The State Duma has prepared several options for compensation of Soviet contributions

The State Duma working group has prepared proposals for compensation of Soviet deposits of citizens in Sberbank. This was announced by Vladimir Senin, a member of the State Duma Committee on the Financial Market. According to him, compensation will cost the budget 7.3 billion rubles.

As Vladimir Senin explained, it is proposed to begin payments to citizens 78 years of age and older. The overwhelming majority of citizens who are entitled to payment are heirs. “There are not so many living depositors, about 4 million. If we further divide by age categories, this figure does not seem so terrible,” noted Mr. Senin (quoted from TASS).

Among other things, the State Duma working group discussed the option of transferring depositors’ pre-reform savings into Sberbank debt obligations, as well as agreeing with the credit institution and the Ministry of Finance on the size of “priority payments to depositors.”

In 1995, Russia adopted a law on the restoration and safety of savings placed in Sberbank deposits before June 20, 1991, as well as in deposits under personal insurance contracts and in government securities of the USSR and the RSFSR before January 1, 1992.

To do this, savings must be converted into targeted debt obligations of the Russian Federation using the debt ruble. Its value is determined on the basis of changes in the control and base value of the “necessary social set”. Meanwhile, laws have not yet been adopted regulating the procedure for transferring deposits into target debt obligations and their servicing. In this regard, since 2003, the law “On the basic cost of the necessary social package” has been suspended every year.

Vladimir Senin noted that the State Duma working group proposes to indefinitely suspend the law or recognize it as no longer in force. “If the state cannot fulfill its obligations, it would probably be more honest to admit this, but serious argumentation is needed,” he noted.

Lusine Balasyan