Russia Introduced Law on Supporting Regions Under Sanctions

The State Duma of the Russian Federation adopted in the second and third readings a law establishing measures to support “the financial stability of regional and local budgets under sanctions pressure.” 

Thus, in 2022, up to 390.7 billion rubles are provided from the federal budget for lending to subjects of the country. The funds will be required to repay debts on state and municipal securities and commercial loans, the maturity of which falls on March – December.

It is specified that loans with maturity until 2029 at 0.1 percent per annum will be provided to those regions whose indicator of the level of estimated budget security for the current year does not exceed 1.5.

The law also orders the provision of “treasury” loans to entities in the current year (to replenish the balance of funds on a single budget account) in an amount not exceeding 10 percent of the approved revenues of their budgets, and with a refund no later than December 30, 2022.

In addition, this year, the regions were released from fulfilling obligations on previously restructured debt on budget loans. Its repayment is postponed to 2029.

Ru-Main, 21.04.2022
Source: RIA Novosti 

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