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15 Mar, 2022 16:21

Russia unveils sanctions response plan

The initiative covers some 100 measures with funding estimated at $9 billion
Russia unveils sanctions response plan

The Russian government has prepared a list of measures aimed at tackling the impact of sanctions imposed by the US and its allies, Prime Minister Mikhail Mishustin said on Tuesday.

The proposal includes more than 100 initiatives and measures, with the total amount of funding for their implementation estimated at about 1 trillion rubles ($9 billion).

Under the instructions of [Russian President Vladimir Putin], a whole range of measures has been prepared, many of them are included in the draft priority action plan. This is a very flexible plan, and it will be constantly updated and issued in stages depending on the situation,” Mishustin stated.

According to the official, the initiative includes state support for small and medium-sized businesses, as well as systemic and state procurement companies.

Authorities plan to focus support for firms working in agriculture, tourism, culture, science, medicine, software development, catering, food production, furniture, clothing, and trade.

They also plan to offer Russia’s partners in the Eurasian Economic Union (EAEU) the opportunity to raise the limit for duty-free import of goods within the framework of e-commerce. This would allow the maximum possible access to necessary resources and goods, Mishustin said, stressing that Ukraine-related sanctions would not hinder cooperation and integration within the union.

According to the prime minister, the draft plan is to be approved at the upcoming government meeting, and some of the measures will be introduced by the end of March.

For more stories on economy & finance visit RT's business section

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