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Finance minister says funds raised from Rosneft sale will be converted gradually

December 19, 2016, 15:15 UTC+3 MOSCOW

A total of $11.5 bln will be transferred to the Russian budget following the privatization transaction

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MOSCOW, December 19. /TASS/. The funds raised from the sale of Rosneft shares will be converted gradually in order to avoid putting pressure on the ruble’s exchange rate, Finance Minister Anton Siluanov said Monday.

"The conversion will be gradual in order to avoid putting pressure on the ruble’s exchange rate. The funds have come from other sources," he said.

As was reported earlier, the company holds consultations with the Central Bank in order to avoid the negative effect of the currency conversion regarding the privatization deal on the forex market.

All funds raised from the sale of 19.5% of Rosneft shares to the consortium of Glencore and Qatar Investment Authority for 10.5 bln euro have been accumulated on Rosneftegaz accounts. The company said that the funds would be transferred to the state budget in accordance with the schedule coordinated by the Russian Finance Ministry, "with consideration of the orders of Russian President and the government of the Russian Federation to avoid volatility on the country's foreign exchange market."

A total of 710.8 bln rubles ($11.5 bln) will be transferred to the Russian budget following the privatization transaction.

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