Russia includes high-speed rail, energy equipment in technological sovereignty projects for priority state support

MOSCOW. Nov 11 (Interfax) - The Russian government has expanded the priority areas of technological sovereignty projects eligible for state support with the addition of high-speed railway (HSR) construction and projects involving equipment for electricity generation and liquefied natural gas (LNG) production.

"The list of areas and criteria for selection will be expanded significantly. It will include construction and operation of high-speed railways, power plants - on the condition, and this is very important, that they use specifically Russian turbines and components - as well as waste recycling, production of composite materials, equipment for LNG production, operation of year-round resorts and a whole range of others," Prime Minister Mikhail Mishustin said at a meeting with deputy prime ministers on Monday.

Technological leadership projects will also include development of new deposits of rare-earth elements and projects in the area of renewable, hydrogen and nuclear energy, the government said in a press release.

"In order to stimulate such projects it will be possible to use bonds and financing of leasing companies that acquire the products of such enterprises for subsequent transfer to customers," Mishustin said. Such projects will also be eligible for softer loan terms, reduced interest rates and guarantees from state development corporation VEB.RF.

Mishustin recalled that special financing terms apply to technological sovereignty projects on the condition that the technology is at least 50% localized. "This mechanism has proven itself. Financing in the amount of about 980 billion rubles has been arranged under it," he said.

The first list of priority technological sovereignty projects was determined by the government in May. At the time, the list included nine areas related to projects in radio electronics, machine tool manufacturing, medical equipment and technology, low-tonnage chemistry, unmanned aviation systems, space, nuclear technology, new energy technologies and food security.