Supporting measures of the Government of Russia under the growing economic crisis

article 26/03/2020

The Government of Russia and the Central bank implement measures to minimize the negative impact of COVID-19 pandemic and changes on financials and commodities markets on the economy and citizens. The tasks are to promote financial stability and good standing of the economy, and to support population and regional budgets.

The table below contains measures aimed at the first two tasks solving:

Measures
Government The Central bank
Delayed tax payments for air transport and tourism companies, with further implementation of this measure to other affected sectors.
Granting “tax holidays” to air transport and tourism companies for the payment of taxes, insurance contributions, the deadline for payment of which is prior to May 1, 2020.
Provide the economy with rouble and currency liquidity.
Until the end of 2020, travel companies are exempted from paying contributions to the reserve fund of the Turpomosch association and to personal liability funds. Implementation of regulatory actions to simplify the adaptation of financial institutions to the changing market situation.
Providing state guarantees for restructuring and prolonging of loans. Enabling banks to crediting or restructuring of loans of borrowers engaged in transport and tourism without reduction their financial rating.
Updating the list of systemically important companies. Softening the requirement to banks aimed at additional opportunities of lending for manufacturers of medicines and medical equipment.
Creation of a special joint group for monitoring the financial condition of systemically important companies. If necessary, the adoption by the control headquarter of the Government of decisions on supporting measures for these companies.
Extension of concessional lending to small and medium-sized businesses, including the removal of restrictions on types of lending and industries, and increase in subsidies. Subsidies for loans up to two years increased by one percentage point. Removing restrictions on the list of industries and increasing the attractiveness of the refinancing program for loans to small and medium-sized businesses.
Extension of the SME Corporation's guarantee support program for lending to small and medium enterprises. If necessary, implementation of measures applied in the field of transport and tourism and not worsening the assessment of their financial situation on small and medium-sized enterprises or companies of other industries experiencing serious temporary difficulties.
Deferral of rental payments for up to three months for small and medium-sized businesses - tenants of state or municipal property.  
Removal of penalties from government contractors under negative influence. This also applies to fines for non-compliance with foreign exchange control for non-resource exports.  
Additional measures to support trade enterprises to ensure sufficient reserves of socially significant products, including the provision of short-term soft loans for working capital financing.
Removing import duties and expanding the use of the “green corridor” for certain types of socially significant goods during customs control.  
Moratorium on bankruptcy of companies that owe debts to regional and local budgets, as well as debts to banks, provided that previously the relevant bankruptcy cases have not been initiated.  
Within the current budgetary parameters of 2020, the limit of state guarantees can be increased and a reserve of 300 billion RUB will be used to cover urgent expenses.