ANNOUNCEMENT 20 Feb 2016

The Ministry of Industry and Trade of the Russian Federation announced state subsidies to 29 Russian manufacturers of wheeled vehicles for paying interest on loans and income on obligations.

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 20 ФЕВРАЛЯ 2016 Г. N 471 "О предоставлении из федерального бюджета субсидий российским организациям автомобилестроения, в том числе их дочерним организациям, на возмещение части затрат на уплату процентов по кредитам, полученным на реализацию инвестиционных и инновационных проектов и (или) выплату купонного дохода по облигациям, выпущенным для осуществления расходов инвестиционного характера, на возмещение части затрат на уплату процентов по кредитам, привлеченным в 2009 - 2010 годах и обеспеченным государственными гарантиями Российской Федерации, а также на возмещение части затрат на уплату процентов по кредитам, привлеченным российскими организациями автомобилестроения в 2015 году на цели рефинансирования и (или) приобретения прав требований по кредитам и займам, ранее привлеченным их дочерними и зависимыми обществами". (Decree of the Ministry of Industry and Trade of the Russian Federation of February 20, 2016 No. 471 "On the provision from the federal budget of subsidies to Russian manufacturers of wheeled vehicles and their subsidiaries for partial reimbursement for paying interest on loans received for the investment and innovation project implementation and/or for paying coupon income on bonds, issued for investment spending; for partial reimbursement for paying interest on loans received in 2015 for the objectives of refinancing and (or) the acquisition of rights of claims on loans; for the partial cost reimbursement for paying interest on loans received in 2009-2010 that are covered by the state guarantees of the Russian Federation"). Available at http://minpromtorg.gov.ru/docs/#!31685

Inception date: 20 Feb 2016 | Removal date: open ended
Still in force

Interest payment subsidy

According to the Ministerial Decree No. 471 dated 20th of February, 2016, state subsidies were granted to 29 Russian manufacturers of wheeled vehicles in the total amount of 1.81 billion RUB (23.6 million USD). 

The subsidies were granted to compensate the losses of Russian manufacturers of vehicles associated with (1) payments on coupon income on bonds issued for investment spending; (2) with interest payments on loans that are covered by the state guarantees of the Russian Federation and/or used for the investment and innovation project implementation; (3) with payments on coupon income on bonds issued for the objectives of refinancing and/or the acquisition of rights of claims on loans. 

The subsidies were granted under the framework depicted by the Resolution of the Government of the Russian Federation No. 1383 dated December 19, 2015, and by the Decree of the Ministry of Industry and Trade No. 4212 dated December 22, 2015. 

AFFECTED SECTORS