Page 116 - RusRPTDec20

stopping, as they did during the first wave, when volumes fell 6% y/y. Most likely, that poses a risk to the oil segment (lower jet fuel, gasoline volumes).
● Trains
The South Cluster railway project to Sochi coast of the Black Sea through the adjacent mountains could cost ​Russian Railways (RZD) RUB1.4 trillion​, with RUB330bn ($4.3bn) planned to be financed from the sovereign National Welfare Fund (NWF) in 2025-2030, ​Kommersant ​daily reported on November 20 citing the investment plan of the project. As reported by ​bne IntelliNews​, last month RZD released its 2020-2023 investment programme worth a total of RUB3 trillion, with the priority given to passenger transportation projects. Previously RZD had planned to issue up to ​RUB370bn of perpetual bonds in 2020​ to avoid cutting the investment programme by 25%.
● Cars
The Russian authorities plan to attract RUB1 trillion ($13.1bn) of non-budgetary funds for the construction of roads in the country in the next three years​, Deputy Prime Minister Marat Khusnullin told reporters during the Transport Week, TASS writes. “We have set the task of attracting extra-budgetary money – up to RUB1 trillion [rubles] -in the next three years. Let us not expect that we will build at the expense of budget money – we have too many tasks and plans,” he said. The state-owned company Avtodor, which specializes in the construction and operation of toll roads in Russia, will issue infrastructure bonds worth RUB500bn ($6.5bn) in 2021-2023. VEB.RF also plans to place infrastructure bonds worth RUB200bn ($2.6bn).
116 ​RUSSIA Country Report​ December 2020 www.intellinews.com