ANNOUNCEMENT 19 Jun 2009

In June 2009, the government of Russia announced a change in private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



The programme of the anti-crisis measures of the Russian Government - 2009. Available from < http://www.government.ru/content/governmentactivity/antikrizismeriprf/ >


Inception date: 19 Jun 2009 | Removal date: 17 Jan 2010
Still in force

Interest payment subsidy

On 19 June 2009 the Government of the Russian Federation had approved certain measures of support to the industries which are considered perspective from the import-substitution and increase of domestic demand. Those industries are agriculture, construction, food and textile industries pharmaceutical industry as well as car industry.
 
Agriculture
 
Subsidies in the agriculture and fishery sectors in 2009, as envisaged by the Government Anti-Crisis Plan, will total 212 billion rubles (5 billion Euro), almost 45% more than in 2008. Other 95 billion rubles will be provided by the Russian regional governments. These are to include subsidizing of 100% of CBR refinancing rate for banking credits to meat and milk producers, and additional capitalization of Rosselkhozbank (45bn roubles = 1bn Euro) and Rosagrolizing (25bn ruble = 0.6n Euro), which grant lax credits to framers and organize leasing of agricultural machines and equipment.
 
Car industry
 
39 billion rubles (0.9bn Euro) in additional subsidies for the automotive industry envisaged by the Government Anti-Crisis Plan for 2009 was approved on 19 June 2009.
 
The upper limit for price of locally produced cars subject to state subsidies (2/3 of CBR refinancing rate for banking credits to individuals) is raised from 350 thousands rubles to 600 thousands rubles (foreign cars assembled in Russia partly included) - total 2 billion rubles (46 million Euro).
 
Government procurement of the car production in 2009 is planned to reach 12.5billion + 20 billion = total 760 million Euro.
 
Government will subsidize also loans for the car industry from the Russian banks for technical restructuring of the production - 2.5billion rubles (58 million Euro)
 
Subsidies are also to cover costs of transportation by rail of locally produced cars (including some foreign cars assembled in Russia) - 2 billion rubles (46 million Euro).
 
Military-industrial complex
 
Military-industrial complex, according to the Government Anti-Crisis Plan, is t receive 969 billion rubles (22.6billion Euro) in subsidies in 2009, or 38% more than in 2008. Subsidies are to boost capitalization of the leading firms, such as MiG, Gorbunov and Khrunichev. Other subsidies are to prevent bankruptcies of enterprises producing weaponry.
 
 
Timber processing complex
325 million rubles (7.6million Euro) are allocated in 2009 in order to subsidize interest rates on banking credits for the wood sector, and to create seasonal reserves of rough wood and fuels.
 

AFFECTED PRODUCTS

 
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