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Russia to develop measures to support local enterprises amid expected new sanctions

The Ministry of Industry and Trade says it considers it necessary to support companies through ensuring availability of ‘cheap’ credit facilities for their activities

MOSCOW, November 27. /TASS/. Russia’s Industry and Trade Ministry does not rule out that the Industrial Development Fund will develop new measures to support industrial enterprises amid an expected new wave of US sanctions, the Minister Denis Manturov told TASS.

"Amid this background the Ministry of Industry and Trade considers it necessary to support companies through ensuring availability of ‘cheap’ credit facilities for their activities. For doing that, there is a mechanism of providing soft loans by the Industrial Development Fund with the rate of interest ranging from 1% to 5%. I do not rule out that we together with the Fund will develop additional support mechanisms as new sanctions are imposed," he said when commenting on a potential expansion of US sanctions.

The new wave of sanctions expected in November will affect Russia’s financial sector and will ban dollar transactions both with individuals and legal entities under sanctions, the minister said.

"We have been implementing the import substitution program since 2015, while this year we have started implementing and developing new individual mechanisms of supporting big companies under sanctions," he said, adding that "tit-for-tat sanctions against foreign countries are also being developed by (the Industry and Trade Ministry) together with other ministries, that are virtually actions against imposed sanctions.".

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