True, instead of all of us the expected implementation of infrastructure projects, the first tranche from the Federal Tax Service will be used to buy back over 50% of Sberbank shares from the Central Bank. For many, this news already caused outrage. But, before drawing conclusions, let's look at the nuances.
It turned out that the Central Bank of Russia, which has a special status and deprives commercial banks of licenses in case of serious violations, owns 50% + 1 shares of the largest of them. This “formal contradiction” had long had to be eliminated, but they decided on it only now. And that's why.
The government needs more than 1 trillion rubles to implement social tasks on the eve of the president’s set. It is simply impossible to separate them from the Federal Tax Service, since by law it is only possible to borrow funds in the reserve for profitable projects.
The purchase of Sberbank, with further reformatting of its activities in the interests of its own economy, is just that. At the same time, the Central Bank, having received money from the government, will send most of them to the federal budget, from where they will be redirected to social programs without violating the law.
It is worth noting that the beginning of the targeted use of reserve money, contrary to the IMF ban, does not mean that our country is ready to empty the “piggy bank”. Only those funds that exceed the threshold of 7% of GDP will be collected. Moreover, as mentioned above, they will be sent exclusively to profitable projects.