Список проголосовавших за комментарий "Shmulia,<br/> Sticking points<br/> <br/> The relationship is not without its sticking points. China’s ambiguous position regarding Russian banks in the wake of US and EU sanctions is a key issue holding back progress toward greater bilateral cooperation. Most Chinese banks will currently not execute interbank transactions with their Russian peers. In addition, Chinese banks have significantly curtailed their involvement in interbank foreign trade deals, such as providing trade finance.<br/> <br/> China’s domestic capital markets are another area of untapped potential. Currently, foreign companies are barred from raising equity or debt capital on China’s local yuan markets.<br/> <br/> From our partners in China we understand that non-Chinese issuers require approval from the State Council, Central Bank and Finance Ministry to be able to undertake fundraising efforts. However, there is no clearly formalised procedure for obtaining these permissions, and only international financial institutions such as the International Finance Corporation and Asian Development Bank have been able to do so.<br/> <br/> We are dedicated to working with our counterparts to resolve current challenges, and also seeking to diversify our list of partners in China. VTB stands ready to contribute its experience to any negotiations and discussions of these issues at the government level.<br/> <br/> Based on its established and positive track record in China’s offshore markets, VTB believes there could be significant demand from onshore investors too. Greater clarity on how to obtain the needed permissions to sell bonds onshore would enable VTB to meet with investors and better assess our investment case.<br/> <br/> On the equity side, Shanghai could also be a potential alternative trading venue for global depositary receipts, where VTB could retain significant portions of its current investor base.<br/> <br/> Continuing to grow its business in Asia is one of VTB’s priorities but it is important not to forget the wider context; fundraising is not the be-all and end-all. Both Russia and China will benefit from stronger relations across the board. In that context, the recent string of major announcements is all-important.<br/> <br/> Clearly, nothing happens overnight. But Russia is looking to Asia over the long-term as a counterbalance and complement to its traditional markets. VTB is no exception."