Government expands agribusiness subsidy program
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Russian Prime Minister Mikhail Mishustin signed decree on expanding measures to support farmers. Subsidies and benefits will be provided to both large agricultural producers and self-employed on subsidiary plots. The document lists the following provisions:
- The amount of reimbursement for the creation and modernization of breeding and seed centers will be increased from 20% to 50%.
- Self-employed, leading a personal subsidiary plot, will have the opportunity to obtain preferential loans at a rate of 1-5% per annum.
- Agricultural producers will be able to prolong previously issued preferential investment loans for the creation of greenhouse complexes from 12 to 15 years.
- From 2023, the government will compensate 20% of the costs of creating and modernizing feed production facilities for “valuable species” of sturgeon and salmon.
- Russian agribusiness has a high addiction from imports, exacerbated by Western trade sanctions. Up to 97% of sugar beet seeds are supplied from abroad, as well as up to 77% of sunflower, 50% of corn and 30% of potatoes.
About Russia’s dependence on seed imports from the EU and the USA – in the material “Kommersant” “What you sow, you will reap”.
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