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Almost 900 exporters affected by restrictions will be able to reduce the burden on their budget

Almost 900 companies will be able to reduce the financial burden on their budgets after the first package of supportive measures for domestic exporters comes into force,  as was announced today by Veronika Nikishina, General Director of the Russian Export Center.

"Exporters manufacturing industrial and agricultural products will be exempt from repaying the funds received as the government assistance and won’t be fined for two years. This will reduce the financial burden on exporters’ budgets now that they are actively rebuilding logistic chains and reformatting the geography of supplies. The manufacturing companies themselves asked for this during the hotline with the Russian Export Center, and we promptly responded to their requests. We are talking about a significant number of exporting manufacturers. In 2021, the REC realized 15 support programs with overall budget of RUB 37 billion. A total of 866 exporting companies received government assistance from the Russian Export Center last year. The volume of supported exports is $14.8 billion, which is almost twice as much as in 2020. Notably, 42% of all exporters who received support from us are small and medium-sized businesses," noted the head of the REC (part of VEB.RF).

According to Veronika Nikishina, the government’s overriding priority now is to take anti-crisis measures for exporters in the shortest time possible. The Russian Export Center collects proposals from businesses and co-operation with them to actively rebuild the logistic chains. The geography of deliveries is being reformatted. The REC has a "hotline" for collecting proposals. The dialogue with the business is actually taking place in real time.

"This is the first set of measures, with other measures to follow soon. We hope that it won’t take long for our exporters to adapt to the external challenges as much as possible and continue to receive export revenue, but in different conditions, in other export markets. These are Latin America, Africa, Asia, Arab and CIS countries. Our products are in demand everywhere, it's just that logistics and partnerships are changing now. Nevertheless, there is a demand for food, industrial goods, and products in mechanical engineering, chemistry, petrochemistry, metal products – in general, for the complete range," concluded the General Director of the REC.