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Medvedev orders improving lending terms for importers from Russia

10 March 2017

Russian Prime Minister has prepared a list of instructions based on the results of the Russian Investment Forum in Sochi. The instructions include improving lending terms for consumers of Russian exports, studying the feasibility of insuring small business deposits and restricting the establishment of state unitary enterprises.

The Ministry of Finance and Ministry of Economic Development are to study the issue of providing competitive lending terms for consumers of Russian goods abroad by April 5, RBK newspaper reports. Prime Minister Dmitry Medvedev gave the relevant instructions on Monday, March 6.

“The Ministry of Finance and Ministry of Economic Development along with Russian Export Centre are to prepare and provide the Russian government with proposals to ensure competitive lending terms for foreign buyers of Russian-made goods and services, including with the use of foreign currency-denominated state financial assets”, the document says.

The instructions concerning lending were issued to the ministries following the Russian Investment Forum in Sochi. Based on the forum results, the government prepared a total of 31 instructions for the development of the regions, lending, subsidies, improving the state administrative system and other issues.

In particular, the Ministry of Finance and Ministry of Economic Development are to study the feasibility of insuring small business funds deposited in bank accounts by June 1. The Opora Rossii small and medium entrepreneurship organization had previously appealed to the Central Bank with such a request given the situation with banks in Tatarstan.

In addition, the Ministry of Economic Development and the Federal Antimonopoly Service are to prepare amendments restricting the establishment of state and municipal unitary enterprises. The deadline is also April 5.

In addition, per Medvedev’s instructions the Ministry of Finance and Ministry of Economic Development are to study the possibility of tax support to Russian entities “by transferring to regional and local budgets the amounts of growth in addition to the profit tax of other federal taxes and fees. The Ministry of Economic Development will determine the priority economic specializations of the regions by the end of the month and propose ways to develop them.

Prior to September 1, the Ministry of Agriculture, Ministry of Finance and Ministry of Economic Development are to analyse a new mechanism for preferential lending to agricultural enterprises.

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