ANNOUNCED AS TEMPORARYNo
Interest payment subsidy
As part of the anti-crisis measures of the Russian Government, Decree No. 364 of 16 April 2015 approved the allocation of federal subsidies, related to credits for purchase of cars, issued in favour of physical persons.
The federal subsidy is at the amount of 1.5 billion Russian Roubles (ca. 29.70 million USD as of the date of the issuance of the legal act). The state subsidises 2/3 of the key reference rate (14% at the moment of approval of this state intervention), provided by the Central Bank of Russia. The maturity of the credit must not surpass 36 months. The purchased cars must be produced in 2015.
On 23 April 2016, with Decree No. 344, the Russian Government prolonged the validity of the subsidy scheme, introduced by Decree No. 364, by approving the allocation of 11.3 billion RUB (ca. 170.64 million USD as of the date of the issuance of the legal act). In addition, the value of the cars that are eligible for state support has been increased from 1 million RUB to 1.150 million RUB.
These state measures are approved as part of the framework of the sub-program "Automotive industry" of the state program of the Russian Federation "Development of the industry and increasing of its competitiveness".
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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