Russia adds electronics firms on list of essential companies


FE Team | Published: March 12, 2022 20:05:37 | Updated: March 14, 2022 10:46:58


Customers inspecting kitchen stoves at an electronic store in Stavropol in southern Russia -Reuters file photo

Russia's trade and finance ministries will widen the criteria for systematically important firms to include companies from the electronics sector.

The TASS news agency gave the information quoting Russia’s Deputy Prime Minister Dmitry Chernyshenko as saying on Saturday, reports Reuters.

Russia's government on Friday proposed a raft of support measures, including some for suppliers to state-owned companies and the IT sector, as it seeks to weather the impact of Western sanctions on its economy.

"The most important task for us is to develop our products and accelerate import substitution of what was brought in from outside," Chernyshenko said.

He said support for firms in the electronics sector was needed from the banking system.

"In all sectors of the economy there are now preferential loans and subsidised rates, and the possibility of preferential lending through regional budgets is also being looked at," Chernyshenko said.

Share if you like