Russian Ministry of Finance doesn’t agree with draft order to sell 18.9% of Alrosa’s shares

According to the Russian Finance Minister Anton Siluanov, the project to reduce the Government's stake in Alrosa to 25% plus one share, proposed by the Ministry of Economic Development, can’t be supported. The Ministry insists that the draft must say about the state's share in the amount of 33.001%. The Finance Ministry proposes to sell 10.9%, in this case Russia could retain 8% more over the joint controlling stake of the diamond mining company with Yakutia (25% plus one share). Now in the face of the Federal Property Agency the state owns the 43.9% stake in Alrosa. Yakutia is not going to sell its package. Also, 8% of the shares belong to the Yakut municipal areas and their privatization is not possible in accordance with the law. The maximum size of the package in Alrosa, which can be sold, maintaining the total control of the state and Yakutia, is 18.9%.