ANNOUNCEMENT 08 Jun 2015
In June 2015, the government of the Russian Federation announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Постановление от 8 июня 2015 года №566
Об утверждении правил предоставления субсидии Росэксимбанку на поддержку производства высокотехнологичной продукции
Распоряжение от 24 марта 2015 года №497-р
Приказ Министерства промышленности и торговли РФ от 2 июля 2015 г. № 1809 “Об утверждении Перечня высокотехнологичной продукции, работ и услуг с учетом приоритетных направлений модернизации российской экономики”
On 8 June 2015 the Russian Government approved Decree No. 566. It was elaborated in line with point 23 of the state measures for support of access to foreign markets and export support, approved by Decree No. 593 of 3 April 2015.
Decree No. 497 of 24 March 2015 stipulates that the planned subsidies related to Decree No. 566 as part ofthe federal budget for 2015 and the planning period 2016-2017 are 3 billion Russian Roubles (ca. 52 Million USD as per the exchange rate for 24 March 2015). They will be allocated to the Eximbank of Russia, a Russian specialised government-owned export-import bank, as a compensation concerning credits for support of high-tech production.
As an extension of Decree 497, Decree No. 566 introduces the necessary conditions for financial support to Russian exporters 'on terms which allow Russian exporters to compete in foreign markets'. Concretely, it stipulates that Roseximbank will receive federal subsidies for its long-term credits lines of up to 15 years with emphasis on hi-tech goods, services and works. These goods are approved by Order No. 1809 of the Ministry of Industry and Trade of the Russian Federation of 2 July 2015.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.