ANNOUNCED AS TEMPORARYYes
On 24 December 2015, with Decree No. 2652-r, the Government of the Russian Federation approved the issuance of credit guarantees for companies from the defence industry.
In total, the government issued 4 state guarantees to 3 organisations with an aggregate amount of RUB 3.88 billion (55.4 million USD as of 24 December 2015).
The three beneficiaries are:
The deadline for the repayment of the loans, and therefore, for state guarantees for all entities under this Government Order is 31 of December 2018.
This state intervention forms part of Russia's the implementing measures under the framework of the State Armament Programme for 2011-2020. According to Decree No. 2652-r, this state measure will expand the capacity of the beneficiaries to attract non-budgetary sources of funding and to carry out state tasks related to the execution of the state defence orders where the federal funding is received in the form of deferred payments.
In the 2015 federal budget foresaw the issuance of state guarantees at the amount of 26 billion roubles. After the issuance of the state guarantees under the above-mentioned decree and Government Resolution No. 934 dated 4 September 2015, 13.79 billion Russian Roubles remained still unused in the 2015 state budget.
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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