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Prune60 Profile picture
@Prune602
Aug 24, 2024 • 150 tweets • 34 min read • Read on X
‼️ Update on Businesses Leaving Russia.

I’m going to give a bit of a primer on this for people who aren’t familiar. For a few reasons

1. Because the way new information is presented may draw your attention away from the big picture.
2. Because I have a lot followers or people who aren’t familiar with what is going on

3. Because I asked and it what many said they wanted.

I’m a giver 😉
Since the beginning of Russia’s 2022 invasion of Ukraine, many foreign businesses have left Russia for a variety of reasons.

The longer businesses wait to leave the worse things get.
Now, will there be a few success stories in the end? Maybe. But those will outliers.

And I will say that…*sigh*…things don’t fit into perfect categories. There are going to be times when what would usually happen doesn’t because of corruption or something else.
I’m going to try to give you what is *usually* true. The big trends. And remember, this is a dynamic situation, and things can change.
As a general rule, the Russian Government DOES NOT WANT THESE COMPANIES TO LEAVE RUSSIA.

Or hasn’t really up until this point (there’s been a small shift that’s started to occur, we’ll cover later.)
In order to stop the outflow of foreign companies from Russia they did what they always do.

👉 Choose one of the worst possible responses available!
Russia decided to try to make leaving Russia as painful as possible for the companies leaving.

So we’re talking about companies that have businesses and assets IN RUSSIA. Not just a company that sells TO Russia. So in order to leave, they need to sell.
In order for a foreign business to leave they MUST

👉 sell their assets for AT LEAST 50% off the market value.
👉 get past a Russian Committee that will approve of the sale (so they may disagree with valuations)
👉 THEN pay the 🇷🇺 Government a percentage of the assets value.
👆 This is the BEST SCENARIO for leaving at the moment. If things go WELL this is what happens.

Now HOW MUCH do the businesses have to pay to the government. This has been a gray area. And there have been a lot of questions about it.
In the beginning it was understood to be 10% of the SALE price of the asset

So that meant that the best you could hope to leave Russia with is

👉 45% of you total assets value

Because you sold for 50% discount & then paid 10% of THAT (5% of the total assets value) to the govt
Then things got really muddy in understanding what they were doing. And the amounts paid increased.

There has been a new standard agreed upon for some time now though. Although it may not always be adhered to.
The new standard is

👉 you must sell your assets for AT LEAST a 50% discount off the market value of the assets
👉 get past a Russian Committee that will approve of the sale (so they may disagree with valuations)
👉 Then pay the government 15% of the MARKET VALUE of the assets
That means that BEST CASE SCENARIO you leave Russia with 35% of your assets value.

AND if you sold your business for say…10% of the Market value (or what the government SAID the market value is) then you would leave a Russia with a 5% DEBT.
Of course all of this assumes you were able to

👉 Find a buyer
👉 Get pass the committee

Which I also hear can be a nightmare.
So pause for a minute and imagine you are a foreign business that left, and Russia just took AT LEAST 65% of your assets in Russia.

Are you going to be interested in returning anytime soon? Even if the war ends and sanctions are lifted?
Are you going to be willing to help out the person who bought it, AT ALL?

They got to become a competitor after taking half your lunch!

Also keep in mind that a lot of these companies took their BEST EMPLOYEES with them.

(Yes, even the Russian ones.)
But remember, I said this is the BEST you could hope for. Some people have been tied up in that committee for a very long time.

But something worse could happen. Russian could just seize your business!
In April 2023 Putin issued this decree which I often refer to as “Putin’s property seizing decree”

You can read this thread on what it says and means and the WARNINGS I GAVE right after it happened.

(Seriously, read this at least to the poll if you haven’t.)
In addition I’ve tried continue to update that thread with details of things that happened related to the decree. So it does go on for a long time. Think of that part as an appendix.
This is the decree used to seize Danone and Carlsberg brewing. Both of those businesses were in the process of TRYING to leave when they were seized.

Who knows exactly why it happened, maybe it was a political move or favor because someone wanted the business.
Danone was eventually sold at a huge loss to people close to Kadyrov.

As far as I know Carlsberg Brewing still continues to fight with little sign of success. They did lose control of a brand name, which is a worry I pointed out previously.
All of this does (or should) impact the decision making of businesses.

EVEN BUSINESSES FROM “FRIENDLY COUNTRIES”
And companies are now going to be worried about anything that makes Russia decide to seize their company. So public statements should be taken with a grain of salt.
There have been more developments of what can happen, but we’re going to pause here to focus on how consequences of the above actions by the Russian Government before talking about the OTHER terrible ideas they’ve come up with.
Even if this plan works for some companies, and they don’t leave (maybe they just can’t afford to) for whatever reason, they are going to want to protect themselves (if they’re wise)
Remember, fools are born everyday. And some of those people also own and/or manage businesses in Russia.

Not everyone will make what we believe are wise decisions. Some of them may even think they’re “in” with the right people and thus have no risk.

It’s a dangerous game
So we’re going to look at this from the perspective of a REASONABLE/WISE Businessperson. Recognizing that other people may make different choices.
How are would they deal with the situation they’re in, recognizing that even some REASONABLE/WISE people are in difficult positions have to make difficult choices.

And we’ll look at those.
Once your money and/or assets are in Russia, they maybe become difficult to get back out.

You’re not going to want to INCREASE your exposure. So I would suggest it would be unwise to move these things TO Russia if you could avoid it.
I mean, if you had a $100 in the US and you already knew that if you brought IN to Russia that you could only take $35 back OUT under the BEST circumstances, why would you ever bring it IN in the first place?

Seem silly
And along that same notion, why would you upgrade and modernize things if there was a risk of you losing your intellectual property rights.

I’m not going to install my new widget maker I’ve spent a ton of money in R&D just for Russia to steal it and give it to a Kadyrovite!
(Honestly though, if you look at some of the deals related to foreign businesses leaving, it’s amazing how many of those deals have benefited those close to Kadyrov.)
So, the technology in these foreign businesses may be frozen and not updated. The only money (if there is any) that might be reinvested into these businesses are funds that were ALREADY stuck in Russia.
I’m going to give you a good example of a company that is protecting itself.

I have described this as the equivalent of someone slowly moving their stuff out of the house a little at a time, until one day their significant other comes home to realize they’ve moved out.
This coffee company.
They moved to protect their international brands by creating a Russia SPECIFIC Brand.
And they point out that their worth is intellectual property theft.

So they simplify the production down to the most basic elements and then if they leave, all Russia can take is a very basic coffee factory with a very generic brand name.
There are certain companies that, due to the type businesses they run, have a moral obligation to try to sell to a good steward for their production facilities IF AT ALL POSSIBLE.

Doing that and finding the right buyer may take time.
For example:
I’m once again trying very hard to keep this moving in a logical linear direction, but unfortunately I don’t know how to do that with the next little bit, so it’s going to bounce around a bit.
Even though this👇 selling agreement has been standard for a bit now, that doesn’t mean that there hasn’t been OTHER pressures on companies that may make them chose to leave.

Things keep getting worse the long companies stay.
In an effort to keep “official” inflation down, Russia will send out the Federal Antimonopoly Service to pressure companies to keep their prices down.

EVEN WHEN THE PRICE INCREASES ARE REASONABLE.

What’s the point of staying if it’s impossible to turn a profit?
Be prepared, because we’re about to head into another one of these battles of increasing prices.
In addition, pressure from the public does exist and one international company buying out another one may lead to changes, such as the mandate to leave Russia.

Some of these companies may just become unprofitable.
And, if there are no real production facilities in Russia, leaving becomes much easier over all.
Now another major problem is going to be finding a buyer.

The Key Rate in Russia is currently 18%. Getting a regular mortgage for a well qualified buyer is over 20%.

The government is reducing funding for preferential lending programs because they can’t afford it.
Also the total surplus liquidity in Russian Banks is on a downward trend.
All signs are currently pointing towards the Central Bank INCREASING the key rate again, and there are NO signs of it going DOWN anytime soon.

But it gets worse.
Remember all those businesses that already sold under this nightmare scheme?

Well, a lot of the Russians who bought them now want to resell them. 😂
There are various reasons WHY they want to resell them. I outlined it in the thread.

But one of the big reasons, is because when they got to take advantage of this amazing deal to buy these companies at 50% (or more) off they also had to agree to meet certain KPIs
These owners are realizing that are UNABLE to meet these Key Performance Indicators because they cannot run the businesses well as the previous owners.
So they want to sell! And some people are going to be very surprised at the end of the year when performance doesn’t meet expectations.

But that’s not all!

There is the matter of nationalizations.
Although foreign owned businesses haven’t really been the target directly of nationalizations (some Ukrainian owned ones have), Russian own businesses have very much been targeted.

One of the reason these buyers want to sell is FEAR of their new business being nationalized.
Which is why the NEW buyers are also unlikely to invest capital into these businesses. They’re too busy trying to get the capital back OUT.

You would have to be very confident in your political connections to NOT be worried about this.
So, finding a buyer for your business (that might already be struggling) may be incredibly difficult at the moment.

See…the longer they stay, the worse it gets.
And keep reminding people that these nationalizations are INCREDIBLY unpopular in Russia.

And there are repercussions. WHO is going to want to invest NOW?
Anyone still reading? I still have more information AND an article to talk about!

Time for an

~ Intermission ~

The thread isn’t over yet!
Meanwhile Russian State Media regularly calling people Satanists and all other kinds of awful names.

The Russian Government PAYS THEM TO DO IT. Is part of their job.
Therefore the foreign business are increasingly used as the target, to be a scapegoat or for them to avoid getting the funds they need from domestic business.

In addition they began to demand that certain foreign companies could no longer operate in Russia.
For example…
(And then when a Russian company started to give unfavorable information, they sent in the FAS)
Then they made sure that they added restrictions to state that certain businesses had to be controlled by Russians, or at least majority owned.

Thus either pressuring companies to lose control or to leave.
Then they started to…emancipate subsidiaries from their corporate owners!
Guess who had a tarot reader…
Clearly, things are getting much, much worse.

Anyone still reading. We’re about to get to the new information.

But it’s time for an…

~ Intermission ~
@emse1975 I wouldn’t focus on a date.

For example:

We went through this problem when people said Russia would run out of missile and artillery ammunition - If they continued that path.
@emse1975 People assumed/imagined that meant Russia would just stop. And because what they imagined didn’t occurred they AND disingenuous people seized that narrative to say that it was all lie, Russia was invincible, blah blah blah.

But….what did happen?
@emse1975 Russia got Shaheds from Iran and begged North Korea for artillery ammunition.

The analysis was correct from the beginning. And people just misinterpreted the data.

And although they may do it in hilariously bad ways, Russia does attempt to solve their problems.
@emse1975 So people keep wanting me to give a date and I just can’t. I can only show you the trend. And I can show some of the limitations, problems and tough choices they have to make.

And if someone tells you they know exactly what will happen, they’re lying

¯\_(ツ)_/¯
@emse1975 But I hear those types of people are currently in demand in Russia 😂
I’m back!

We’ve talked a little about how intellectual property theft is a concern. And the government is not exactly helping the situation
I still argue that if you are “pirating” something, like movies, software, etc, with the approval of a foreign government, that it should be called

👉 privateeracy

But nobody ever lets me name anything 🥺
BEHOLD!
See! Privateeracy is the perfect word!

I guess you could call it privateering too, but my way is more fun.
There are also issues related to trademark protection. Entities are already circling trademarks on businesses that left Russia in hopes they may snatch it up.

You can read the thread on it here.
For this reason you *may* see businesses that LEFT Russia begin to file paperwork in Russia in order to protect their trademark.

You cannot fault them for doing that. It doesn’t necessarily mean they plan to RETURN to Russia. They’re just minimizing their exposure.
I don’t know how to summarize up this next bit other than file it under the “The Russian government can be A$$holes” not only wasting your time, but also your money.

Eventually you’re not going to want to bother and/or they will burn a bridge YOU NEED.

And then play the victim
There are several examples of this happening in this thread
Notable examples from it include this 👇
Where Russia terminated a bunch of licenses. And they’ll still complain they’re the victim.
Or the HIV drug auctions. If you haven’t read this thread to see how they treated pharmaceutical reps, I highly recommend you do. It will explain a lot and this scenario happened multiple times.
And the Russian government has a lot of people convinced that the reason there are problems are sanctions. It’s not. They did it to themselves, they can’t afford it, and/or companies wanted to sever the relationship because of stuff like this.
In addition they will do things like they did with Ecuador and Bananas. I think it was a long term loss for them.

You can read the thread for details but it’s a whole thing. You can learn all about the humpback fly.
They did a similar thing to the Netherlands, and then was shocked when the Netherlands wouldn’t return their calls to reverse the ban when they needed seeds.

Also Russia shot down a civilian passenger plane filled with citizens of the Netherlands.
See.
That’s part of a whole thread about how it played out.

But other countries ALSO didn’t return Russia’s calls when there was a seed shortage.
🇷🇺:
And the thing is, THEY STILL CONTINUE TO DO THIS!

I strongly suspect that they *may* be using the same sort mechanism to “punish” Armenia using Armenian cognac at the moment.
Also, recall that in 2014, Russia did this.

The “evil west” isn’t the only one who sanctioned stuff. But yet they still act surprised when other countries don’t bend over backwards to save them.

theguardian.com/world/2014/aug…
Image
Imagine this conversation:

🇷🇺: I really need seeds today, but I’m also going to ban the import of your seeds tomorrow.
📞: *dial tone*
🇷🇺: RUSSOPHOBIA!!!! JUST WAIT UNTIL I MARCH ALL THE WAY TO LISBON!!!
Another things is that Russia is now getting attacked, and either can’t or won’t protect strategic assets let alone regular assets. In addition, the Russian government keeps accidentally (or on purpose) bombing its own territory.
All the increasing and outrageous taxes you pay and they still expect you to defend your own assets from DRONE ATTACKS?
😂
A lot of fire fighters have gone missing and things in Russia are very flammable.

Also there aren’t enough police officers and even if they are, it doesn’t mean they’re effective.

Do you remember all the failures related to Crocus attack?
Russia then tried to blame the incident on Ukraine and got into one of the weirdest fights ever…with ISIS
Long story short, they fixed nothing. In addition many of the soldiers that are returning, INCLUDING pardon prisoners are committing crimes in Russia now!

Violent crimes!
All of this is getting worse, and it all can impact foreign businesses success.

So…EVEN though there are all the repercussions and risks put in place by the Russian government to stop foreign businesses from leaving, they still are. 🙃
I’m sure I still left a lot out, but 🥵 it’s time to FINALLY look at the new article.
‼️ Russia: “Contributions to the budget from transactions with foreigners exceeded the plan by 66 times

How has foreign companies' interest in exiting Russia changed?”

Remember, this is BAD NEWS FOR RUSSIA, and it’s only August!

rbc.ru/economics/23/0…
Image
“Federal budget revenues from foreign business exit deals in Russia reached almost 140 billion rubles in 2024. The flow of applications for such deals has decreased somewhat, but has not dried up, lawyers say”

Translation: A lot left and more still want to leave! Image
“Contributions are reflected in federal budget revenues as “gratuitous receipts from non-governmental organizations.” As of August 21, receipts under this item amounted to 139.34 billion rubles.”

👉 139.34 billion as of August 21

66 times the plan for ALL of 2024. Image
Because this new standard has been in place for some time now, we can estimate the value of the companies that left

(139.34/0.15) = 928.93 Billion Rubles worth
And they all decided to take AT LEAST a 65% loss in order to leave Russia AND risked losing the ENTIRE business!

Imagine how bad you’ve got to be in order for people to make that decision
In ALL of 2023 “gratuitous receipts from businesses amounted to 116.5 billion rubles.”

I don’t know why they keep going out of their way to make it sound like it’s voluntary. It’s not. Maybe something is lost in translation. Image
Remember, I told you that the scale of what they took changed over time. So keep that in mind
“In 2021, there was no such line in the budget at all; it appeared in 2022 and began to actively increase after the introduction of the so-called exit tax for foreigners selling businesses in Russia.” Image
“Contributions are paid to the budget from transactions on the sale of Russian assets by residents of unfriendly countries.”

I think this might be…open to interpretation. Image
Yes, there’s a list.

en.m.wikipedia.org/wiki/Unfriendl…
If we go back and look at Putin’s property seizing decree, the required association is much more broad.
Image
“Transactions with foreign residents must be approved by the government commission on foreign investments, and specifically the approval of transactions on the sale of Russian assets by foreigners is handled by a subcommittee of this government commission”

There’s the committee Image
And who is in charge of this?

It’s “headed by Finance Minister Anton Siluanov”

This guy….ugghhh Image
After reading my threads for a while (this thread alone might do it) you’ll have formed an opinion on this guy.

en.m.wikipedia.org/wiki/Anton_Sil…
Image
“Payment of contributions to the budget is one of the grounds for the subcommittee to make a positive decision on the approval of such a transaction.”

See, not voluntary AND it only ONE of the requirements to get PAST the committee. I doubt it’s an enjoyable experience. Image
“According to the law on the federal budget for 2024, income from gratuitous receipts from businesses was projected to be 2.1 billion rubles.”

😂

Plan 👉 2.1 Billion for all of 2024

Actual 👉 139.34 Billion in August and there’s still a line to leave.

Bad news Image
This is a typo, it is paid by the seller. Trust me. And it hasn’t ALWAYS been 15% Image
Actually, you don’t have to trust me if you don’t want to. 😂 You can read this thread and watch me slowly lose my mind trying to figure out what they’re doing. 👇
But just briefly to show you, here you can see an example that it wasn’t always 15%
“In recent months, there has been a slight decrease in the flow of applications for approval of transactions by the subcommittee of the government commission, notes Ivan Fryshkin, an adviser to the corporate law and M&A practice at Better Chance.”

Ok… Image
““In cases where the applicant receives approval for a transaction, among the conditions of approval we see more detailed KPIs set by the government commission for the acquired business and the buyer, which can have a significant impact on the economics of the transaction,”” Image
Remember, earlier in the thread we talked about the KPI (Key Performance Indicators) and how a bunch of the new buyers were realizing that weren’t going to be able to meet them and therefore were trying to sell.

I mean, the McDonald’s replacement isn’t as good as the original!
And these people are getting called on it now.

Now, I’m torn between talking about the KPI stuff now or adding it AFTER this article. Which to pick!
Maria Timofeeva says that there aren’t as many deals as before because most of the companies that want to leave already have.

But that that they are still coming Image
Alisa Melkonyan points out that “a very significant portion of voluntary contributions was formed not through classic exits of foreign companies, but through deals to split the international and Russian parts of companies such as Yandex” Image
They point out that Yandex sold in July. But I’m not sure how the math worked on THEIR exit tax. Because the stated rules and the amounts given here…the math just doesn’t work.

Maybe they haven’t paid it yet? Image
If they had to sell for at LEAST a 50% discount that would mean the asset was valued at least 2 x 475 Billion Rubles

That’s 950 Billion rubles market value OR MORE.

Then take 15% of that

So 0.15 x 950 Billion rubles = 142.5 Billion Rubles.
142.5 billion rubles is more than the reported 139.34 billion rubles than they have received for all of 2024 thus far.

Thus, there’s a math problem, either we don’t have the correct figures, or they haven’t paid yet, or they got a tax deal maybe all of the above. Image
Sometimes I think I’m the only that checks the math in these things.
“Managing partner of Nikolaev and Partners Yuri Nikolaev, however, believes that the interest of foreign companies in leaving Russia is not decreasing. He claims that he knows of dozens of large German companies that are thinking about leaving Russia.”

😂 Image
I’ve seen a few times that people have tried to hide how much business with Germany has reduced.

Wait I’ve got a good example of the math games they play.
HERE IT IS.

Once again proof me actually checking the math AND me once again yelling “And that’s how they get you”

Sneaky suckers
‼️ “At the same time, according to the lawyer, there are transactions, the documents for which have been under consideration by the subcommittee for a year and a half and which have not yet received approval.”

See, some companies are TRYING to leave but can’t. Image
“Timofeeva adds that the average approval period in the subcommittee remains at the same level and depends on the complexity of the project, contact with the contractor, and the speed of response of the parties to the transaction to additional requests.”

Which is how long? Image
I haven’t seen any place in the article that says how long the average wait is (yet).

The last time I heard someone give a timeframe was a while ago and I believe it was 6 months. Who knows how long it is now.
“In May, Deputy Finance Minister Ivan Chebeskov said that transactions involving the sale of Russian assets by non-residents were becoming more modest in volume, but there were still quite a lot of them.” Image
“He also noted that the process of reviewing petitions for transactions by the subcommittee was gradually accelerating.” Image
One thing I have considered is whether or not the Ministry of Finance is controlling the exit of foreign companies depending on how much revenue they need.

While they still want the companies to stay, they’re also desperate for revenue.
Remember, that’s how they were doing the coal export taxes before.

On one hand you might think it’s orders of magnitude less than what they their goals for OFZ placements. So maybe it’s not worth the trouble.

But these rates are really high.
Image
The Ministry of Finance still fights for every penny of revenue even when it was clear it wound bankrupt the coal companies.

They even increased the price of getting a divorce. So it’s not that far fetched of a possibility.
Timofeeva believes more companies want to leave “There are projects, some companies maintain a presence in Russia, but at the same time they are working on an action plan in case of a change in vector,”

😂 An action plan like the coffee company? Image
Remember, leaving Russia is like leaving an abusive significant other. A lot of times you need a plan, and you can’t necessarily be as transparent about what you’re doing as you’d like to be.

Can’t imagine wanting to get IN to a relationship with them now…but that’s just me.
And keep in mind that even the people being interviewed are not necessarily free to say exactly what they feel or WANT to tell truth. Remember, the Russian government can and will punish people!
For example, this description of events. While it may be true to some extent in the eyes of some business owners, what is clear is the MAJOR source of their problems

👉 is Russia

And RUSSIA is only making things worse Image
This person said that a lot of the applications to leave are small players. Image
They do point out that the exit tax DID change over time, but that in January “Deputy Finance Minister Alexei Moiseyev stated that the authorities do not plan to change the size of the contribution, since “15% of the company’s value is, in principle, already a significant amount” Image
That’s the end of that article.

This thread feels like it’s gone on forever…

Anyone still here?
On the additional KPI information. I think I’ll cover it in a different thread as it mostly impacts the domestic owners not foreign owners.

The general situation there is that, things are probably going to get worse there which will lead to less buyers/investors.
This is going to sound confusing, but the mechanism/personnel they use for these committees, they also want to use for dealing with meeting KPI requirements. Therefore there might be limited workflow depending on what the government prioritizes.
This same sort of problem existed for conscriptions and mobilizations. Conscripts get called up twice a year, but they used the same mechanism/personnel to do both. When it was time for conscription, that had to pause mobilization.
After reading all of this, does anyone actually want to go to business in Russia?

Because as bad as it is now

IT WILL GET WORSE

~ The End ~

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More from @Prune602

Prune60 Profile picture
Feb 18
Russia Lies…

They frequently brag about what they have done to Ukraine on what they want to do in the future on Russian State Media while their mouthpieces say something different in international forums.

Both Lavrov & Solovyov are paid by the Kremlin

interfax.ru/world/1009575 x.com/juliadavisnews…Image
They have cheered for the destruction of Ukraine’s power grid
Remember when Kazakhstan sent a yurt to help people without power in Bucha?
Read 4 tweets
Prune60 Profile picture
Nov 9, 2024
By all means, ignore the word of the former president of Estonia. I agree with him. The U.S. has enough leverage now to push Russia over the edge towards economic collapse if it chooses to

It’s not there yet, it needs a shove. The U.S. has enough to shove.
There may be consequences towards giving it a shove. But it is way weaker than people believe it to be. And people miss understand what “financial collapse” looks like.

It doesn’t have to happen quickly, people may not realize they’re in it WHILE it’s occurring.
Everyone seemed surprised when the Soviet Union collapsed. You don’t think people could make the same mistake twice, OR that the former President of Estonia might have some experience there? 🤨

By all means, trust what some U.S. analysts told a reporter.
Read 7 tweets
Prune60 Profile picture
Nov 6, 2024
‼️ The OFZ Federal Bond Thread: Russia’s Race to Secure A Loan!

Q4 Auction Day 5 of 13

Part 3

Now with a new even higher KEY RATE!

(Don’t forget to use your bookmark) Image
Here is the Table of Contents.
There were some more things that I hoped to discuss in this thread that I just haven’t had a chance to yet. (Some people wanted a shopping mall thread that I’m still working on it 😂).
Read 11 tweets
Prune60 Profile picture
Nov 5, 2024
‼️ The Russian Government Bond Index - US Election Day Trading!

A RECORD BREAKING 25 CONSECUTIVE DAYS WITH TRADING BELOW 101!

Todays trading day means this streak has unseated the previous record of 24 days set in 2009

Let’s look at the rankings!

investing.com/indices/russia… x.com/prune602/statu…Image
Just a reminder, all the data comes from the above linked website that has data going back to the beginning of 2003.

The dates attached will be one day off from the date in Moscow. Therefore, the data for trading that just ended will be under the date 4 November 2024.
Also, for reference, yesterday was a holiday in Russia so there was no trading
Read 23 tweets
Prune60 Profile picture
Nov 5, 2024
‼️ 🇷🇺 NWF THREAD

As of November 2024:

The liquid portion of the Russian National Welfare Fund holds:

👉 220.533 Billion Yuan (-1.250 billion)
👉 283.575 tons of gold (-8.919 tons)
👉 0.410 Billion Rubles (-1.202 billion)

And that’s it.

(Totals for October)
Per usual, the liquid assets continue to shrink.

Be especially careful of the National Welfare Fund news this week because a lot of it is just revaluations. Image
Here is the updated table of data: Image
Read 5 tweets
Prune60 Profile picture
Nov 5, 2024
‼️ Russia: “Peas for tangerines: Russia returns to 1990s barter trade over payment problems”

IT’S HAPPENING!!!

And we’re going to catch Russia in a lie! Wait for it…

moscowtimes.ru/2024/11/04/gor…Image
I told you about when the Ministry of Economy developed these plans, now they’re ready to use them.
“According to the agreement, Astarta must exchange 15,000 tons of chickpeas for a batch of tangerines of the same weight and 10,000 tons of lentils for potatoes. Another agreement provides for the exchange of 20,000 tons of chickpeas for a similar batch of rice…” Image
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