IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 04 Feb 2016 | Removal date: open ended
Still in force

Bailout (capital injection or equity participation)

The total amount of the allocated state funds under Resolution No. 150-p of 4 February 2016 is 100 billion Russian Roubles (approximately 1.26 billion USD per the official USD/RUB exchange rate of the Central Bank of Russia of 4 February 2016).

The reasons for the allocation of these state funds are the financial difficulties Vneshekonombank (VEB) experienced after Western sanctions cut its access to international lending in 2014. Since VEB finances large-scale state projects, for example, Russia's Sochi Winter Olympics and other politically-driven projects, the Western sanctions led to VEB's struggle to repay its debts.

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.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

711 Financial, insurance & pension services, excl. investment banking

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