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Since the 2000s, Russia has been looking for opportunities to shift its export focus from commodities to more value-added products by developing high-potential manufacturing industries and supporting exporters.
The Russian Government provides support to non-commodity exporters, including financial incentives (low-interest loans, risk insurance and government guarantees). The Export Insurance Agency of Russia (EXIAR) and Eximbank of Russia are the two institutions responsible for financial support to Russian exporters. In 2016, these were merged into the Russian Export Center Group (the REC Group).
In 2017, hi-tech exporters will have access to new types of targeted support from the REC, including:
In 2017, the Government is planning to come up with a wide range of new financial and non-financial incentives for Russian hi-tech exports, including the project on international cooperation and export approved by the Presidential Council for Strategic Development and Priority Projects for a period up to 2025. Under this project, some 6,600 exporters with total shipments of USD 20 billion will receive government aid this year, with subsidised loans for these purposes amounting to RUB 165 billion. By 2025, these numbers are expected to double.
Non-commodity exports are also set to see a nearly two-fold increase, with the Ministry of Economic Development predicting the agricultural, railway, aircraft and automotive engineering industries to achieve that aim as early as by 2018.
Yet, that does not stop Russia from expanding its commodities exports, primarily in natural gas. Gazprom is currently running several large gas pipeline projects, including Nord Stream 2 (estimated capex of EUR 9.5 billion), TurkStream (EUR 7 billion) and the Power of Siberia (RUB 800 billion).