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Russia to include electronics firms on list of essential companies -report -Breaking

by Mike Robinson

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© Reuters. November 17, 2014: Customers look at kitchen stoves from an electronic store located in Stavropol. REUTERS/Eduard Korniyenko (RUSSIA – Tags: BUSINESS)

(Reuters) – Russia’s Trade and Finance Ministries will expand the criteria for systematically valuable firms in order to include electronics companies, the TASS news agency reported Dmitry Chernyshenko on Saturday.

Russia’s government has proposed support measures for its economy, which include suppliers to state-owned enterprises and IT sectors, in an effort to mitigate the effects of Western sanctions.

Chernyshenko stated that “the most important task is to create our products and increase import substitution of the imported goods.”

The banking system should support electronics firms, he said.

Chernyshenko explained that there were now preferred loans for all segments of the economy and subordinate rates. He also mentioned the possibility of regional budgets being used to lend preferentially.

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