Video: RF is not able to pay debts on deposits of Sberbank of the USSR
2024 Author: Seth Attwood | [email protected]. Last modified: 2023-12-16 15:55
The State Duma again extended the moratorium on full compensation payments to Sberbank depositors whose funds were destroyed by the hyperinflation of the 1990s.
Based on the 22-year-old law, everyone who held deposits in Sberbank before June 20, 1991 and owned government securities of the USSR and the RSFSR until January 1, 1992, can apply for a refund.
However, since 2003, the process of payment of compensation has been suspended. Since then, the suspension moratorium has been extended every year. The law passed this year makes it possible to prolong the waiver of payments until 2021.
Igor Divinsky, Deputy Head of the State Duma Committee on Financial Markets, spoke about the formal reason for the extension of the moratorium. In his words, the bottom line is that the government for 22 years has not been able to develop laws that regulate the compensation process itself.
According to the 1995 law, compensated deposits must be converted into a notional debt ruble. The exchange rate of this ruble should be determined based on changes in the reference value of the required social set of goods, products and services.
The State Duma emphasizes that there are still no laws that regulate this procedure for the use of the debt ruble and the transfer of deposits to the target debt obligations of Russia, as well as the procedure for servicing them. Among other things, the government simply does not need funds for this purpose, Divinsky admits.
Economists have calculated that to cover the targeted debt obligations of all Soviet savings of citizens, the authorities will need to find about 42-46 trillion rubles, which is three times more than the current federal budget revenues and almost 50% of Russian GDP.
This is almost 4 times the current volume of the entire state debt of the Russian Federation and corresponds to half of Russia's GDP!
Admitting debt now is a sure way to economic suicide. Of course, all these savings will never be fully repaid, just not everyone will apply, someone will not be able to prove it, someone simply will not believe in the possibility of a return, and someone will be lazy.
Therefore, even if 10-15% of the total volume wants to receive a refund, this will already be the result. Meanwhile, even 5 trillion rubles. in the current conditions - too much.
Experts point out that the government does not intend to refuse payments at all and even pays part of the funds. So, in the budget of 2017-19 for these purposes, 5.5 billion rubles were allocated.
Moreover, the inflation accumulated since 1990 has exceeded tens of thousands of percent, compensation for deposits is paid three times to citizens born before 1945, and twice to those born from 1946 to 1991. The heirs of the depositors who died after 2001 will be able to receive part of the compensation for funeral services in the amount of no more than 6 thousand rubles.
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