Alibegov did obtain loans but not enough so schemes involving diamond trades would be pursued to obtain additional credits. Using uncut diamonds for loans was not as profitable as using cut gems and the Soviet and later Russia friendly expert who cuts and polishes the gems is Lev Leviev of Africa Israel Investments (AFI). Alrosa closed joint-stock company was set up according to Presidential Decree №158C of the President of Russia "On the Establishment of the Almazy Rossii-Sakha Joint Stock Company" signed on 19 February 1992, based on NPO Yakutalmaz, a former USSR state-owned diamond mining company. In 1997, Alrosa started sponsoring the Russian submarine B-871, named "Alrosa" since 2004. This serves the goals of both upholding the Russian Navy and providing Yakutian youths a military alternative to crime, drugs and alcoholism. In 2008, Alrosa acquired a license to mine, process and store uranium. In 2009, it partnered with Rosatom, the nuclear state company of Russia. In 2011, Alrosa was reorganized as an open joint-stock company with free float of Alrosa's shares on financial markets. In July 2007, Verkhne-Munskoye diamond field in Yakutia was discovered with an estimated value of about $3.5 billion. In August 2009, during the recent financial crisis, Prime Minister Vladimir Putin announced the Russian government, via Gokhran, would buy $1 billion in uncut diamonds from Alrosa. This was to support the Russian diamond mining industry while avoiding saturation in the global diamond market and thus further depression of diamond prices. The diamond mining industry is critical to the Yakutia economy. On 28 October 2013, the company carried out the IPO. The Russian government and the Republic of Sakha (Yakutia) sold a combined 14% stake (in equal shares), while Alrosa offered about 2% in treasury stock. U.S. investors were the biggest buyers of the shares, purchasing up to 60% of the stake, 24% got European investors, Russian investors accounted for about 14%. Investment funds Oppenheimer Funds Inc. and Lazard Ltd. took part in the IPO and bought over 2% of the stake. Alrosa raised $1.3 billion in share sales. In 2016, Alrosa was ranked as being among the 12th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic. In 2017, ALROSA implemented over 500 social and charitable initiatives. Over 70% of all initiatives were implemented in Yakutia – ALROSA's key region where the company conducts its core business. These initiatives are partially