Mikhail Mishustin: “We have a plan to mitigate the sanctions which not only must be fulfilled but, of course, also continuously updated as the situation develops. We need to promptly develop the third package of legislative initiatives as well as a number of regulatory acts.”
Mikhail Mishustin’s opening remarks:
Good afternoon, colleagues.
Meeting of the Government Commission on the Sustainable Development of the Russian Economy amid Sanctions
We continue working to increase the stability of the
Russian economy. Yesterday, we discussed the situation at length during a
meeting with the President.
The first package of counter-sanction measures has
already been approved by the parliament. The second package was submitted to
the State Duma this week and includes all the new initiatives to support
people, financial markets, certain sectors of the economy and businesses in
general.
These measures include income tax exemption for bank
deposit holders (on the profit from the deposits and the interest on employer loans).
The transport tax will be adjusted. There are also measures to support the
construction industry, tourism, civil aviation, maritime and railway transport.
Registration of foreign companies will be simplified in special administrative
areas. The list of products that can be produced in special economic zones will
be expanded. We are also resuming the special investment contract scheme and
more.
This work must continue. The unfriendly actions of the
United States and its allies have created an unprecedented situation. The fundamental
rules of international trade have literally been discarded. We are witnessing
blatant lobbying of commercial interests. There is tension even in those areas
where there should be no politics whatsoever, including sports, culture and
science. Our fellow nationals who study or reside abroad are encountering
problems.
Under pressure from their governments, foreign owners of
Russian businesses are taking the decision to suspend their operations in this
country.
This is creating risks for the quality of life of
Russian citizens. Nevertheless, we regard as a positive signal the fact that
the majority of owners are ready to preserve the jobs and pay wages to their
staff.
It is quite important today to constantly monitor the
situation and take timely decisions in order to mitigate the effect of these
changes. We have a plan of anti-sanction work. It should be not only
implemented but also steadily upgraded in line with developments.
We must rapidly prepare a third package of legislative
initiatives and a number of regulations.
The work has been completed on some of these tasks.
For example, we have approved a list of industries in the segment of small and
medium-sized businesses which can count on a loan repayment holiday. Businesses
that took out a loan before 1 March will have an opportunity to agree on a payment
deferral for up to six months. The deferral will be granted to those involved
in agriculture, tourism, science, culture, public catering, medicine, software
development, and food, furniture and garment production, as well as trade.
We are drafting initiatives aimed at supporting vitally
important companies. Rules have been devised for granting subsidies towards loans
drawn to finance working capital. They will receive easy loans at 10 percent
interest based on this mechanism.
There are decisions to support those involved in state
procurement. Sanctions-hit companies will be given the right not to publish
lists of their contractors to relieve them of unnecessary risks. Ordering customers
will be able to write off penalties, late charges and fines in relation to
suppliers, who are unable to properly fulfil their obligations because of
sanctions.
Colleagues, today we will see what additional measures
will be needed to support the economy and our people.
