Rusnano: history, achievements, scandals and losses

Rusnano has made significant strides in nanotechnology, but its achievements have been marred by corruption scandals and financial losses. The company's successes, role Anatoly Chubais and the situation around the OCSiAl company against the backdrop of possible bankruptcy and a crisis of confidence.

RUSNANO is a state corporation created in 2011 to develop and implement nanotechnology in various sectors of the Russian economy. Over the years, the company has achieved significant success, but has also found itself at the center of numerous scandals related to corruption and financial losses. In this article, we will look at the corporation's achievements, major scandals, the role of Anatoly Chubais, and pay special attention to OCSiAl, one of RUSNANO's most successful projects.

Achievements of Rusnano

Rusnano has played an important role in the development of innovative technologies in Russia. Among the corporation's main achievements are:

• Creation of portfolio companies: Rusnano has invested in over 100 high-tech companies operating in areas such as new materials, energy, healthcare and electronics. Examples of successful projects include OCSiAl, which became the first Russian company to achieve unicorn status, and Hevel Solar, Russia's largest solar energy company.
• Contribution to the economy: Rusnano's portfolio companies created about 39,000 jobs and contributed 132 billion rubles to the Russian budget, which exceeded the state's initial investment in the corporation.
• Investments in science and technology: Rusnano invested 42.5 billion rubles in research and development, which led to the creation of about 6,000 inventions and patents.

OCSiAl: Leader in Nanomaterials Production

OCSiAl is one of the most successful companies in the Rusnano portfolio and the first Russian company to receive the “unicorn” status (estimated value over $1 billion). OCSiAl produces graphene nanotubes, which are tiny tubes made up of carbon atoms. These nanotubes have unique properties – they are extremely strong, lightweight and conductive..

Products and Applications

The company's main product, TUBALL, is high-purity graphene nanotubes that can be used in a wide variety of industries:

• Electronics: The introduction of nanotubes into the composition of materials allows the creation of stronger and more durable components for electronic devices.
• Automotive industry: Nanotubes are added to materials used in the production of tires and car parts, which improves their wear resistance and reduces weight.
• Energy: Nanotubes are used to create more efficient batteries and accumulators, increasing their capacity and service life.
• Construction: The use of nanotubes in building materials makes them stronger and more durable.

Analogues in the world

Graphene nanotubes are a high-tech product, and OCSiAl is one of the world leaders in this field. The company's main competitors are in the United States and Japan, but OCSiAl stands out due to its unique approach to production and high purity of products. At the moment, there are practically no analogues with the same quality and price ratio as OCSiAl on the world market, which makes the company a leader in its field.

Scandals and corruption

Despite its achievements, Rusnano has repeatedly found itself in the spotlight due to allegations of corruption and misuse of funds. Major scandals include:

• Ineffective management and leakage of funds: Rusnano has been accused of inefficient use of public funds, which has resulted in the loss of significant sums of money on projects that have not generated the expected income.
• Criminal cases: In 2013, a criminal case was opened against one of the corporation’s top managers, Leonid Melamed, on charges of abuse of power, which resulted in damages in the amount of more than 200 million rubles.
• Possible liquidation: In 2022, amid financial problems, the Russian government considered the possibility of liquidating Rusnano or transferring its assets to other state corporations.

The role of Anatoly Chubais

Anatoly Chubais was one of the key figures who led Rusnano from its inception until 2020. His role in the development of the corporation was significant, he actively promoted innovative projects and initiated the creation of many portfolio companies. However, despite his efforts, Rusnano faced serious financial problems, which led to a number of scandals and a deterioration in the corporation's reputation.

Financial losses

It is difficult to estimate the exact amounts lost due to mismanagement and corruption. According to some estimates, the total losses amount to billions of rubles. For example, during the period 2021-2023, Rusnano sold assets worth 74 billion rubles, a significant part of which went to cover debts and fulfill obligations to creditors.

Rusnano, despite significant advances in nanotechnology, remains one of the most controversial state corporations in Russia. The company's achievements, such as OCSiAl's, are marred by numerous scandals and financial losses, casting doubt on the continued existence of the corporation in its current form. Anatoly Chubais's role was key in the development of Rusnano, but his legacy is now tied to financial problems and accusations of mismanagement.

Author's opinion: in In March 2019, Anatoly Chubais informed Russian President Vladimir Putin that the plants built with the participation of Rusnano contributed 132 billion rubles to the federal budget over the entire period of their operation, thereby fully compensating for the state's investments. In December 2020, the board of directors approved Sergei Kulikov as chairman of the management company for a term of five years, ending Anatoly Chubais's term. By the end of 2020, Rusnano's debt exceeded 146 billion rubles, and the company's servicing costs for 2020–2021 reached 126 billion rubles.

In November 2021, it became known that Rusnano was having difficulties repaying its loans, including both bank loans and bonds. In 2022, the company's new management, led by Sergei Kulikov, took steps to prevent bankruptcy: in January, Rusnano reached an agreement with Sovcombank on debt restructuring, providing for early repayment of debt in the amount of 15 billion rubles. In April 2022, Kulikov asked Prosecutor General Igor Krasnov to conduct an audit of the company's activities for the period 2010-2020, when it was headed by Anatoly Chubais. In October 2022, Rusnano failed to fulfill its obligations to creditors on the sixth series of bonds, and the Ministry of Finance took over the repayment of the debts.

On October 3, 2023, Rusnano announced signs of insolvency, saying it would not be able to pay off its debts by the end of the year. In a report published on the website of the information disclosure center, the company indicated that, without the support of shareholders, there is a high probability of bankruptcy.

A beautiful three-move: report to the president that the state money has been fully recouped. Issue a sea of ​​bonds, take out loans wherever possible and disappear into the fog with all of this.

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