Alternative to the deposit. What is profitable to invest accumulation? Real estate investment as an alternative to bank deposits

The strategy is designed for investors -News. Alternative to bank deposit. It is perfectly suitable for the owners of Jes.
The main assets on the strategy are highly reliable bonds federal loan and ETF. The portfolio is revised once every two months to acquire more profitable papers. Transactions on shares are made extremely rarely and their volume is insignificant.

Alternative to bank deposit - This is a strategy for automatically copying transactions on the COMON service. The point is to repetition operations that make the management strategy, on the client's account, which is connected to it.

How is the alternative to the banking contribution different from the bank deposit?

Bank contribution is the amount moneyTransferred by an individual to the bank in order to extract profits, which arises from financial transactions with this amount. Simply put a man gives his money to the bank, and he in turn will invest in business projects and securities. The client receives a fixed yield that is very different from real income in the direction of the decrease.

The strategy of the alternative to the banking contribution is also the same, but the client receives a non-fixed percentage, but the entire profitability for the disadvantage of the broker's commission. With considering tax deduction From the state that all our customers receive, yield can be 18% per annum and higher.

How to connect to an alternative strategy by bank deposit?

The success of bank deposits is that people seem to open its opening as simple as possible. He came to the bank, went to the manager, gave his passport, after 20 minutes the deposit was opened. It's even easier to do it through personal Area or application. Simple and not very profitable.

Here, first, you must open a brokerage account. By reference, information about what it is, there is a link directly to the opening. After opening, you need to replenish the account, return to this page and click Connect. Not many more difficult, but the yield is higher.

Alternative to the banking contribution is it reliable?

Another advantage of the deposit in the opinion of people is reliability. Bank is still. Other suggestions seem suspicious, because these are dubious sites, it is not clear to whom registered investment funds, deposits, look at the pyramid.
In our case, the account opens in investment Bank With a license Central Bank Russia. The number of clients who received access to the stock market through the Finam bank exceeded 203,000 people.

What is the alternative to the banking contribution management strategy?

Absolutely all investments occur within the framework of stock markets, that is, securities are bought. It can be shares of companies or federal loan bonds. Since the conservative strategy and its main goal is to preserve money and increase them to the percentage above the bank deposit, all assets are selected taking into account their liquidity and reliability.

Emitter of Russian OFZ - Ministry of Finance Russian Federation. We believe that such an investment is guaranteed to bring us a profit and it will be higher than interest on deposits.

For investment in stock large companies We use ETF. This method allows to make a profit from 50-60 companies with modest investments. And the reinvestment of dividends inside ETF allows us to not pay the commission from these transactions.
Each month the manager revises the portfolio and can make adjustments or react to a change in the situation.

What is required from the subscriber to the strategy of an alternative to the banking contribution?

After opening a brokerage account, its replenishment and subscription to the strategy, nothing is required of you. The essence of the autother thing and consists in trust management and delivering the client from the need to independently perform any operations.

For a stable increase in capital, a regular account should be regularly replenished as soon as such an opportunity appears. Investing and reinvestment We will take on yourself.

Attention! Any investment of funds (bank deposit and alternative to the banking contribution including) in itself risks. Even storing money under the pillow leads to their depreciation by inflation. Therefore, do not try to ask for a 100% guarantee of your enrichment from anyone. Such warranties can only give fraudsters.

If you are new, we recommend you to read the private investor blog, where simple language Teams are told financial literacy and the features of the stock market, such as the difference from Forex, investment funds and other speculative projects with increased risk.

On October 25, the Bank of Russia the fourth times in a row reduced the key bet. It decreased by 50 basic points and reached 6.5%. Week Previously, Chairman of the Central Bank of Elvira Nabiullina, in an interview with CNBC TV channel, stated: "We see that our bet may not be just reduced, we can act more resolutely." Inflation risks that the Central Bank seen in September, did not materialized, and the growth forecast consumer prices It may be revised towards the decline. It is worth noting that the situation with inflation, whose deterrence of the Central Bank considers it its primary task, has changed significantly over the past five years. In March 2015, this figure was 16.9%, and in September 2019, 4.0%. This allows the regulator to reduce the key bid, that is, to make cheaper borrowing for commercial banks, so that, in turn, for less interest, credited companies and citizens.

"We are predicting that on the horizon for 12 months the Central Bank of the Russian Federation will reduce interest rates 1% cumulatively, including a reduction of 0.5% by the end of 2019 and another 0.5% in 2020, "notes Natalia Stepanova, Director of Ingosstrakh Investment Management Department . Parallel softening monetary policy In the United States and the Eurozone allows the Bank of Russia to make a ruble more accessible, without fear of its excessive weakening in relation to the dollar and the euro. All this happens at the moment when the transition of the Russian Central Bank from neutral to stimulating policies is critical for the development of the economy. "Slow down the pace economic growth In Russia (GDP growth forecast in 2019 is 1.0%) requires the launch of monetary stimulation, which involves the level of key interest rate at the level of 6% and lower, "says Natalia Stepanova.

"We are predicting that on the horizon for 12 months the Central Bank of the Russian Federation will reduce interest rates to 1% in total, including a reduction of 0.5% by the end of 2019 and another 0.5% in 2020," Natalya Stepanova, Director of the Ingosstrakh Investment Department Investments".

What does this mean for people who traditionally keep their savings on deposits? Bank deposits also depend on key bet Central Bank and will inevitably fall. According to the Bank of Russia, over the past five years they have decreased almost twice. If in December 2014 - January 2015, individuals could accommodate their ruble savings under 10-12% per annum, then by the middle current year Rates in urgent deposits Up to 12 months amounted to 5.3%, and on deposits over 1 year - 6.7%. And, according to Natalia Stepanova, at the end of this year the rate of the rates on annual deposits may fall below 5%. At the same time, individuals can no longer prolong deposits at historical rates - it was one of the few options that allows you to fix the current level of yield on ruble savings for several years. It turns out to keep the yield, you will have to look for an alternative to bank deposits.

If you are accustomed to keeping savings and receive income in rubles, alternativea variant can be the purchase of long bonds of the federal loan (OFZ). These debt securities produces the Ministry of Finance of Russia, so they have high level Reliability and coupon income on them is not taxed. "According to the International Duration (4-7 years), the average yield to the repayment will be 6.59%, and the net coupon income is 7.05%. In addition, with a decrease in interest rates of the Central Bank of the Russian Federation, an increase in the course value of bonds can be 3-4%, and the estimated level of profitability on the horizon of the next 12 months will be from 9.82% to 11.21%, "notes the Director of the Ingosstrakh Investment Department Investments". This is actually two times more deposit rates, which citizens can now place their ruble savings in banks. And, as always in investing, if you are ready to increase the degree of risk, it is likely to get a higher income. You can form a portfolio of 6-10-year-old OFZs and fix the yield to repayment at 6.84%, and the pure coupon yield at 7.12%. In this case, it is possible to get for the year 11.24% -13.29%.

If you prefer to store funds in foreign currency, especially in the euro, and want to keep the yield, the alternative will have to look even more active. On October 10, Elvira Nabiullina reported to journalists in the sidelines of the Finopolis forum that the Bank of Russia would discuss with market participants the possibility of introducing negative deposit rates in foreign currency, and warned that negative euro rates for credit institutions - a long-term phenomenon, given the monetary policy of leading countries. The fact is that Russian banks place the currency attracted to deposits abroad and fall under negative rates, that is, they are forced not to make a profit, but on the contrary to pay extra for the storage of funds. True, the loss while small and threats for the sector are not submitted, calculated in the Central Bank. If banks attract deposits in euros at 0% and invest in a minus 0.5%, it will affect profit banking system Less than 1%. But it is clear that credit organizations consider each penny, they speak in the bank of Russia. About negative rates for citizens speech is not yet, they can be introduced for companies. However, the largest Russian banks are already refused to attract deposits individuals In Euro.

Let's see what happens on this background with bets on deposits in foreign currency. According to the Central Bank, since the end of 2014, on deposits in the euro, they decreased from 4.9% - 5.2% to the level of 0.37% -0.65% by the middle of the current year. A similar painting with deposits in US dollars: on them rates for 5 years fell more than twice. If at the end of 2014, citizens could get 5% yield, then by mid-2019 the level of medium deposit rates in the market decreased to 2%. And this trend is long-term. "Deposit rates in US dollars in the 2020s will continue to decline. The market expects that the American regulator will continue to reduce rates, the scale of which can be 0.5% -1.0% in the event of a recession scenario in the economy. In this situation, the profitability of dollar deposits in Russia drops below 1% on the horizon of 12 months, "says Farid Yunusov, General Director of Ingosstrakh Investment Management. And banks will reduce interest also because the Central Bank seeks to reduce the use foreign currency on the russian market and increases the norms of mandatory reservation on dollar deposits.

"Deposit rates in US dollars in the 2020s will continue to decline. The market expects that the American regulator will continue to reduce rates, the scale of which can be 0.5% -1.0% in the event of a recession scenario in the economy. In this situation, the profitability of dollar deposits in Russia drops below 1% on the horizon of 12 months, "says Farid Yunusov, General Director of Ingosstrakh Investment Management Code.

An alternative to bank deposits may be eurobonds denominated in the same currency. Such tools in dollars in Russia are presented quite wide. "From the point of view of taxation, sovereign Eurobonds issued by the Russian Ministry of Finance, investors exempted from them pMFL payments On coupon income and currency revaluation, "says Farid Yunusov. For a long-term investor good option Sovereign bonds with redemption in 2028 and 2030 may become. These issues with a high level of pure coupon returns - 7.52% and 6.58% per annum, respectively. The yield to the repayment on them is 3.41% and 2.84%. In addition, Eurobonds are traded on the Moscow Stock Exchange and have a small nominal. This makes them liquid - that is, such debt papers can be quickly selling retail investors. It is worth adding that income from the difference between the price of the purchase and sale or repayment of Eurobonds of the Ministry of Finance is subject to personal income tax in the usual basis. But if you own debt papers going on the Russian Exchange, more three yearsThe term difference for tax does not fall.

"Eurobonds in euros also give the profitability higher than similar bank deposits. But a list of such tools is significantly less than dollar. This summer, only 12 issues of Eurobonds in euros with a credit rating and a repayment date of more than 1 year also appeared on the market. And only one of them was issued by the Ministry of Finance and relieves resident investors from the payment of NDFLs for coupon income and currency revaluation, "says Ingosstrakh Investment Management Code. We are talking about sovereign Eurobonds with redemption in December 2025. But the level of profitability to repay them is only 0.82% and slightly exceeds the deposit rate. In addition, such papers need to be at least 100 thousand euros, which makes them available only to major investors. According to Farid Yunusov, from corporate bonds in euros, which are traded in Russia, it is worth paying attention to Moscow Eurobonds Credit Bank With repayment in February 2024. The yield to redemption on this issue is 3.97%, and the net coupon returns is at the level of 4.92%. However, it is worth remembering that on these debt securities will have to pay tax on coupon income and income from currency revaluation.

Soon the meeting of the Central Bank, and even if they cannot be devastated in the June rate, it is quite expected that by the end of the year the key rate will be 9% anyway or even lower. So, deposit rates will inevitably follow in the direction of decline. Where to go to the investor, for which ruble deposits stopped being interesting? Tools still remain. In this column we will touch only ruble tools most popular.

The closest analog is. But in order for them to become a full alternative contribution, the following conditions are needed:

The issuer must be approximately with the same reliability as the DCA (or if it is about the amount of over 1.4 million rubles, then at the level of systemic importance companies);

Bonds must have a repayment period that year when you assume to withdraw the amount, otherwise there is a risk that when weighing the repayment, the market price will be below the income price. And not to be hybrid, not convertible to do not stay with instead of bonds. Ideally - not subordinated to have a risk of deposit;

Bonds must have a fixed coupon, especially if there is a trend on a rate reduction.

As for the more detailed choice, it is possible to choose from corporate bonds from corporate bonds, which has a preferential taxation of coupon income (as ruble deposits), since, even taking into account the lower rates, the earlier releases of the same The issuer, at the expense of tax benefits, net yield is very often obtained above. And if you have for three years and more, it is better to buy them through type A, because it is unlikely that you buy now bonds top companies strongly lower than the denomination, and the coupon income to the issues of 2017 is mostly below the limit from which taxation begins . If I want to invest more than the limit on IIS, then in IIS you can invest within the limit, and the rest is on the usual brokerage account. Or open a few IIS - on yourself and loved ones (if you trust them).

As for government bonds, then I'm for stock exchange bonds, and not for "folk" OFZ, since the commission for entry - 0.5-1.5%, for the early exit, before repayment, also, plus At the release earlier, one year is lost the entire coupon, plus non-market pricing, plus they cannot be bought through IIS. In addition to governmentobaligations, municipal and municipalities can be considered, since we are unlikely to the history of the type of default of the city or the region (as Detroit in the USA). State Bligations and Municipal, if time allowed, it is also better to buy through IIS type A, and if the planned amount is above the limit, then again several IIS or all excess - to a regular brokerage account.

The entrance to the bonds is from 1 thousand rubles (for "folk" OFZ - 30 thousand).

Another option - structural products With coupon payments. As a rule, the coupon is not guaranteed, but conditional, which depends on the price of basic assets (or on the absence of a default on these basic assets, if these are bonds). Ideally, for the highest approach to the deposit, I would advise you to choose structural products:

Reliable issuer (after all, you are buying not basic assets, but a note released by the Bank / Broker, so assume the risk of this issuer);

Coupons with a memory effect: If the condition is not executed for the current date of observation, and the following is executed, then you get a coupon for the current, and for the next periods;

If the note is tied to the base asset price, and not to the absence of a default, then the ideal note with the condition that the coupon is paid, even if some or all assets are bargaining at the price below, but within the permissible drawdown. At the same time, if such a limit breaks - nothing happens, the note will continue to operate until the next period of observation. So the chances of the coupon above even with volatility;

At the end of the time notch, there should also be a barrier to which the price of one or more (or all) assets may drop, but you will get 100% of the capital back. And it is important that this note is the breakdown of this barrier at any time during the term of the note of the note, except for its ending, did not lead to the fact that the barrier is considered punched, the coupon is not paid, and you only receive a part of the invested funds less the drawdown by who asked the most;

The barrier must correspond to the historical drawdown for each asset: if anyway, the action in his life she saw up to the price below, for example, $ 50, then it is necessary to lay a possible similar drawdown in the future, compare it with a conditional barrier. Then, if one or more (and maybe all) basic assets at the end of the note will be bargained below the initial price, but within the barrier, then you will return at least 100%. It is just close to the deposit;

If we are talking about the payment of coupons in the absence of a default of bonds, to which the note is tied, then it is necessary to choose bonds of companies of systemic significance. And to check their jurisdiction so that it does not work out that the note is tied to Sberbank, but Ukrainian, for example.

Additionally, it is worth checking whether the note is quoted on the Russian market (such Exchange-Traded Notes has already appeared in our market). If yes - you can try to buy a new note on secondary market At the price below the nominal and additionally earn. In the notes can be investing through IIS. Remember that coupon but note, like any other financial resultsUnlike bonds to be taxed 13%.

The entrance to structural products is possible with the amount below 100 thousand, but the threshold is higher.

Another option - With coupon payments. It can either with fixed payments, or is a combination of a fixed payment and participation in the gloss of the basic asset, to which the program is attached. Of course, the coupon + participation in growth is less like a deposit due to greater uncertainty, but can give big profit at the exit. Exchange will be an alternative to the deposit if you choose a reliable insurance company, and also if you are comfortable to freeze money for a period of 3-7 years, most often it is five years old. But this tool has tax breaks: Contributions to such a product are subject to social tax deduction, if a program for five years and more (but not more than 120 thousand rubles per year), and the profit on such an instrument is taxed at 13% only with exceeding the refinancing rate (that is, if the program The yield will be 9%, and the rate is 9.25%, then the profit will not be taxed). Additional plus - risky protection, as well as protection of capital from dividing during divorce and appeal to property, rapid inheritance without six months inheritance.

Login B. similar programs It can be about 300 thousand, but depends on the company.

There is another version of the ruble deposit - this coupon trust management but this option is suitable for savings of several million rubles, as a rule. There is no fixed profitability and coupon, just quarterly, depending on the result, the investor is paid some income. Plus, capital gains is added to it. But remember that with income paid and from the growth with you will write 13%.

The entrance threshold is several million rubles, depends on the company.

There are more risky options - investment in microfinance companies or loans to business, in particular, through Alpha Flow, StartTrack. You provide for a certain time the amount under the indicated percentage, usually from three months, under 20% per annum (happens above). If everything is stable with the borrower's business, then you will get a top 100% embedded amount and interest.

The entrance threshold for private investors in microfinance companies - 1.5 million rubles. And in the services like StartTrack - from 100 thousand rubles. For liquidity, then there is opportunities to remove the amount early, options are possible: in microfinance companies it may be possible to pick up part early without percent loss. In loans for several months, as a rule, it is assumed that you do not require paying ahead of schedule.

From income will have to pay 13%, but even less tax returns are attractive. True, this type of alternative to the deposit is aggressive, so all the capital will be placed risky in such tools.

Well, the classic option is to buy real estate and rent. Everything is good, but the entrance threshold in this option is higher than in all of the above, the liquidity of real estate is inferior to almost all previously considered options. There is also no guarantee of rental income (you can not pass or lose the tenant), here are high costs of maintenance (tax on property, spending for repair, insurance, plus there may still be a mortgage). And, to all, with income you need to pay 13%, or make an IP and pay 6% / 15%, or buy a patent. And, if you do not plan to sell real estate, there are risks that rental yield will not go beyond 4-5% per annum, which is lower than the above. Plus, due to the entry threshold, the portfolio from different real estate objects is not bought, and the portfolio from bonds is quite.

In other words, ruble deposit can not be limited: there are other tools that can produce regular income and return invested capital at the end of the term. It remains only to choose the options suitable for you.

Portal Banks.ru wishes all its readers and customers always consciously and responsibly approach financial products and services. Full information On financial instruments are available in the financial supermarket bank.ru.

Bank deposits are the most popular methods for investing capital. The main reason for such popularity is to highly reliable bank deposits.

Despite all the advantages of this method of investing capital, there are currently alternatives that deserve the close attention of potential investors.

As a real alternative bank deposits Only those methods of investment of capital can be considered, which allow to obtain a higher income, but at the same time they have a comparable level of reliability.

Currently, the presence of a contribution in a credit institution can boast most residents of developed states. Bank deposits are the most common method of passive investment. Among the advantages of such an investment should be noted high reliability, stable, though not high, the level of income, as well as the absence of the need to understand the peculiarities financial market.

Despite the huge number of advantages of bank deposits, they possess a number of risks:

1. Inflation. If a high level of inflation is observed in the country, the bank deposit can be considered not as a method for producing income, but as a way to preserve existing capital.
2. Bankruptcy credit organization. In the case of bankruptcy of the Bank, depositors can count on compensation only by the amount guaranteed. Over the past few years, the Central Bank deprived the license a large number of domestic banks. For this reason, the risk of bankruptcy of the chosen credit organization is quite high.
3. Risk of fraud. In the domestic market there are many unclean on hand financial institutionswho deceive their customers with hidden payments, etc.

The only method to minimize the risks described above is the choice of reliable financial organizationwhich has a good reputation. At the same time, it should be remembered that rates on deposits in the most reliable credit institutions are relatively low. For this reason, you will not be able to avoid the risk of inflation.

Analyzing everything above, it becomes an obvious need to alternative to bank deposits.

Real estate investment as an alternative to bank deposits

Currently, it is exactly the best alternative to bank deposits. If you decide to abandon bank deposits and decided to invest in real estate, you can use the following methods:

1. Buying finished real estate for subsequent sale or lease.
2. The investment of existing capital in housing during the construction phase.
3. Capital investing B. share building various properties.

According to the existing statistics, despite the temporary fluctuations in the cost of real estate, it becomes more expensive. Thus, real estate investments are practically not inferior in terms of the level of reliability by bank deposits, and in terms of potential profitability significantly exceed them.

Most of the investors choose investment in real estate as an alternative to bank deposits due to the fact that this method is not affected by negative factors, such as:

• Hyperinflation.
• Reducing cost over time.

If you decide to invest your capital in real estate, then you should remember that this investment method is subject to the following economic risks:

1. Reduced purchasing power residents of our country.
2. Reducing business activity.
3. Increase the level of competition in the real estate market.
4. Rising exploitation.

These factors should be taken into account when choosing real estate for capital investment.

As mentioned above, real estate investment is an excellent alternative to bank deposits. Among the advantages of the investment of the existing capital in real estate should be noted:

1. Revenues from real estate objects are significantly better protected from inflation.
2. The property of real estate will belong to the depositor until its sale. At the same time, the client can partially lose in bankruptcy credit institution.
3. Profitability of investments in real estate in the long term is significantly higher than that of bank deposits.
4. The acquired real estate objects are not lost in price over time, and real value The bank deposit may decrease due to inflation.

Apply investment in real estate as an alternative to deposits only if you have necessary knowledge To select a suitable object.

Low bets According to deposits forced citizens to look for alternative options for investing their low risk savings. What options can be found on stock market?

Traditionally bank deposit It is the most reliable type of savings. Hardly overtaking inflation, it is at least able to preserve the purchasing power of savings, and the risk of reviewing the license from the bank is leveled by the presence of an insurance system in the face of the DR.

However, in the conditions of the trend to reduce the key bet to keep money for albeit and actually risk, but still a low percentage becomes less and less profitable. It is not surprising that the Central Bank and Prof. last years Stable growth in the interest of the population to the bond market - both state (various types of OFS) and corporate papers.

To waste deposits need simple and reliable financial instrument, on the role of which suggests the largest domestic banks (Sberbank, VTB24 and others) as well as bonds of a federal loan located on the stock exchange.

« Many yesterday investors make a choice in favor of OFZSince this is a clear tool that looks at the moment more attractive contributions and on profitability, and by risks. Miserer probability of the issuer's default and the ability to calculate the financial result until repayment makes the OFZ among the most attractive tools in the market valuable papers For private investors, "Alexander Bakhtin explains the Investment Strategist" BCS Prime Minister ".

For example, on the bonds of the Ministry of Finance of the OFZ-PD [with constant coupon income - ed.] With a repayment period in 2021, it is now possible to count on the yield to repay at the level of 7.9-8.1%. "Long bonds under current conditions have a high risk, since there is a possibility of introducing sanctions to new issues of the public debt in November. If there is no exacerbation of sanctions, the OFZ-PD with a repayment period in 2021 can bring about 12-15% already on the horizon of the year, "Valery Bezuglov is sure the analyst of IR Freedom Finance.

Bakhtin offers to maximize the yield of investments by purchasing the OFZ that, subject to uncomplicated conditions, it will increase the income from governmentobligations every year to receive up to 52 thousand rubles in the form of a tax deduction (IIS of the first type).

"You can buy bonds of the largest issuers whose reliability is not in doubt - it is difficult to imagine that the state will allow financial inconsistency, for example, Gazprom, Rosneft or Sberbank. And in general, if you trust, say, Sberbank or Gazprombank, is it not more logical to buy their bonds instead of a deposit and earn a couple of percentage points of additional profitability? If you urgently needed funds, bonds can be sold at any time, "Aleksey Kovalev writes an analyst of the FINAM GC.

The expert warns that if you needed funds from a classic deposit (for where possible partial removal, and interest rates below), it will have to close, losing almost the entire accumulated interest income. In the case of bonds, you can sell only part of the portfolio and maintain the accumulated coupon income.

Currency deposits VS Eurobond

If you look for currency yield, then according to foreign exchange deposits you can count on the rate in the area 2.5-3% for dollars, and 1-2% by EuroHowever, in view of the announcement of new anti-Russian sanctions, the risk of forced conversion of currency deposits into ruble has been growing. This topic was repeatedly raised in the media with the head of VTB Andrei Kostin. And although Chairman of the Central Bank of Elvira Nabiullina has a similar idea, not worth discling out the development of events.

Are there an alternative to foreign currency deposits, but in the stock market? "With currency tools, the situation is approximately the same - the yield of bonds is about two percentage points above the return on deposits. Let's say, in August, Russian government bonds denied in dollars were traded with a yield to maturity above 4%, the profitability of the highesting domestic banking Eurobonds were in the range of 5-6% per annum. And this is despite the fact that rates on dollar deposits in russian banks There were 2% per annum, "says Kovalev.

"Among currency tools should pay attention to corporate issuers with a maximum credit rating that corresponds to sovereign (BBB-). These include the Eurobonds of Gazprom with repayment in 2022 and return to repayment at 5%, Gazpromneft with repayment in 2022 and redeeming to pay off 5.1%, as well as short Russian Railways bonds with repayment in 2020 offering yield to repayment at 4%. Buying these issues is advisable when you are ready to sit until repayment. Moreover, with the normalization of external conditions, it is also worth calculating on the growth of the body, which will increase the yield of investments, "it advises Bezuglov.