ANNOUNCED AS TEMPORARYNo
Interest payment subsidy
On April 2nd, 2015, was approved Decree No. 317-p in accordance with the "anti-crisis plan" of the Russian Government. The document introduces amendments to Decree No. 3 of January 3rd, 2014.
Concretely, in the future the state support in the form of subsidised interest rates concerning credits received from Russian credit organisations in 2014--2016 under Decree No. 3 of January 3rd, 2014, will be also provided for technical renovation related to investment projects in priority areas of civil engineering. Until the moment only construction costs related to such projects have been financed by the state under the issued in 2014 decree.
Decree No. 317-p also increases the maximum value of the investment project from 2 to 5 billion Russian Roubles (ca. 97 million USD). As motivation for this condition were indicated the falling exchange rate of the national currency, the related to this event rising costs of the investment projects, and the increasing costs for purchase of equipment produced in foreign jurisdictions.
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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