Russian govt resumes program of state support to systemic organizations

MOSCOW. March 7 (Interfax) - The government is resuming the program of state support of systemic organizations that was implemented in 2020 as an anti-crisis measures, the government press service said.

"The target measures to support systemic organizations that were taken in 2020 as an anti-crisis measure are being resumed in Russia. Russian Prime Minister Mikhail Mishustin has signed a decree on the rules for selecting program participants," the government press service said in a report.

According to the report, the list of measures to support systemic companies, which will be selected, "include state guarantees needed for restructuring of loans and for the receipt of new ones, and also subsidies for cost compensation."

Potential program participants will not have to undergo stress tests (mandatory assessment of financial stability), this provision has been removed from the rules to facilitate access to state support, the report said.

Applications to participate in the program are filed through relevant ministries, they will be verified by an interdepartmental commission of the Economic Development Ministry, the government press service said.

"This decision is part of a comprehensive package of measures proposed by the cabinet of ministers to support the economy and business in the conditions of external sanctions," the government said.