[Between 20 June and 2 July 1921]

We explain point by point your letter of 20.VI:¹

1) Agree to grant as concession all four enterprises (Kyshtym, Ekibastuz, Ridder, Tanalyk). 2) Railways [we will not give] branch lines as concession [main lines] we permit; for main lines we will accept a known form of guarantee [of independence] of the concessionaire's interests. 3) Negotiate on the term. 4) We will give a certain sum of Soviet money; negotiate. 5) Negotiate on the share of deductions. Oil is not a precedent.² 6) Agree to guarantees of inviolability.

We will not grant the concession if they do not agree to give us 50–100% of the food and equipment they bring in for themselves, with guaranteed payment.