ANNOUNCED AS TEMPORARYYes
On 10 July 2014, with Decree No. 1267-r, the Government of the Russian Federation approved the issuance of credit guarantee for companies from the defence industry.
In total, the government issued 4 state guarantees to 4 organisations with an aggregate amount of 14.89 billion rubles (438.05 million USD as of 10 July 2014).
The 4 organisations are:
- OJSC "Voentelekom";
- OJSC Concern "Systemrpom";
- OJSC Concern VKO "Almaz-Antey";
- OJSC "Nizhny Novgorod Research Institute of Radio Engineering".
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. 1267-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.
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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