Tsigankov: Not what conditions will be placed bonds on the Russian market? If this condition is quite favorable, why so long to Belarus vazhylasya do it?
Crook: First of all, the huge financial problems of the trade deficit emerged only in recent years. And Belarus has started an active search for credit outside the country. As for the Russian market, the measures to ensure that it is there to issue bonds, have been made before. But for this was have signed an agreement between the governments. Last year, Russia passed a law that allowed foreign issuer enters the Russian market.
So get some combination of circumstances: first, there was a legal opportunity to enter this market, and secondly, Belarus has increased the demand for new credit resources, and thirdly, in relation to the positive dynamics of the market. So it happen now. Regarding the amount of the loan, you can say that it is rather indicative. It is rather the accumulation of credit history, than a significant step in attracting funding.
Tsigankov: The current inter-state relations between Belarus and Russia somehow affect the placement of the bonds? Or is it purely an economic move, and it goes beyond political circumstances?
Crook: As I understand it, it is. In accordance with the new Russian law, almost any Russian issuer may enter the market if it meets the requirements that are in this law. I think two years ago, Finance Minister Kudrin promised to support the Belarusian government, if he decides to go on loan to the Russian market. Now such support is not likely to be, but it is now no great obstacle.
If we are talking about a relatively small amount, it can be said that political relations are not likely to be affected. It is unlikely that the Russian leadership will spoil its image by creating some artificial obstacles to these Belarusian debt.