On October 22, 2012, the Russian Government (Decree 1073) approved rules for the allocation of a federal subsidy to Russian leasing companies. Specifically, the subsidy is allocated for the partial reimbursement of interest rate payments of loans taken by Russian leasing companies from Russian credit institutions or the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" for the purchase of aircraft and flight simulators between 2008-2012. The airplanes and simulators can have Russian or foreign origin.
The subsidy discriminates against commercial interests of foreign airlines competing with Russian airlines on international markets. Given that Russian leasing companies only sell to Russian airlines, the reduced leasing-related costs for these airlines distort the market.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.