Global Trade Alert

On 15 May 2015, draft bill 793332-6 was registered for discussions at the State Duma, the Lower House of the Russian Parliament. It is proposed to expand the powers of Vnesheconombank, one of the principal state organisations in supporting Russian exports.
The list of its new functions is planned to include:

• Implementation of financial, guarantee, insurance, warranty and other support for exports of industrial goods, works and services;
• Participation in the implementation of investment projects in Russia and abroad, aimed at improving the competitiveness of the Russian economy, including in the field of agriculture and high-tech products;
• Provision of financial and guarantee support concerning industrial products produced in foreign countries, provided that the share of Russian components in these products is not less than 30% of their cost.

 
The draft law also proposes to be created a new Russian export hub, 100% owned by Vnesheconombank. The center shall participate in the implementation of state policies in the field of development and export support, carry out information and advisory support services to Russian exporters, assist in the promotion abroad of industrial goods, works and services, and provide a "one-stop shop" export support for Russian exporters.
 
In order the new draft law to enter into force, it must be approved by the State Duma on three readings, by the Federation Council and by the President of the Russian Federation.
 
The draft law was signed into Federal Law No.185-FZ which entered into force on 30 June 2015.