| 19 May 2024, Sunday |

Russia to include electronics firms on list of essential companies

Russia’s trade and finance ministries will broaden the criteria for systematically important firms to include companies in the electronics sector, Deputy Prime Minister Dmitry Chernyshenko said on Saturday, according to TASS.

As it seeks to weather the impact of Western sanctions on its economy, Russia’s government proposed a slew of assistance measures on Friday, including some for suppliers to state-owned enterprises and the IT sector.

“The most important task for us is to develop our products and accelerate import substitution of what came in from outside,” Chernyshenko said.

He said support for firms in the electronics sector was needed from the banking system.

“In all sectors of the economy there are now preferential loans and subsidized rates, and the possibility of preferential lending through regional budgets is also being looked at,” Chernyshenko said.

  • Reuters