The Russian Government has supplemented and implemented a list of measures of state support for business. These measures will help to mitigate the financial consequences of the coronavirus outbreak.
The Government Commission for Economic Development and Integration has approved a new list of systemically important organizations that significantly influence the development of the Russian economy and provide the majority of workplaces in their industries.
The organizations on the list can be provided with state support measures if their financial standing has deteriorated significantly owing to the devaluation of Russian rouble against the US dollar and the EURO, the drastic drop of oil prices and the coronavirus pandemic. The decision on whether to apply anti-crisis measures will be adopted by the Russian Government according to reports generated by the Ministry of Economic Development based on the results of its monitoring of the financial standing and the level of employment of such companies.
The final list contains 646 positions (previously 200) with a breakdown according to their industry sector and to the public body that oversees them. The list has been supplemented with, among others, airlines, agricultural and industrial holdings, producers of food products and food retail chains, state-owned enterprises, financial organizations, and construction companies.
In addition to the opportunity to resort to state for support, a bankruptcy moratorium for the next 6 months can be potentially granted to a company on the list.
The Moscow Government has approved a range of anti-crisis measures to support SMEs. These measures involve subsidies to companies which carry out their operations in Moscow. One of the measures is providing financial support to companies that are exporters with respect to the following:
1. The compensation of expenses during the export of not only goods, but also services and results of intellectual activity.
2. The granting of subsidies to compensate expenses associated with the adaptation of products for the global market. Such expenses include:
3. The introduction of a grant of 10% of a performed export contract, but not more than RUB 10 million, or 50% of taxes paid to the city budget.
As previously, Moscow-based exporting companies can seek compensation of their transport expenses when they deliver their products to foreign counterparties, obtain documents of title and confirm that their products meet foreign requirements.
Export subsidies will be extended to enterprises that were registered in Moscow at least 6 months before they file a relevant application.
Source: the official website of the Mayor of Moscow
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