ANNOUNCEMENT 25 May 2016

The Ministry of Industry and Trade of the Russian Federation announced state subsidies to 68 Russian credit organisations under the framework of loan provision for the purchase of cars. 
 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Ministry of Industry and Trade (2016). ПРИКАЗ МИНИСТЕРСТВА ПРОМЫШЛЕННОСТИ И ТОРГОВЛИ РОССИЙСКОЙ ФЕДЕРАЦИИ ОТ 25 МАЯ 2016 Г. N 1681 "О ПРЕДОСТАВЛЕНИИ ИЗ ФЕДЕРАЛЬНОГО БЮДЖЕТА СУБСИДИЙ РОССИЙСКИМ КРЕДИТНЫМ ОРГАНИЗАЦИЯМ НА ВОЗМЕЩЕНИЕ ВЫПАДАЮЩИХ ДОХОДОВ ПО КРЕДИТАМ, ВЫДАННЫМ РОССИЙСКИМИ КРЕДИТНЫМИ ОРГАНИЗАЦИЯМИВ 2015 – 2016 ГОДАХ ФИЗИЧЕСКИМ ЛИЦАМ НА ПРИОБРЕТЕНИЕ АВТОМОБИЛЕЙ". (Decree of the Ministry of Industry and Trade of the Russian Federation of May 25, 2016 No. 1681 "On the provision from the federal budget of subsidies to Russian credit organizations for the reimbursement of shortfall in income on loans issued in 2015-2016 to individuals for the purchase of cars". Available at http://minpromtorg.gov.ru/docs/#!29838

Inception date: 25 May 2016 | Removal date: open ended
Still in force

Financial grant

According to the Ministerial Decree No. 1681 dated 25th of May, 2016, state subsidies were granted to 68 Russian credit organisations in the total amount of 2 billion RUB (30.4 million USD).

The subsidies were granted to compensate the decrease in income by Russian credit organisations associated with the loan issuance to private persons for the purchase of cars. The subsidies were granted under the framework depicted by the Resolution of the Government of the Russian Federation of April 16, 2015 No. 364. 

Government subsidies to Russian credit organisations provided for the purchase of Russian cars help to stabilise the production and sales of automobiles, preserve jobs and employment of workers in the automotive industry and related industries. 

AFFECTED SECTORS