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UN’ORA E MEZZO DI CONVERSAZIONE CHE QUALCUNO HA REGISTRATO, UNO SCANDALO POLITICO SIMILE A QUELLO CHE IN AUSTRIA HA PORTATO ALLE DIMISSIONI IL VICEPREMIER SOVRANISTA

IT2: Francesco says no problem to have a fourth company in between. The most important is that it is a well-known company, because otherwise we are going to have problems with KYC [Know Your Client] and AM…[Anti-Money Laundering rules]
RU1: What is criteria? Can we receive some criterias which we should fulfill?
IT2: Well, the best would be major to major and the bank in between. Right. The best would be major to major. Why? Because we make a purchase contract with Russian major, we make sale contract to Italian buyer, major, and this is going to be a back-to-back contract so clearly shown to everybody, maybe without the price but it’s clearly the contracts are linked. If we need another company in between, then we need to have need to have a, you know, reasonably well-known company. I make an example. If it is Lukoil selling, we would like to have Litasco. OK. Just to…
[ESPRESSOS AND BEVERAGES ARRIVE AT THE TABLE]
Or if it is…
RU2: Rosneft, for instance.
IT2: If the company in between is Trafigura, no problem for anybody. It should be a well-known, otherwise we run the risk.
RU2: What is better? Just to discuss. This company will be in Russia or in the European…
IT: Europe, definitely.
[In Russian]
RU2: So what are we talking about…
RU1: I got it. The only thing I didn’t get is what’s a back-to-back contract.
RU2: If the deal will be signed between, let’s say, Rosneft and their company, the investment bank he mentioned will be the formal buyer bank and it will get the additional margin. In fact, the oil will go from one [INAUDIBLE] to another company. They will make all the calculations. Essentially, the money will go from the bank that is financing [INAUDIBLE] to the bank that is financing [INAUDIBLE]
RU1: Four instruments?
RU2: That’s preferable. Why? Because if the company, which is buying from our big oil producers, Rosneft or Lukoil, and later selling, a fourth company appears, then this is… [INAUDIBLE] They have a certain monitoring procedure and if the company doesn’t match the..
RU1: Parameters?
RU2: [INAUDIBLE] they will have problems.
RU1: And this company is from our side?
RU3: Won’t they be able to?
RU2: Yes, but he’s saying that if this company is at the level of Trafigura – a trading structure of TNK or Rosneft – then that’s fine. Meaning, if this is a well-known, normal company, that has reasons for which this deal is happening through it.
RU3: [INAUDIBLE] Can’t we show?
RU2: If it will look like a shell company, there will be risks.
RU3: How should we act, then?
RU2: We should choose the company that meets the conditions. Janko [sp.?] said that ideally this should be a company that is in the EU.
RU1: Yes.
RU2: This company can’t be from Eastern Europe.
RU1: But in general, this is a task we can solve?
RU2: Everything is solvable.
[Russian ends]
RU2: Is bit more we discussed because also we speak a lot about some options.
IT2: But Ilya, look, it’s…it’s, I just want to make it clear that if there is any suggested methods from your side, we might be very flexible. Now it’s more up to you in order to guess or to make the best strategy to sell the products. The bank is an English bank so is subject to FCA or to BaFin in Germany. So as far as we are dealing major to major, there is no problem. Everybody knows Rosneft. Everybody knows Eni. Everybody knows. If there is another in the middle…
RU2: A trader.
IT2: If is a trader is better, but if you need to have an unknown company, it might also be possible, but then we will need to carry out a “know your client” procedure. It will take a few weeks, so but…
RU2: It will be… We will have to change the timings.
IT2: Because the best for us, and once more if it is easier for you to sell FOB Black Sea, it’s OK with us because maybe we will ask for zero point discount to cover the logistics, so the shipping costs maybe. But maybe it’s cheaper for you instead of putting in Rotterdam, you can just say you come to Novorossiysk. You say to come, this is the quantity you come with your own ships, vessels, you upload, you go, this might be also an option. If it’s more convenient for you. We just…once again, the bank is our bank, so we are flexible. And we can, you know, be very flexible.
[In Russian]
RU2: Since the bank is located in the UK, it must comply with the requirements of [INAUDIBLE] So there shouldn’t be any problem with a large trader. But if the company is at some sort of other level [size], then, according to the standards of the checking process, it won’t pass through formal criteria. It is possible, but if it will take a lot of time, they won’t be happy about this. But they are flexible about everything else, like the port of Rotterdam or the port of Novorossiysk or some other port in Russia. The difference in spending [INAUDIBLE] is not significant. From the point of view of where to send it from, we can also choose Novorossiysk. But the only question is the bank. [INAUDIBLE] because of this, the whole process can stop. [INAUDIBLE] There would be a flaw.
[Russian ends]
IT2: (in Italian) I told him we could buy from Black Sea if easier for them. We would send the ships to pick it up. They would apply a small discount on top of that one to cover logistics if easier. We have contacts with majors in Rotterdam. They are my clients. Verwater, who built all the Rotterdam port, are my clients. It’s not a big problem.
IT2: The second issue and second and last issue for us, if maybe we have spoken about in the past but now it’s the case to speak about this again. The best formula for us would be to buy open credit. Why? Because we sell open credit. What does it mean? It means that Eni takes the product and pays in a window, temporal window, one per month. There is normally 17th to 27th of each month to pay. So we, if Eni takes on the 16th, then we are going to be paid in these 10 days. If Eni takes on the 28th, then we have to wait… So in technical language this is open credit formula. We would need to have the same. Why? Because of course the major sells to Eni. Eni buys. Then Eni pays into the same bank possibly and the bank has already the order that once Eni’s invoice is settled into their account, they will settle the other type. And there is something remaining and then we will see as a bank how to handle it for the needs, OK.
So only once again, only these two issues. The first one once again we are flexible. And flexible in the sense that if Rotterdam is not convenient, we go, we come and pick the product. The second one should be open credit formula, and in such a case either we involve Intesa Russia, Banca Intesa Russia, and I think all the majors here. Rosneft, they might have an account, Eni does. Or if it is from Austria or it is from Switzerland. Because if it is Litasco, Litasco is Switzerland generally, or if it is Austria for Rosneft, Austria for instance. Then the same in terms of banks. If it is Austria, we have very good links with Mr. Moscovic, that is the owner of Winter Bank, there we can ask him to open a bank account for Eni, a bank account for the seller and do good rates. So it’s also easy. But the best would be just to give a so-called irrevocable order to the bank by which once the payment is received, the pace is made. No need to enter into this anymore. You just give an irrevocable order.
And from our side is all I think.
[In Russian]
RU2: [INAUDIBLE] It’s ideal, of course, when both parties open an account in the same bank. If we are talking about [INAUDIBLE], then it is easier to work with Intesa. They can give recommendations to a trader without an account, so it can open it [accounts] quickly. There are also European banks they can help with. We need to think about this carefully. [INAUDIBLE]
RU1: I do not understand all of this! You are the one who has to understand all of this!
RU2: Everything will be fine!
RU1: I’m getting lost with the technicalities. Just start asking the questions that are more or less important for you.
RU3: When will [INAUDIBLE] Nikolaevich arrive?
RU1: Tomorrow or today.
RU3: [INAUDIBLE]
RU1: Then Ilya, you should ask the questions you’re interested in. Do you understand everything now?
RU2: Yes.
RU3: And if we will call [INAUDIBLE]?
RU2: Well, in terms of what we need…
RU3: [INAUDIBLE]
RU1: Discuss everything right now! When will you discuss later? Discuss everything so that all the questions are answered.

This entry was posted on mercoledì, Luglio 10th, 2019 at 22:24 and is filed under denuncia. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.