Government approves support for importers of important products
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The Government of the Russian Federation will support importers of significant industrial products, the relevant decree was signed by Prime Minister Mikhail Mishustin, informs cabinet press office.
As clarified in the government, importers who import certain types of critical import goods into Russia will be exempted from the obligation to provide security for the payment of customs taxes and duties. Benefits also apply to goods for food production, electronics, metallurgy, and light industry products. We are talking about goods that have been imported into the Russian Federation since March 28, 2022. Tariff exemptions and zero customs duty rates are valid until March 31, subject to the provision of security for the payment of customs duties, now it has been decided to cancel this obligation.
“The need to comply with this requirement leads to the fact that participants in foreign economic activity have to divert significant funds. Thus, the economic effect of benefits is leveled,” the government explained.
It is noted that the decision will reduce the financial burden on importers and will support industries that face the risk of equipment shortages due to external restrictions.
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