damage done to Russia’s business reputation taking into account the fact that the government was involved in the dispute with all these problems with visas, tax inspection and etc?
V.D. I don’t believe that either of the sides took some artificial action to confuse the situation and complicate the problem. I think that it’s quite natural when differences emerge among shareholders within a corporate entity. And I am completely happy that in the long run both sides reached a relevant and quite a friendly settlement.
E.P. Over the current year we have seen that Russian business suffered numerous losses, namely, a 30% percent reduction in business activity as a result of the military conflict between Russia and Georgia and BNP Paribas information that about 30 billion dollars in the form of capital investment have fled the country since the beginning of the conflict with Georgia. How would you comment on the fact that investors are scared and fleeing the country?
V.D. In general, I didn’t say that there were serious problems with Western investors in Russia in terms of hypothetical investors. And as far as capital outflow from the Russian market is concerned, it involves short-term deposits. But long-term, strategic investors are still here and I don’t see any problems associated with their work in our country as well as with their increased presence in our country.
E.P. Prime Minister Vladimir Putin has said lately that there would be no serious consequences for the Russian economy as a result of the military conflict with Georgia. Do you think that the government should intensify its efforts to persuade investors that their money is in safety?
V.D. I think that actions taken by our government, our economic and financial institutions not only but also in the past are quite adequate to convince Western investors that Russia is a very stable, steady and reliable partner for their business. As far as our government is concerned it is doing its best to create a relevant legal environment to convince investors that Investment climate in Russia is favorable. And we can see that a lot of new, strategic capital is coming into Russia, into its various economic sectors.
E.P. Let’s talk a little about the ruble. Now, the ruble exchange rate to the dollar has almost reached this year’s low, yesterday we witnessed the biggest ruble’s decline against the dollar-euro basket since 2005. What’s your long-term forecast for the ruble’s value?
V.D. A far as I can see, our financial authorities haven’t taken any special measures in this respect, as both the Central Bank and the Finance Ministry have been saying for several months that we should move to a planned inflation within which we should have a freely fluctuating exchange rate of the ruble. As to the recent trend, it can have a positive impact on Russia’s exports.
E.P. Thank you very much. Our guest was Vnesheconombank Chairman Vladimir Dmitriev.
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