The Russian Government will allocate RUR 300 bln ($4 bln) to fight the economic impact of the coronavirus and the oil price drop. The Government also wants to increase the limit of state guarantees. A number of trading companies were promised inexpensive loans.
Import simplification can be another support measure, Kommersant reports. Meanwhile, the Government is reluctant to assess the impact of the recent events on the Russian economy.
However, public officials claim to understand that some companies are already feeling the consequences of a new economic reality.
The Bank of Russia proposed ensuring the ruble and foreign currency liquidity for markets. Its senior officials stressed that they are ready to use regulatory measures. The Bank of Russia has also permitted banks to work with borrowers in the transport and tourism industries. Import duties will be temporarily cancelled for trading companies.
Also in the nearest future, Russia may update its list of systemically important companies. A number of other measures will be taken as well.