ANNOUNCEMENT 08 Jun 2015

In June 2015, the government of the Russian Federation announced a change to private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 08 Jun 2015 | Removal date: open ended
Still in force

Interest payment subsidy

On 8 June 2015 the Russian Government approved with Resolution Nr 1051-p additional state support concerning crop production.
 
Resolution No. 1051-p allocates 21.342 billion Russian Roubles in crop subsidies to 84 subjects (top administrative units as per the Constitution of the Russian Federation), or 2.5 billion Russian Roubles (ca. 46 million USD) more that the initially approved with Resolution No. 224-p of 13 February 2015. The subsidies under Resolution No. 1051-p, similarly to Resolution No. 224-p, are to co-finance the expenditure of the regions of the Russian Federation, related to reimbursement of due interest payments on short-term credits which target the development of crop production, as well the related to it processing and merchandising.
 
Technically,Resolution No. 1051-p forms part of the 'anti-crisis' plan of the Government and the State Programme for Development of Agriculture and Regulation of the Markets of Agricultural Products, Raw Materials and Food for 2013-2020 ('the programme'). The additional subsidies under Resolution No. 1051-p are granted within the framework of the sub-program "Development of the sub-sector of crop production, processing and marketing of crop production" of the programme.
 
The expected direct result of this sub-programme is an increase of the share of Russian food products in the total food products by 2020 as follows: grain -- up to 99.7%; beet sugar -- up to 93.2%; vegetable oil -- up to 87.7%; potatoes -- up to 98.7%; meat and meat products -- up to 91.5%; milk and dairy products -- up to 90.2. These goods have been used to identify the potentially affected tariff lines under Resolution No. 1051-p.