The government has decided on subsidies to the Russian automotive industry

The government has decided on subsidies to the Russian automotive industry

Finmarket – The draft federal budget for 2018 and the planned 2019-2020 period provides for the preservation of the main government support measures for the enterprises of Russian automotive industry, at a level of minimum 134 billion rubles. Funds in the amount of 138.051 billion rubles have been allocated to the development of car production for 2018, 134.455 billion rubles for 2019 and 134.095 billion rubles for 2020, as stated by Finmarket.

Subsidies are also provided for Russian credit institutions for the reimbursement of falling income on preferential car loans issued to individuals for automobile purchases in 2015-2017 and for the reimbursement of part of the costs of such loans issued for 2018-2020. It’s planned to allocate 10.624 billion rubles in 2018, 2.3 billion rubles in 2019 and 6.924 billion rubles in 2020.

In addition, there are plans to allocate 9 billion rubles as a subsidy for part of the costs of product transportation in 2018-2019, including the organisations of Russian automotive industry, agricultural vehicles, transport engineering and power engineering industries. Such subsidies won’t be provided in 2020.