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74-432: Antipisnky has grown rapidly since it first began operation, with an almost nine-fold increase in production rates since the plant's inception in 2006. However, this expansion was largely as a result of debt from both Russian and European lenders, and by the late 2010s, the refinery was financially dependent on regular borrowing and prepayments from customers. The owner of the refinery was declared bankrupt in 2019, and both

148-422: A bank syndicates a loan. Loans can be turned into securities through the securitization process. In a securitization, a company sells a pool of assets to a securitization trust, and the securitization trust finances its purchase of the assets by selling securities to the market. For example, a trust may own a pool of home mortgages , and be financed by residential mortgage-backed securities . In this case,

222-454: A beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any. In executing a transaction, letters of credit incorporate functions common to giros and traveler's cheque . Typically,

296-681: A classmate of Putin at Leningrad State University and a partner in the major Russian law firm Egorov Puginsky Afanasiev & Partners , for 20% of the venture through the Mine Project Corporation , an entity registered in the Seychelles . An additional option to purchase a 25% stock holding in May 2016 was held by Vladimir Kalashnikov, a friend of then- Governor of Tyumen Oblast and the current Mayor of Moscow , Sergei Sobyanin . Both Sobyanin and Transneft fully endorsed and provided assistance with

370-479: A company, since its cost of refinancing depends on its creditworthiness . Bonds below Baa/BBB (Moody's/S&P) are considered junk or high-risk bonds. Their high risk of default (approximately 1.6 percent for Ba) is compensated by higher interest payments. Bad Debt is a loan that can not (partially or fully) be repaid by the debtor. The debtor is said to default on their debt. These types of debt are frequently repackaged and sold below face value. Buying junk bonds

444-514: A consequence, oil refining reduced at Antipinsky reduced from 7.3 million tons of petroleum in 2017, to 6.4 million tons, occasionally halting entirely. In May 2019, all operations at Antipinsky were suspended after New Stream defaulted on another payment, and both Transneft and the Saint-Petersburg International Mercantile Exchange suspended their business relationships with the refinery. A British court issued

518-633: A day-ahead contracts trades and in October 2016 - trades for delivery on national holidays and weekends. In 2016, the volume traded at the SPIMEX Natural Gas Section amounted to 16.812 bcm (+119.8% y-o-y), in 2021 – 6.691 bcm (-58.3% y-o-y) and in 2022 – 5.700 bcm (-14.8% y-o-y). Active development of the market continues. The first stage of commercial balancing of natural gas traded on the Exchange has been implemented. Buyers are now able to sell on

592-412: A fixed lifetime, usually a number of years ; with long-term bonds, lasting over 30 years, being less common. At the end of the bond's life the money should be repaid in full. Interest may be added to the end payment, or can be paid in regular installments (known as coupons ) during the life of the bond. A letter of credit or LC can also be the source of payment for a transaction, meaning that redeeming

666-586: A great variety of designated locations executed under the uniform rules. The SPIMEX Derivatives Section focuses on cash-settled futures on the SPIMEX indices for exchange-traded refined products, physically settled futures on refined products and physically settled SPIMEX Urals Crude Futures. The clearing organization associated with SPIMEX is Nonbank financial institution – central counterparty «RDC» (previously – SDCO). SPIMEX calculates price indices for domestic exchange-traded and OTC-traded refined products. In 2022,

740-524: A more direct sense, more bankruptcies also occurred due both to increased debt cost caused by deflation and the reduced demand. At the household level, debts can also have detrimental effects — particularly when households make spending decisions assuming income will increase, or remain stable, in years to come. When households take on credit based on this assumption, life events can easily change indebtedness into over-indebtedness. Such life events include unexpected unemployment, relationship break-up, leaving

814-447: A part of its overall corporate finance strategy. A term loan is the simplest form of corporate debt. It consists of an agreement to lend a fixed amount of money, called the principal sum or principal, for a fixed period of time, with this amount to be repaid by a certain date. In commercial loans interest , calculated as a percentage of the principal sum per year, will also have to be paid by that date, or may be paid periodically in

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888-447: A prostitute and embezzling loans from Sberbank , Promsvyazbank and Absolut Bank worth in excess of $ 3 billion, although this value was later downgraded to a total of $ 30 million. Mazurov plead not guilty to all charges, but was later found guilty and sentenced in 2023. Production later resumed at Antipinsky in July 2019 after three months of inactivity. Of the $ 5 billion owed, $ 3.2 billion

962-420: A reference point for all other debt. There are deep, transparent, liquid, and open capital markets for Treasuries. Furthermore, Treasuries are issued in a wide variety of maturities, from one day to thirty years, which facilitates comparing the interest rates on other debt to a security of comparable maturity. In finance, the theoretical " risk-free interest rate " is often approximated by practitioners by using

1036-468: A repayment amount of 1.5 to 2.5 times the principle loan. Repayment periods are flexible; businesses can pay back the agreed-upon amount sooner, if possible, or later. In addition, business owners do not sell equity or relinquish control when using revenue-based financing. Lenders that provide revenue-based financing work more closely with businesses than bank lenders, but take a more hands-off approach than private equity investors . A syndicated loan

1110-428: A worldwide order to freeze $ 251 million of Antipinsky's assets and prevent the refinery from selling vacuum gas oil to other companies as a result of a lawsuit by VTB Commodities Trading . In response to the order, a spokesman for Antipinsky said: “Unfortunately, in 2019 a string of traders, including VTB Commodities Trading, in violation of agreements that had been previously reached, stopped providing advances for

1184-526: Is a loan that is granted to companies that wish to borrow more money than any single lender is prepared to risk in a single loan. A syndicated loan is provided by a group of lenders and is structured, arranged, and administered by one or several commercial banks or investment banks known as arrangers. Loan syndication is a risk management tool that allows the lead banks underwriting the debt to reduce their risk and free up lending capacity. A company may also issue bonds , which are debt securities . Bonds have

1258-533: Is a process whereby a new, large loan application is submitted in order to compensate for numerous outstanding loans. Some amongst those who are heavily indebted often resort to debt consolidation as a means to resolve their financial difficulties. Upon obtaining the borrowed loan, those within the receiving end are then generally enabled to have a greater cash flow, resulting from lowering monthly payments, if not reducing interest rates . However, this varies from every claimant, in that their own eligibility for such

1332-496: Is a type of financial transaction , as distinct from equity . The term can also be used metaphorically to cover moral obligations and other interactions not based on a monetary value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person. The English term "debt" was first used in the late 13th century and comes by way of Old French from

1406-590: Is because biblically debt is seen as the responsibility of both the creditor and the debtor. Traditional Christian teaching holds that a lifestyle of debt should not be normative; the Emmanuel Association , a Methodist denomination in the conservative holiness movement , for example, teaches: "We are to refrain from entering into debt when we have no reasonable plan to pay. We are to be careful to meet all financial engagements promptly when due, if at all possible, remembering that we are to 'Provide things honest in

1480-482: Is considered paramount in determining the riskiness of an investment, under the notion that it becomes more risking under more debt. Governments issue debt to pay for ongoing expenses as well as major capital projects. Government debt may be issued by sovereign states as well as by local governments, sometimes known as municipalities. Debt issued by the government of the United States, called Treasuries , serves as

1554-423: Is considered secured if creditors have recourse to specific collateral . Collateral may include claims on tax receipts (in the case of a government), specific assets (in the case of a company) or a home (in the case of a consumer). Unsecured debt comprises financial obligations for which creditors do not have recourse to the assets of the borrower to satisfy their claims. Credit bureaus collect information about

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1628-412: Is entirely dependent on their own overall circumstances; Should they meet specific requirements, being able to afford such, their requests are usually accepted; Should they fail the criteria, they're almost always swiftly rejected, regardless of their financial ability. Given the often monetary hardship of contenders, those providing these loans often charge at larger rates of interest than others; This

1702-447: Is not repaid faster than it grows through interest. This effect may be termed usury , while the term "usury" in other contexts refers only to an excessive rate of interest, in excess of a reasonable profit for the risk accepted. In international legal thought, odious debt is debt that is incurred by a regime for purposes that do not serve the interest of the state. Such debts are thus considered by this doctrine to be personal debts of

1776-414: Is occasionally a matter of debate in the financial and institutional sectors, often ranging between analysts towards professors, generally concerning ethics involved in different areas. Companies also use debt in many ways for capital expenditures and other business investments produced in their assets , "leveraging" the return on their equity . This leverage , the proportion of debt to equity,

1850-659: Is often critiqued by its opponents, who claim that it is an unfair practice aimed at targeting those who are desperate and often holds arbitrary figures, although those in its defence claim it is a security measure aimed at ensuring its repayment obligations and must take precautions before offering large sums. Both arguments have resulted in greater debate amongst legislators in different nations, amidst demands for further regulation and more decreases in lending restrictions. Debt consolidation has also been an area of interest for loan sharks , leaving those heavily indebted vulnerable to extortionate rates. The idea behind debt consolidation

1924-518: Is seen as a risky but potentially profitable investment. Bonds are debt securities , tradeable on a bond market . A country's regulatory structure determines what qualifies as a security. For example, in North America, each security is uniquely identified by a CUSIP for trading and settlement purposes. In contrast, loans are not securities and do not have CUSIPs (or the equivalent). Loans may be sold or acquired in certain circumstances, as when

1998-564: Is that many people, in particular those who are poor, have no access to affordable credit. Such debts can cause problems when they are not paid back according to expectations of the lending household. In 2011, 8 percent of people in the European Union reported their households has been in arrears, that is, unable to pay as scheduled "payments related to informal loans from friends or relatives not living in your household". A company may use various kinds of debt to finance its operations as

2072-458: Is the ratio of income available to the amount of debt service due (including both interest and principal amortization, if any). The higher the debt service coverage ratio, the more income is available to pay debt service, and the easier and lower-cost it will be for a borrower to obtain financing. Different debt markets have somewhat different conventions in terminology and calculations for income-related metrics. For example, in mortgage lending in

2146-419: Is the ratio of the total amount of the loan to the total value of the collateral securing the loan. For example, in mortgage lending in the United States, the loan-to-value concept is most commonly expressed as a " down payment ." A 20% down payment is equivalent to an 80% loan to value. With home purchases, value may be assessed using the agreed-upon purchase price, and/or an appraisal . A debt obligation

2220-599: The Federal Taxation Service . Debt Debt is an obligation that requires one party, the debtor , to pay money borrowed or otherwise withheld from another party, the creditor . Debt may be owed by a sovereign state or country, local government , company , or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest . Loans , bonds , notes, and mortgages are all types of debt. In financial accounting , debt

2294-414: The chief executive officer and majority shareholder , Dmitry Mazurov, were arrested for fraud . The refinery ceased operations for three months following the arrests, before production resumed under new ownership. Mazurov was later jailed for ten years in a high-security penal colony for his role in the fraud and embezzlement , despite prosecutors requesting a sentence of 16.5 years. The construction of

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2368-575: The debt-to-GDP ratio was very high. Economic agents were heavily indebted. This excess of debt, equivalent to excessive expectations on future returns, accompanied asset bubbles on the stock markets. When expectations corrected, deflation and a credit crunch followed. Deflation effectively made debt more expensive and, as Fisher explained, this reinforced deflation again, because, in order to reduce their debt level, economic agents reduced their consumption and investment. The reduction in demand reduced business activity and caused further unemployment. In

2442-527: The Exchange volumes of natural gas that were purchased earlier, but were not drawn by the end of the day. On 11 July 2014, SPIMEX launched trading in timber . Deliveries of conifer timber traded on SPIMEX originate in the Irkutsk Region of Russia. The Exchange brings together over 60 entities, including major logging companies, forest leaseholders and timber processing businesses. SPIMEX plans to add new trading instruments, to expand geographic reach and in

2516-542: The Latin verb debere , "to owe; to have from someone else." The related term "debtor" was first used in English also in the early 13th century. Principal is the amount of money originally invested or loaned, on which basis interest and returns are calculated. There are three main ways repayment may be structured: the entire principal balance may be due at the maturity of the loan; the entire principal balance may be amortized over

2590-519: The Russian Far East. Regional indices The average price for refined products at 9 large domestic demand centers. Composite index A unified indicator of Russian domestic refined products which measures price performance of an average tonne of exchange-traded light refined products. National indices The average price for refined products at large refineries located all over Russia. SPIMEX launched trading in crude oil in 2013. In 2022,

2664-891: The SPIMEX Derivatives Section, including, in particular: Underlying commodities: crude oil; diesel; Gasoline Regular 92; Gasoline Premium 95 and the SPIMEX indices for exchange-traded petroleum products. Physical delivery is a distinctive feature of SPIMEX commodity-based futures. Risk Management System (RMS) Performance of the obligations under futures contracts is guaranteed by the Clearing House. On 24 October 2014, SPIMEX launched trading in natural gas . SPIMEX designated balancing points (located around compressor stations) are as follows: Nadym, Lokosovo and Parabel. Trading Participants include largest domestic natural gas producers and end-users (utilities, fertilizer and metallurgy companies). In October 2015 SPIMEX launched

2738-865: The SPIMEX Refined Products Section in 2022 amounted to 29.127 million tonnes (MMT) rising by 7.8% YoY, while the turnover stood at RUB 1.404 trillion ($ 17.78 bln) enjoying a 3.1% rise YoY. In March 2022, the Association of European Energy Exchanges (Europex) excluded SPIMEX from its membership due to Russia's invasion of Ukraine . Until 2022, the requirements of the Russian government for oil companies to sell part of their products through SPIMEX were in effect. According to these requirements, 11 % of gasoline production, 7.5 % of diesel fuel, 11 % of jet fuel, 3 % of residual fuel oil production and 7.5 % of LPG were subject to sale through

2812-398: The United States, a debt-to-income ratio typically includes the cost of mortgage payments as well as insurance and property tax, divided by a consumer's monthly income. A "front-end ratio" of 28% or below, together with a "back-end ratio" (including required payments on non-housing debt as well) of 36% or below is also required to be eligible for a conforming loan. The loan-to-value ratio

2886-434: The ability of the debtor to honor his obligations and accordingly give him or her a credit rating . Moody's uses the letters Aaa Aa A Baa Ba B Caa Ca C , where ratings Aa-Caa are qualified by numbers 1-3. S&P and other rating agencies have slightly different systems using capital letters and +/- qualifiers. Thus a government or corporation with a high rating would have Aaa rating. A change in ratings can strongly affect

2960-412: The asset-backed trust is a debt issuer of residential mortgage-backed securities . Central banks , such as the U.S. Federal Reserve System , play a key role in the debt markets. Debt is normally denominated in a particular currency , and so changes in the valuation of that currency can change the effective size of the debt. This can happen due to inflation or deflation , so it can happen even though

3034-509: The borrower and the lender are using the same currency . Some argue against debt as an instrument and institution, on a personal, family, social, corporate and governmental level. Some Islamic banking forbids lending with interest even today. In hard times, the cost of servicing debt can grow beyond the debtor's ability to pay, due to either external events (income loss) or internal difficulties (poor management of resources). Debt with an associated interest rate will increase through time if it

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3108-548: The borrowing and repayment history of consumers. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers. In the United States, the primary credit bureaus are Equifax , Experian , and TransUnion . Debts owed by governments and private corporations may be rated by rating agencies , such as Moody's , Standard & Poor's , Fitch Ratings , and A. M. Best . The government or company itself will also be given its own separate rating. These agencies assess

3182-458: The building of Antipinsky, the latter was particularly interested in the prospect of a refinery located on the trunk oil pipelines adjacent to both major rail tracks and highways. Construction of the refinery was completed two years after it commenced, with the first phase of the facility beginning operations in November 2006 with a capacity of 400,000 tons of oil per annum. An upgrade in 2008 increased

3256-456: The business, the refinery received no bids from potential buyers, and Sberbank ultimately included three oil fields in the lot to increase its salability. At an auction held on May 18, 2020, Antipinsky was sold to the only bidder, RusInvest , a company controlled by the Ukrainian businessman Anatoly Yablonsky, who previously fled Ukraine following charges of tax fraud . The total value of the deal

3330-483: The capacity further to 740,000 tons per year before the second area of the refinery was completed in May 2010. The start of operations in the second phase resulted in Antipinsky being able to refine 2.75 million tons of crude oil per annum, and a modernization program finalized in November 2012 increased this even further to 3.58 million tons. By 2013, total production at Antipinsky amounted to 3 million tons per year, with

3404-413: The conditions are defined unilaterally by the issuing municipality (local government), but it is a slower process to accumulate the necessary amount. Usually, debt or bond financing will not be used to finance current operating expenditures, the purposes of these amounts are local developments, capital investments, constructions, own contribution to other credits or grants. The debt service coverage ratio

3478-528: The current yield of a Treasury of the same duration. The overall level of indebtedness by a government is typically shown as a ratio of debt-to-GDP . This ratio helps to assess the speed of changes in government indebtedness and the size of the debt due. The United Nations Sustainable Development Goal 17 , an integral part of the 2030 Agenda has a target to address the external debt of highly indebted poor countries to reduce debt distress. Municipal bonds (or muni bonds) are typical debt obligations, for which

3552-436: The debt was secured by specific collateral , such as a car or house, the creditor may seek to repossess the collateral. In more serious circumstances, individuals and companies may go into bankruptcy . Common types of debt owed by individuals and households include mortgage loans , car loans, credit card debt, and income taxes . For individuals, debt is a means of using anticipated income and future purchasing power in

3626-459: The documents a beneficiary has to present in order to receive payment include a commercial invoice , bill of lading , and a document proving the shipment was insured against loss or damage in transit. However, the list and form of documents is open to imagination and negotiation and might contain requirements to present documents issued by a neutral third party evidencing the quality of the goods shipped, or their place of origin. Debt consolidation

3700-451: The exchange. SPIMEX has been trading: SPIMEX — the primary trading venue for exchange-traded refined products in Russia. In 2016, the volume of refined products and petrochemicals traded on SPIMEX amounted to 17.16 million tonnes. The number of trading participants exceeded 1,900 including all Russian majors; the list of SPIMEX designated delivery points include all key domestic refineries;

3774-626: The future, stating that "we will be the only private independent oil refining enterprise in Russia. Our ambitious plan is that there will be no other serious privately owned oil refinery in the country." However, in 2018 New Stream defaulted on a payment after it had accrued debt worth $ 5 billion after the acquisition of numerous other energy assets, including the Mari refinery in the Mari El Republic , and various oil fields in Orenburg Oblast . As

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3848-740: The idea that the further you are from cash (as with a credit card or other forms of payment), the less transparent it is and the less aware you are of how much you have spent. The less transparent or further away from cash the form of payment employed is, the less an individual feels the "pain of paying" and thus is likely to spend more. Furthermore, the differing physical appearance/form that credit cards have from cash may cause them to be viewed as "monopoly" money vs. real money, luring individuals to spend more money than they would if they only had cash available. Besides these more formal debts, private individuals also lend informally to other people, mostly relatives or friends. One reason for such informal debts

3922-402: The interval, such as annually or monthly. Such loans are also colloquially called " bullet loans ", particularly if there is only a single payment at the end – the "bullet" – without a "stream" of interest payments during the life of the loan. A revenue-based financing loan comes with a fixed repayment target that is reached over a period of several years. This type of loan generally comes with

3996-744: The lending of "food money" was commonplace in Middle Eastern civilizations as early as 5000 BC. Religions like Judaism and Christianity for example, demand that debt be forgiven on a regular basis, in order to prevent systemic inequities between groups in society, or anyone becoming a specialist in holding debt and coercing repayment. An example is the Biblical Jubilee year , described in the Book of Leviticus . Similarly, in Deuteronomy chapter 15 and verse 1 states that debts be forgiven after seven years. This

4070-409: The letter of credit will pay an exporter. Letters of credit are used primarily in international trade transactions of significant value, for deals between a supplier in one country and a customer in another. They are also used in the land development process to ensure that approved public facilities (streets, sidewalks, stormwater ponds, etc.) will be built. The parties to a letter of credit are usually

4144-541: The list of commodities accepted to trading includes all types of domestic refined products. By 2021, the trade in petroleum products has grown to 27.03 million tons (+ 16.6% compared to 2020), by 2022 to 29.13 million tons (+ 7.8% compared to 2021). Territorial indices The average price for refined products at large Russian refineries located in European Russia, the Urals & Western Siberia and Eastern Siberia &

4218-497: The long run to launch a cross-border delivery mechanism. In 2022, the volume traded at the SPIMEX Timber & Construction Materials Section amounted to 4,012 million cubic meters. The number of trades made stood at 2,617. SPIMEX is authorized to register OTC transactions in the following exchange-traded commodities: Data on such OTC transactions is used for calculation of the relevant SPIMEX indices. In 2022, volumes set in

4292-482: The long-term supply of naphtha and diesel from Baltic Sea ports . However, on January 4, 2022, a major fire occurred at the fuel oil deep conversion unit, with over one hundred firemen deployed to extinguish the blaze, which was over one hundred meters high. Although no casualties were reported, production continued to be disrupted at the refinery for many months thereafter. As of 2024, the refinery remains in financial difficulty, with debts worth 18 billion rubles owed to

4366-439: The new majority owner of the plant, mostly due to the considerable financial losses incurred by the refinery, but also due to their lack of interest in entering the petroleum market. Prior to the sale, SOCAR announced that it had no interest in taking control of the business and promptly terminated its partnership with Sberbank. Whilst major oil companies, including Lukoil and Russneft , were believed to be interested in purchasing

4440-446: The operations undertaken at the site gradually increasing in complexity. This included the development of a fuel oil deep conversion unit, a delay tar coking unit, and reaching a refining depth of 97%. In September of the same year, the site also received considerable media interest following a visit from singer-songwriter Grigory Leps , who expressed interest in oil production. Throughout this period, Mazurov spoke optimistically about

4514-685: The parental home, business failure , illness, or home repairs. Over-indebtedness has severe social consequences, such as financial hardship, poor physical and mental health, family stress, stigma, difficulty obtaining employment, exclusion from basic financial services ( European Commission , 2009), work accidents and industrial disease, a strain on social relations (Carpentier and Van den Bosch, 2008), absenteeism at work and lack of organisational commitment (Kim et al. , 2003), feeling of insecurity, and relational tensions. Global debt underwriting grew 4.3 percent year-over-year to US$ 5.19   trillion during 2004. According to historian Paul Johnson ,

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4588-442: The present before it has actually been earned. Commonly, people in industrialized nations use consumer debt to purchase houses, cars and other things too expensive to buy with cash on hand. People are likely to spend more and get into debt when they use credit cards as against cash to buy products and services. This is primarily because of the transparency effect and consumer's "pain of paying." The transparency effect refers to

4662-471: The purchase of petroleum products. This led to a decrease in the volume of purchased oil and to the plant stopping its processing on April 26.” Later, it also emerged that New Stream entered into a contract to sell 1,020 tons of diesel in April that year, but did not fulfill the terms of the agreement. Total production in the first six months of that year was less than half of the oil refined in 2018. Describing

4736-535: The refinery itself began in 2004, although the majority of its equipment was originally acquired by Transneft from Petrofac in the mid-1990s. These elements, which formed part of a modular refinery , were not ultimately used after being held in customs clearance for approximately five years. Eventually, the components for the refinery were sold by the Russian Fund for Federal Property following an internal review of Transneft's business, which determined that refining

4810-465: The regime that incurred them and not debts of the state. International Third World debt has reached the scale that many economists are convinced that debt relief or debt cancellation is the only way to restore global equity in relations with the developing nations . Excessive debt accumulation has been blamed for exacerbating economic problems . For example, before the Great Depression ,

4884-710: The sight of all men' and to 'owe no man any thing, but to love one another' (Romans 12:17; 13:8)." Saint-Petersburg International Mercantile Exchange The Saint-Petersburg International Mercantile Exchange ( SPIMEX ) is a Russian commodity exchange incorporated in 2008. It has offices in Moscow , Saint Petersburg and Irkutsk . SPIMEX offers a wide range of products in exchange-traded refined products , crude oil , natural gas , coal , timber and construction materials as well as commodity derivatives . Its Refined Products Section focuses on spot contracts for all types of domestically traded refined products delivered from

4958-440: The situation, an anonymous source stated "In April (2019), the company almost completely ran out of working capital, there was nothing to buy oil with. The plan was as follows: the management of the refinery had to use the loan and prepayment from traders of petroleum products in order to lead the enterprise out of the crisis." Mazurov was arrested on July 13, 2019, at Sheremetyevo Airport in Moscow on suspicion of assaulting

5032-411: The term of the loan; or the loan may be partially amortized during its term, with the remaining principal due as a " balloon payment " at maturity. Amortization structures are common in mortgages and credit cards . Debtors of every type default on their debt from time to time, with various consequences depending on the terms of the debt and the law governing default in the relevant jurisdiction. If

5106-493: The volume traded at the SPIMEX Crude Oil Section stood at 519,400 tonnes (+ 164,4% y-o-y) with the turnover amounting to RUB 16.974 bn. SPIMEX offers a variety of futures contracts (at present there are more than 20 instruments available). The volume traded at the SPIMEX Derivatives Section in 2022 reached 69,326 futures contracts in the total amount of RUB 13.9 bn. More than 10 products are currently offered by

5180-454: The volume traded at the SPIMEX Refined Products Section (gasoline, diesel, jet fuel, fuel oil and petrochemicals) was equal to 29.13 million tonnes ; at the SPIMEX Derivatives Section – RUB 13.9 bn and at the SPIMEX Natural Gas Section – 5.7 bcm. The total turnover of all trading sections of the Exchange in 2021 increased by 39.5% year-on-year (yoy) to RUB 1.494 trillion, in 2022 it slightly decreased to RUB 1.467 trillion. The volume traded in

5254-565: Was 110 billion rubles, or approximately $ 1.5 billion. Since the takeover, RusInvest has reported nominal revenues of less than $ 1 million for the refinery, in contrast to the peak of its production when it announced revenues of $ 5.8 billion. As a result, the Antipinsky refinery was regarded by the Russian Federal Taxation Service as a small enterprise in 2021. That same year, the refinery owners announced that contracts had been signed with Gunvor , Trafigura and Vitol for

5328-406: Was due to be paid to New Stream ’s largest creditor , Sberbank, who promptly took control of the company after it filed for bankruptcy . Sberbank Capital, Promsvyazbank, Absolut Bank and Credit Europe Bank also filed claims against Mazurov personally for 28.45 billion rubles , 22 billion rubles, 3.3 billion rubles and 854 million rubles respectively. In June 2020, an international arrest warrant

5402-548: Was issued for the company's co-founder, Gennadiy Lisovichenko, for fraudulently selling the cargo of a train for almost half of its market value, with the former director later being arrested in Italy . The insolvency of New Stream led to the new owners forming a joint venture with the Azerbaijani oil firm SOCAR , which took a minority share of 9.6% in the refinery. Sberbank made Antipinsky available for sale immediately after becoming

5476-408: Was outside the scope of its operations. The only bidder in the auction was New Stream , a company controlled by Gennadiy Lisovichenko, a prosecutor , and the businessman Dmitry Mazurov, an acquaintance of Vladimir Putin , who in 2016 owned 80% of the share capital through a Cypriot-registered company named Vikay Industrial Limited . A share purchase option was exercised in 2016 by Nikolai Egorov,

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