ANNOUNCEMENT 28 Apr 2022

In April 2022, the Russian government announced that it will allocate, on an ad hoc basis, RUB 16.7 billion in interest payment subsidies to companies of systemic importance in the transportation industry.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The Government of the Russian Federation, Decree No.1048-r (28.04.2022). Retrieved on 10.05.2022: http://government.ru/news/45298/

Inception date: 28 Apr 2022 | Removal date: open ended

Interest payment subsidy

On 28 April 2022, the government of the Russian Federation published Decree No. 1048-r allocating RUB 16.7 billion (approx. USD 232.8 million) in interest payment subsidies to companies of systemic importance in the transportation industry.

More specifically, transportation companies, which are deemed as backbone enterprises in transportation, will be able to get loans from Russian credit institutions at a preferential rate not exceeding 11% per annum. The Russian government will, in turn, compensate the credit institutions for their lost income on loans. The government notes that the maximum loan amount for a single company is RUB 10 billion (approx. USD 139 million).

In this context, the Prime Minister of the Russian Federation, Mikhail Mishustin, stated: “This will give additional stability to the national transport system”.

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