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Putin urges creation of mechanism to help large domestic companies attract private capital

Speaking at a meeting of the Council for Strategic Development and National Projects the President noted that many Russian fast-growing technology companies, such as Ozon or Yandex, had financed their development by attracting resources from Western financial markets

NOVO-OGAREVO, July 18. /TASS/. Russian President Vladimir Putin instructed the Finance Ministry and the Bank of Russia to quickly form a mechanism that would help fast-growing domestic companies to attract private capital.

Speaking at a meeting of the Council for Strategic Development and National Projects the President noted that many Russian fast-growing technology companies, such as Ozon or Yandex, had financed their development by attracting resources from Western financial markets.

"Let's face it, the Russian financial system was not ready to provide resources to those companies that do not have assets or large profits, but at the same time have great development prospects," Putin said.

"For example, Ozon (Russian largest online store - TASS), as far as we know, has had a loss for almost 20 years in a row, but last year alone, the volume of sales of goods on this platform approached the mark of 0.5 trillion rubles, and next year, of course, it may exceed a trillion," he noted.

"Such companies actively used Western financial institutions, we have difficulties today with as they are not available to us," Putin said.

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