The largest non-public state-owned company in Russia, JSC Rosneftegaz, continues to accumulate dividends from state corporations in its accounts, which pass by the federal budget and are used for non-public projects of the Kremlin.
The fund hiding in the shadows, which owns a controlling stake in Rosneft, as well as significant stakes in Gazprom and Inter RAO, earned 93.48 billion rubles of net profit by the end of 2020, Interfax reports with reference to the company’s report …
Having received 112.35 billion rubles in revenue (dividends from state-owned companies), as well as 41 billion rubles in interest income (from placing money on deposits), Rosnfetegaz transferred 103 billion rubles to the budget.
The total amount of retained earnings at the end of the year amounted to 560.8 billion rubles. This includes funds that Rosneftegaz received in different years as the owner of state corporations, but did not bring it to the budget.
A year earlier, this “money box” reached 570.3 billion rubles.
In 2015, Rosneftegaz became a non-public joint stock company and does not disclose financial statements, despite the fact that it owns key state assets in the energy sector.
Rosneftegaz is a “black hole”, it “lives by its own rules”, does not answer letters from the government, and sends everything to Putin, as if the owner is he, and not the Federal Property Management Agency, a federal official complained to Vedomosti in 2016.
Let us remind you that Rosneftegaz was created as a temporary storage facility for Rosneft and Gazprom shares. It was supposed to be liquidated as soon as it repaid the multibillion-dollar loan, but having returned the money to the banks in 2006, it continues to exist to this day.
Russian President Vladimir Putin said in 2016 that Rosneftegaz’s money is used to finance projects that the government “forgets”.
“We will spend Rosneftegaz’s money on such things, for which, after all the disputes and fights, the government doesn’t end up with money, but which need to be financed,” Putin said.