On December 1, Rusnano paid off the coupon yield and redeemed 100% of the face value of the BO-002R-01 series bonds issue.

The most persistent bondholders won, as well as those who initially knew that the payments would take place. With regard to the rest of the participants in this story, it is too early to draw conclusions, after all, only a small part of the more than one hundred and fifty billion debt of the corporation has been paid off, but still, let's try. Preliminary conclusions are in the material of the VChK-OGPU telegram channel and

Анатолий Чубайс

A key participant in the story, the former head of Rusnano, Chubais, suffered what would seem to be the most sensitive losses.

Firstly, in terms of reputation. Of course, reputation is probably what worries A. Chubais least of all. But one thing is clear - the image of an “effective leader” has disappeared completely, and from now on not a single business project associated with his name will receive a single penny of funding - neither from the state, nor from private investors.

Secondly, in terms of the team. Until recently, Chubais's team looked monolithic, slogans on facebook like “we built the nanoindustry” and “we have something to be proud of” acted mobilizingly. Now the mood has changed dramatically: people are not psychologically ready to answer for failures and want to shift the blame onto the leader. In such a situation, and even without the active support of former employees by Asnis & Partners, the personal risks of A. Chubais and members of the management board multiply.

But Chubais bought time. Today, a year after his departure from Rusnano, references to "Chubais's difficult legacy" sound convincing. But the further, the greater will be the responsibility of the new leader S. Kulikov.

Сергей Куликов

It was S. Kulikov who suffered the most crushing defeat. First, he did not calculate at all the consequences of his "easy" blackmail of the government and creditors. The market was pretty shaken, the bonds of Rusnano collapsed, and the bonds of other state-owned companies were also affected. Analysts, rating agencies and others started talking about the state's reputation.

But the most interesting thing happened on December 1 - it turned out that the accounts of Rusnano had funds in excess of 5.5 billion rubles, which made it possible to completely close the problem of issuing bonds of the BO-002R-01 series. According to the source of, this fact will have significant consequences for Rusnano and S. Kulikov.

Secondly, the goal of blackmail was not achieved - Rusnano did not receive financial support from the state, and the possibility of obtaining such support in the future will of course be influenced by the subjective assessments of the new leadership of the Ministry of Finance and the Central Bank of the Russian Federation.

Thirdly, the creditors of the company from this whole situation left a very unpleasant aftertaste: Rusnano kept the bondholders in complete ignorance until late in the morning of December 1, 2021. [By the way, a reasonable question arises (to regulators and law enforcement officers) - were all bondholders in an information vacuum?]

In any case, it will now be difficult for Rusnano to convince bondholders and banks of the need to repay the debts of the state-owned company with a 30-40% discount.

Fourth, S. Kulikov got a very influential enemy in the person of A. Chubais. The first analytics have already appeared: we are talking about a significant impairment of the project portfolio in the first month after Chubais's dismissal. Yes, S. Kulikov just repeated Chubais's trick with the collapse of the investment value at the beginning and demonstration of the subsequent growth of financial indicators, and he did this, following the lead of the board members inherited from Anatoly Borisovich (Pimkin D.A. and Kalanov AB), but it will be very difficult to find a clear explanation of this machinerie.

Fifth, the siloviki suddenly remembered that the reporting period for S. Kulikov was over, and during the reporting period, no new criminal cases were initiated against ANY member of the Board of the old Rusnano. This is strange, considering that the new head has a ready-made invoice on the table for such projects as the Rusnano-Capital Fund, Plastic-Logic, Elvis Neo Tech, Rosana, etc.

Timofey Grishin


To be continued