PRESS: Authorities may raise aid to electronics makers

MOSCOW, Feb 8 (PRIME) -- Russia’s Industry and Trade Ministry has suggested raising the annual maximum volume of subsidies to developers and manufacturers of electronics to 1.5 billion rubles from 350 million rubles, business daily Kommersant reported on Wednesday.

The initiative is stipulated in a draft government ruling prepared by the ministry and released for a public discussion on the portal regulation.gov.ru. It says that the authorities want to change the mechanism of support of national producers of electronics, such as servers, data storage systems, laptops.

The ministry also suggested expanding the conditions under which a subsidy recipient can revise the terms of execution of the ruling’s requirements on production and sales of products. If a company proves to the ministry that it cannot manufacture or order from foreign plants microelectronics needed for a project, the period of fulfilment can be extended.

The move will spare the market participants failing to execute projects duly because of the sanctions from lawsuits that may be brought by the ministry, according to lawyers and market participants.

(70.8924 rubles – U.S. $1)

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