ANNOUNCEMENT 22 Oct 2012
On 22 October 2012, the Russian government launched a new edition of the program of loan subsidization targeting aircraft and aircraft training equipment.
NUMBER OF INTERVENTIONS
Government of the Russian Federation. Decree 1073 dated 22.10.2012 and updated on 29.03.2013 with Decree N 279; on 12.10.2013 with N 918; on 14.03.2015 with N 225; on 21.04.2016 with N 334 and on 13.12.2017 with N 1533). http://pravo.gov.ru/proxy/ips/?docbody=&nd=102160209&rdk=5
On 22 October 2012, the Russian Government updated Regulation N90 (dated 16.02.2008) on the allocation of subsidies to the Russian leasing companies and aircraft producers targeting loan payments related to purchasing and leasing out aircraft and aircraft training equipment. The Regulations are in the framework of the State Program on the Development of Aircraft Manufacturing in 2013-2025.
The Regulation N 1073 states that the subsidies are to cover interest payments on loans taken from the Russian commercial banks and state-owned Vneshekonombank. The program targets:
The subsidy covers 90% of the interest payment. Annual interest on loans is capped at the Central Bank refinancing rate for ruble-denominated loans and 12% for non-ruble loans.
The Regulation 1073 replaced Regulation 90 dated 16.02.2008 which offered the same instrument but with a clearer statement on the exclusive targeting of the Russian-made aircraft. It also capped the duration of the leasing agreements at 15 years. See related State Acts below for more details.
The October 2012 edition underwent five amendments, all sourced above, which did not change the substance of the rules. The only changes concern: