According to the latest report, the Ministry of Industry and Trade of the Russian Federation plans to allocate 900 billion rubles as a sanction and relief measure for the domestic ICT industry(information and communication technology).
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Moreover, about half of the funds in the rescue plan, 420 billion rubles, will be used as a special fund to support the development of technologies, materials, and equipment to fill domestic gaps.
Other initiatives include establishing industrial development funds, making equity investments in companies, and leveraging other social capital. Certain subsidies will also be provided for corporate research and development, senior talent recruitment, and supplementary liquidity.
In addition, the Ministry’s proposal also includes other supporting measures such as procurement and bidding facilitation, tax reduction, and tax reduction.
