ANNOUNCED AS TEMPORARYNo
On 11 October 2014 the Russian government approved a state programme to support project financing and to increase the volume of lending to the real sector of the Russian economy at advantageous conditions (Decree Nr 1044). To this end, both credit financing and state guarantees will be implemented. The volume of the state guarantees to be issued in 2015-2018 is capped at 125 billion RUB (approximately 3.05 billion USD).
Although no explicit differentiation of the beneficiaries into local and foreign entities has been specified, it can be expected that the new state measure will be in line with the statement of Russian President during his 2013 Presidential Address to the Federal Assembly, (see the second provided source), that foreign companies must not benefit from Russian subsidies.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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