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Russia
Did You Know?
Russia is forging international alliances by offering
support to projects through its export credit agency, the
ExIm Bank of Russia. It is also a great consumer of export credit
support, as it hosts Sakhalin II, the world's largest ECA-backed oil and gas project, and Transneft's proposed
4,130 km
Siberia-Pacific oil pipeline, which is likely to proceed with the support of Japan's ECA.
"Russia is the richest country in the world in terms of the offshore oil and gas resources and their large-scale development is about to start."
-Dr. S. Patin "Offshore Oil and Continental Shelf Ecology," VNIRO, Moscow, 2001 |
Click for a closer look at Russia's Pacific Coast and Sakhalin
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Important Background Documents on Russia:
The premier Russian ECA project is the Sakhalin II Oil and Gas Project: for further information on ECA-backed oil and gas projects, see also the ECA Watch page: Problems: Oil, Gas and Mining.
Race to the Bottom II [PDF] - Sept. 2003 by ECA Watch; containing an important Sakhalin II case study.
Sakhalin II Project Summary:
The European Bank for Reconstruction and Development (EBRD) and the Export Credit Agencies of the UK, US, and Japan may provide as much as USD $5B in financing for the controversial Sakhalin II oil and gas project located in the species-rich yet sensitive on and off-shore habitats at Sakhalin Island in the Russian Far East. This financing may leverage billions of dollars more from large international private banks such as Credit Suisse First Boston.
News 2004-2005:
 Russia Orders Oil Pipeline to Pacific January 1, 2005
Russian Vneshtorgbank Makes Agreement with Korean ECA; also with Canadian ECA November 28, 2004 (Pravda). Russia's foreign trade bank Vneshtorgbank (VTB) has entered into an agreement with the Export-Import Bank of Korea. In an earlier, November 10, 2004, article on the deal, Pravda added that it was possible that the Russian gas giant Gazprom was interested in purchasing Korean equipment, and would be among VTB's customers to use the proposed USD $30M line of Korean credit. In a related December 2, 2004, RIA Novosti article, VTB has entered into an agreement with Canada’s ECA Export Decelopment Canada (EDC) and will open a USD $50M credit to Vneshtorgbank to finance contracts on exports of Canadian goods and services to Russia.
Russian and Indian ECAs Enter Into Agreement November 18, 2004 (Economic Times, India). India’s ECA Export Credit Guarantee Corporation (ECGC), Russia’s ECA ExIm (ExIm Bank of Russia), and the Russian bank Vnesheconombank (VEB) have signed a Memorandum of Understanding to promote trade between the two countries as part of a project in a third country. Another article on the subject on December 3, 2004, (The Hindu) added that in this new economic partnership there has been a substantial and new emphasis on the fields of information technology, banking, and energy. In the energy sector, the Gas Authority of India Ltd (GAIL) will collaborate in Russia, India and third countries on underground storage projects (with STROITANSGAZ) and exploration and delivery of natural gas (with GAZPROM). GAIL and Russian company Skonchinsky Mining Institute have also decided to develop a pilot project on lignite (brown coal) gasification in Tamil Nadu and Rajasthan.
Facing Gas Shortfall, US Officials Meet with Russian Oil and Gas Producers June 11, 2004
Russian Government May Force BP to Stop Work at Samotlor- Its Largest Siberian Field May 28, 2004
News 2002-2003:
Russia Considering Involvement with Brazil Nuclear Program March 13, 2002 Source: Ecodefense and ECA Watch. Export credits are promised for the completion of Angra 3, and the modernization of Angra 1 and 2.
Ministry Cost Russia Billions March 16, 2001
For more information, contact the ECA Watch Facilitator.
ECA Watch Campaign Member Links:
Sakhalin Environment Watch - http://www.sakhalin.environment.ru
CEE Bankwatch - http://www.bankwatch.org
Friends of the Earth - Japan http://www.foejapan.org
Pacific Environment - http://www.pacificenvironment.org
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