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ÚÂθ̇fl ÍÓÏÔ‡ÌËfl «íåï»<br />
(éÇä-íåï). ÉÂÌÂapple‡Î¸Ì˚Ï ‰ËappleÂÍÚÓappleÓÏ<br />
ÍÓÏÔ‡ÌËË ÒڇΠëÂapple-<br />
„ÂÈ ê·ÓÚÂÌÍÓ. éÌ ·Û‰ÂÚ Óڂ˜‡Ú¸<br />
Á‡ apple‡·ÓÚÛ éÇä-íåï, ÍÓÚÓapple‡fl<br />
ÒÔˆˇÎËÁËappleÓ‚‡Ì‡ ̇<br />
apple‡Áapple‡·ÓÚÍÂ, ÔappleÓËÁ‚Ó‰ÒÚ‚Â, Ó·-<br />
ÒÎÛÊË‚‡ÌËË Ë appleÂÏÓÌÚ ԇÒÒ‡-<br />
ÊËappleÒÍËı ÔÓÂÁ‰Ó‚.<br />
«ãÂÌ˝ÌÂapple„Ó». Ä̉appleÂÈ ãËı‡˜Â‚<br />
ÔappleËÌflÎ apple¯ÂÌË ӷ ÛıӉ ‚ ÓÚ-<br />
ÒÚ‡‚ÍÛ Ò ÔÓÒÚ‡ „ÂÌÂapple‡Î¸ÌÓ„Ó<br />
‰ËappleÂÍÚÓapple‡ ÍÓÏÔ‡ÌËË Ò 1 ˲Îfl.<br />
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íÉä-1, ÍÓÚÓappleÓÈ<br />
‚ ‡appleÂÌ‰Û ·Û‰ÛÚ ÔÂapple‰‡Ì˚ „ÂÌÂappleËappleÛ˛˘ËÂ<br />
‡ÍÚË‚˚ «ãÂÌ˝ÌÂapple-<br />
„Ó», «äÓνÌÂapple„Ó» Ë «ä‡appleÂÎ-<br />
˝ÌÂapple„Ó„ÂÌÂapple‡ˆËË». ç‡ ÔÓÒÚÛ<br />
‰ËappleÂÍÚÓapple‡ «ãÂÌ˝ÌÂapple„Ó» Ä̉appleÂfl<br />
ãËı‡˜Â‚‡ Á‡ÏÂÌËÚ „ẨËappleÂÍÚÓapple<br />
«ä‡appleÂνÌÂapple„Ó» Ç·‰Ë-<br />
ÏËapple ëÂÏÂÌÓ‚.<br />
çíÇ. á‡ÏÂÒÚËÚÂÎÂÏ „ÂÌÂapple‡Î¸-<br />
ÌÓ„Ó ‰ËappleÂÍÚÓapple‡ ÚÂÎÂ͇̇·<br />
ÒڇΠւ„ÂÌËÈ äÛ˜ÂappleÂÌÍÓ, apple‡ÌÂÂ<br />
‚ÓÁ„·‚Îfl‚¯ËÈ ‰ËappleÂÍˆË˛ ÔappleÓ-<br />
„apple‡ÏÏ. Ç ÌÓ‚ÓÈ ‰ÓÎÊÌÓÒÚË ÓÌ<br />
·Û‰ÂÚ Á‡ÌËχڸÒfl ‡‰ÏËÌËÒÚapple‡ÚË‚Ì˚Ï<br />
ÛÔapple‡‚ÎÂÌËÂÏ ÔappleÓ-<br />
„apple‡ÏÏÌÓÈ ‰ËappleÂ͈ËË.<br />
«Äθه-ÚÂÎÂÍÓÏ». ìÔapple‡‚Îfl˛-<br />
˘ËÏ ıÓΉËÌ„‡ ̇Á̇˜ÂÌ ÒÚ‡apple-<br />
¯ËÈ ‚ˈÂ-ÔappleÂÁˉÂÌÚ «ÉÓΉÂÌ<br />
íÂÎÂÍÓÏ» é΄ å‡ÎËÒ. Ç Â„Ó<br />
ÍÓÏÔÂÚÂÌˆË˛ ·Û‰ÂÚ ‚ıÓ‰ËÚ¸<br />
ÔÓ‰„ÓÚӂ͇ ÒÚapple‡Ú„˘ÂÒÍË<br />
8<br />
èÂappleÂapple‡ÒÔapple‰ÂÎÂÌËÂ<br />
ÔÓÎÌÓÏÓ˜ËÈ<br />
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ÍÓÏÔ‡ÌËË Urals Energy ‚˚Á‚‡ÎÓ Í‡‰appleÓ‚˚ ÔÂappleÂÒÚ‡-<br />
ÌÓ‚ÍË. Ä͈ËÓÌÂapple˚ ̇ Ò‚ÓÂÏ „Ó‰Ó‚ÓÏ ÒÓ·apple‡ÌËË ËÁ-<br />
·apple‡ÎË ÌÓ‚Ó„Ó Ôapple‰Ò‰‡ÚÂÎfl Ôapple‡‚ÎÂÌËfl ·‡Ì͇, ÍÓ-<br />
ÚÓapple˚Ï ÒڇΠäàêàãã òèàÉìç. Ö„Ó Í‡Ì‰Ë‰‡ÚÛapple‡ ÓÚÔapple‡‚ÎÂ̇ ̇ ÒÓ-<br />
„·ÒÓ‚‡ÌË ‚ ñÅ. ê‡Ì ÓÌ Á‡ÌËχΠÔÓÒÚ Á‡ÏÔapple‰‡, ‡ ̇ ÌÓ‚Û˛<br />
‰ÓÎÊÌÓÒÚ¸ ·˚Î ‚˚‰‚ËÌÛÚ ÔÓ ËÌˈˇÚË‚Â ·˚‚¯Â„Ó Ôapple‰Ò‰‡ÚÂÎfl<br />
Ôapple‡‚ÎÂÌËfl «áÂÌËÚ‡» ÄÎÂÍÒÂfl ëÓÍÓÎÓ‚‡, Á‡ÌËχ‚¯Â„Ó ˝ÚÓÚ ÔÓÒÚ<br />
‚ Ú˜ÂÌË 10 ÔÓÒΉÌËı ÎÂÚ. íÂÔÂapple¸ ÄÎÂÍÒÂÈ ëÓÍÓÎÓ‚ ‚ÓÁ„·‚ËÚ<br />
ÒÓ‚ÂÚ ‰ËappleÂÍÚÓappleÓ‚ ‚ÏÂÒÚÓ „ẨËappleÂÍÚÓapple‡ ÍÓÏÔ‡ÌËË «í‡ÚÌÂÙÚ¸» ò‡-<br />
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‚‡ÊÌ˚ı apple¯ÂÌËÈ ÍÓÏÔ‡ÌËË.<br />
Ä ËÏÂÌÌÓ apple¯ÂÌËfl Ó ÍappleÛÔÌ˚ı<br />
Á‡Èχı, Û‚Â΢ÂÌËË Ë ÔappleÓ‰‡-<br />
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ÍÓÚÓapple˚ÏË ÛÔapple‡‚ÎflÂÚ «Äθه-<br />
ÚÂÎÂÍÓÏ», ‚ÓÔappleÓÒ˚ Ôapple˂ΘÂ-<br />
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ÚˈËÈ.<br />
áÁ‡‚Ó‰ «ëÓÍÓλ. ëÓ‚ÂÚ ‰ËappleÂÍÚÓappleÓ‚<br />
‚ÓÁ„·‚ËÚ „ÂÌÂapple‡Î¸-<br />
Ì˚È ‰ËappleÂÍÚÓapple Ò‡ÏÓÎÂÚÓÒÚappleÓË-<br />
ÚÂθÌÓÈ ÍÓappleÔÓapple‡ˆËË «åËÉ»<br />
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‰ËappleÂÍÚÓappleÓ‚ «ëÓÍÓ·» Ú‡ÍÊ ‚Ó-<br />
¯ÎË ÄÎÂÍ҇̉apple çÂÁ̇ÏÓ‚, ëÂapple-<br />
„ÂÈ üappleÏËÎÍÓ Ë ëÂapple„ÂÈ ñË‚Ë΂ –<br />
ËÁ·apple‡ÌÌ˚ ÓÚ „appleÛÔÔ˚ «ä‡Ò-<br />
ÍÓλ. àÁÏÂÌÂÌËfl ‚ ÒÚappleÛÍÚÛappleÂ<br />
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‰‡ ÔÓ ÏÓ‰ÂappleÌËÁ‡ˆËË Ò‡ÏÓÎÂÚÓ‚<br />
åËÉ-31 Ë apple‡Ò¯ËappleÂÌ˲ ÚÓ‚‡appleÌÓ-<br />
„Ó applefl‰‡ åËÉ-29.<br />
êÄé «Öùë êÓÒÒËË». ìÔapple‡‚Îfl˛-<br />
˘ËÏ ‰ËappleÂÍÚÓappleÓÏ ÍÓÏÔ‡ÌËË<br />
ÒڇΠÄÎÂÍ҇̉apple óËÍÛÌÓ‚. éÌ<br />
ÒÏÂÌËΠ̇ ˝ÚÓÏ ÔÓÒÚÛ åËı‡Ë-<br />
· Ä·˚ÁÓ‚‡, ÍÓÚÓapple˚È ÔÓÍËÌÛÎ<br />
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‰ËappleÂÍÚÓappleÓÏ ÍÓÏÔ‡ÌËË Ì‡Á̇˜ÂÌ<br />
Ö‚„ÂÌËÈ ë‡Ì‰ÓÏËappleÒÍËÈ,<br />
Á‡ÌËχ‚¯ËÈ apple‡Ì ÔÓÒÚ ÚÂıÌ˘ÂÒÍÓ„Ó<br />
‰ËappleÂÍÚÓapple‡. éÌ ·Û‰ÂÚ<br />
ÍÛappleËappleÓ‚‡Ú¸ ‚ÓÔappleÓÒ˚ apple‡Ò¯ËappleÂ-<br />
ÌËfl ÍÎËÂÌÚÒÍÓÈ ·‡Á˚, apple‡Áapple‡-<br />
·ÓÚÍË ÌÓ‚˚ı ÛÒÎÛ„, apple‡Á‚ËÚËfl<br />
ÓÔÂapple‡ÚÓappleÒÍÓÈ ÒÂÚË.<br />
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«Финанс.» 13–19 июня 2005 № 22 (112)<br />
«íapple‡ÌÒÌÂÙÚ¸». ÇˈÂ-ÔappleÂÁË-<br />
‰ÂÌÚÓÏ ÍÓÏÔ‡ÌËË Ì‡Á̇˜ÂÌ<br />
å‡apple‡Ú ë‡ÈÙÛÚ‰ËÌÓ‚, Á‡ÌËχ‚-<br />
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ÒÚ‚‡ Ë ÒÚapple‡Ú„˘ÂÒÍÓ„Ó apple‡Á‚Ë-<br />
ÚËfl ÍÓÏÔ‡ÌËË.<br />
«ÇÓ΄‡ÚÂÎÂÍÓÏ». íÂıÌ˘ÂÒÍËÏ<br />
‰ËappleÂÍÚÓappleÓÏ ÌËÊ„ÓappleÓ‰ÒÍÓ„Ó<br />
ÙËΡ· ̇Á̇˜ÂÌ ÄÎÂÍ҇̉apple<br />
äÛ‰ËÏÓ‚, ÓÌ ÒÏÂÌËΠ̇ ÔÓÒÚÛ<br />
ÄÎÂÍ҇̉apple‡ ãÓÒÍÛÚÓ‚‡, ¢ ‚ ‰Â-<br />
͇·apple 2004 „Ó‰‡ ÔÓÍËÌÛ‚¯Â„Ó<br />
˝ÚÓÚ ÔÓÒÚ. Ç ÌÓ‚ÓÈ ‰ÓÎÊÌÓÒÚË<br />
ÄÎÂÍ҇̉apple äÛ‰ËÏÓ‚ ·Û‰ÂÚ Á‡ÌË-<br />
χڸÒfl ‚ÓÔappleÓÒ‡ÏË ÚÂıÌ˘ÂÒÍÓ„Ó<br />
ÒÓÒÚÓflÌËfl Ë apple‡Á‚ËÚËfl ÙËΡ·.<br />
ŇÌÍ «ñÂÌÚapple-ËÌ‚ÂÒÚ». ùÍÒ-<br />
ÔappleÂÁˉÂÌÚ ÌÂψÍÓ„Ó Deutsche<br />
Bundesbank ùappleÌÒÚ ÇÂθÚÂÍ ËÁ-<br />
·apple‡Ì ÌÂÁ‡‚ËÒËÏ˚Ï ˜ÎÂÌÓÏ ÒÓ-<br />
‚ÂÚ‡ ‰ËappleÂÍÚÓappleÓ‚ ·‡Ì͇. èÓÏË-<br />
ÏÓ ÓÒÌÓ‚Ì˚ı Ó·flÁ‡ÌÌÓÒÚÂÈ ÌÂ-<br />
Á‡‚ËÒËÏÓ„Ó ‰ËappleÂÍÚÓapple‡,<br />
‚ ÍÓÚÓapple˚ ‚ıÓ‰ËÚ ÌÂÁ‡‚ËÒËÏ˚È<br />
ÍÓÌÚappleÓθ Á‡ ‰ÂflÚÂθÌÓÒÚ¸˛<br />
·‡Ì͇, ÓÌ ·Û‰ÂÚ Û˜‡ÒÚ‚Ó‚‡Ú¸<br />
‚ apple‡Á‚ËÚËË ÏÂʉÛ̇appleÓ‰ÌÓ„Ó<br />
ÒÓÚappleÛ‰Ì˘ÂÒÚ‚‡ ·‡Ì͇.<br />
ååÇÅ. ëÓ‚ÂÚÌËÍÓÏ „ÂÌÂapple‡Î¸ÌÓ„Ó<br />
‰ËappleÂÍÚÓapple‡ ·ËappleÊË<br />
̇Á̇˜Â̇ çË̇ ëÎÂÔÌ‚‡,<br />
apple‡Ì Á‡ÌËχ‚¯‡fl ‰ÓÎÊÌÓÒÚ¸<br />
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ÔappleÂÊÌ ÏÂÒÚÓ Á‡Ìfl· éÍÒ‡-<br />
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ÍÛappleËappleÓ‚‡Ú¸ ‚ÓÔappleÓÒ˚ ÛÔapple‡‚ÎÂ-<br />
ÌËfl ÔÂappleÒÓ̇ÎÓÏ Ë Óapple„‡ÌËÁ‡-<br />
ˆËÓÌÌÓ apple‡Á‚ËÚË ·ËappleÊ˚.<br />
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àÁ·Ëapple‡ÚÂθ̇fl ÍÓÏËÒÒËfl<br />
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‚ÂÒÚÌÓ.<br />
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͇ı „ÓÒÛ‰‡appleÒÚ‚ÂÌÌÓÈ ÒËÒÚÂÏ˚<br />
ÎˈÂÌÁËappleÓ‚‡ÌËfl ̇ Ôapple‡‚Ó<br />
ÔÓθÁÓ‚‡ÌËfl ̉apple‡ÏË. é̇<br />
·Û‰ÂÚ ÓÒÛ˘ÂÒÚ‚ÎflÚ¸ apple‡ÎËÁ‡-<br />
ˆË˛ ÚÂappleappleËÚÓappleˇθÌÓÈ ÔappleÓ-<br />
„apple‡ÏÏ˚ ÔÓ apple‡Á‚ËÚ˲ ‰Ó·˚-<br />
‚‡˛˘ÂÈ ÔappleÓÏ˚¯ÎÂÌÌÓÒÚË<br />
Ë ÏËÌÂapple‡Î¸ÌÓ-Ò˚apple¸Â‚ÓÈ ·‡Á˚<br />
ÔÓÎÂÁÌ˚ı ËÒÍÓÔ‡ÂÏ˚ı. èapple‰-<br />
Ò‰‡ÚÂÎÂÏ ÍÓÏËÒÒËË ÒڇΠåËı‡ËÎ<br />
äÓÌÌÓ‚, Á‡ÌËχ˛˘ËÈ<br />
ÔÓÒÚ Á‡Ï„·‚˚ ӷ·ÒÚË, Ôapple‰-<br />
Ò‰‡ÚÂθ äÓÏËÚÂÚ‡ ÔÓ ÛÔapple‡‚ÎÂ-<br />
Ì˲ „ÓÒËÏÛ˘ÂÒÚ‚ÓÏ Ë ÔappleËappleÓ‰-<br />
Ì˚ÏË appleÂÒÛappleÒ‡ÏË Ó·Î‡ÒÚË.<br />
Ç ÌÓ‚ÓÈ ‰ÓÎÊÌÓÒÚË ÓÌ ·Û‰ÂÚ<br />
ÓÒÛ˘ÂÒÚ‚ÎflÚ¸ ÍÓÌÚappleÓθ Á‡ apple‡-<br />
ÎËÁ‡ˆËÂÈ Á‡‰‡˜ ÌÓ‚Ó„Ó Óapple„‡Ì‡.<br />
ĉÏËÌËÒÚapple‡ˆËfl „ÓappleÓ‰‡ Ç·-<br />
‰ËÏËapple‡. å˝apple „ÓappleÓ‰‡ ̇Á̇˜ËÎ<br />
Ò‚ÓËÏ ÌÓ‚˚Ï Á‡ÏÂÒÚËÚÂÎÂÏ<br />
̇˜‡Î¸ÌË͇ ìÔapple‡‚ÎÂÌËfl ÏÛÌË-<br />
ˆËԇθÌ˚Ï ËÏÛ˘ÂÒÚ‚ÓÏ Ä̉appleÂfl<br />
òÓıË̇. ÑÓ ÌÂ„Ó ˝ÚÓ ÍappleÂÒ-<br />
ÎÓ Á‡ÌËχΠëÂapple„ÂÈ å‡appleÚ˚ÌÓ‚.<br />
ëÓ‚ÂÚ ‰ËappleÂÍÚÓappleÓ‚ ˝ÌÂapple„Óχ¯ËÌÓÒÚappleÓËÚÂθÌÓ„Ó<br />
ÍÓ̈Âapplė «ëËÎÓ‚˚ χ¯ËÌ˚» ÓÚÔapple‡‚ËÎ ‚ ÓÚÒÚ‡‚-<br />
ÍÛ „ÂÌÂapple‡Î¸ÌÓ„Ó ‰ËappleÂÍÚÓapple‡ ÖÇÉÖçàü üäéÇãÖÇÄ.<br />
éÙˈˇθ̇fl ‚ÂappleÒËfl – ÒÓÒÚÓflÌË Á‰ÓappleÓ‚¸fl ÔÓÒ-<br />
ΠÔÂappleÂÌÂÒÂÌÌÓÈ ‚ ÌÓfl·apple 2004 „Ó‰‡ ˜ÂappleÂÔÌÓ-ÏÓÁ„Ó‚ÓÈ Úapple‡‚-<br />
Ï˚. çÂÓÙˈˇθ̇fl – Ê·ÌË Ôapple˂Θ¸ „ÓÒÛ‰‡appleÒÚ‚Ó Í Û˜‡-<br />
ÒÚ˲ ‚ ÍÓÏÔ‡ÌËË. èÓ ÏÌÂÌ˲ ËÒÚÓ˜ÌË͇ «î.», ÓÒÌÓ‚Ì˚Ï ÔappleÂ-<br />
ÚẨÂÌÚÓÏ fl‚ÎflÂÚÒfl «É‡ÁÔappleÓÏ». ÇˉËÏÓ, ËÏÂÌÌÓ ÔÓ˝ÚÓÏÛ<br />
ÒÓ‚ÂÚ ‰ËappleÂÍÚÓappleÓ‚ ËÁ·apple‡Î ̇ ÔÓÒÚ „ÂÌÂapple‡Î¸ÌÓ„Ó ‰ËappleÂÍÚÓapple‡ «ëË-<br />
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«É‡ÁÔappleÓÏ».<br />
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