Putin instructed to give preferential loans when replacing foreign companies

President Vladimir Putin instructed the government to consider providing soft loans to small businesses operating on a franchising model that will replace foreign firms that have left the Russian market. This is stated on the Kremlin website.

For them, they can subsidize the interest rate on loans provided to them to acquire a franchise and develop their business to “replace foreign companies” that have ceased or suspended their activities in the Russian market, the document says.

From Adobe to Visa: which companies have suspended work in RUSSIA 

After February 24, when Putin announced the start of a military special operation in Ukraine and Western countries began to impose sanctions against Moscow, many foreign companies began to leave the Russian market.

In mid-April, a draft law was submitted to the State Duma, which defines the conditions and mechanism for the introduction of external administration at the Russian subdivisions of foreign companies that left Russia. According to the bill, a temporary administration can be introduced in a company if at least 25 percent of the share is owned by a citizen of a country unfriendly to Russia and the organization is essential for ensuring the stability of the Russian economy (production of essential goods).

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