PRESS: Ministry seeks 150 bln rbl state funds to protect car industry

MOSCOW, Aug 8 (PRIME) -- Russia’s Industry and Trade Ministry has prepared a program to protect the domestic car industry from sanctions, which requires 150 billion rubles of budget funds until 2025 and 44 billion rubles of non-budget funds, Kommersant business daily reported Thursday citing sources.

The program encompasses development of domestic high-tech production of components and systems for the automotive industry and is aimed at “neutralizing the impact of foreign policy risks” on the Russian automotive industry.

The program is based on the import substitution program of GAZ Group that is under the U.S. sanctions.

Among other projects, the program implies creation and production of a diesel engine of up to three liters for light commercial vehicles and cars. The project will require 2.5 billion rubles of budget funds and 450 million rubles of no-budget funds.

A spokesperson for the Finance Ministry told the daily that the ministry is not ready to allot such funds for the program.

(65.0932 rubles – U.S. $1)

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