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Russia to subsidize importers of ferroalloys and related raw materials
Russian authorities will subsidize local companies buying priority list products from abroad.
The Ministry of Industry and Trade of the Russian Federation has approved a list of priority products to compensate for the loss of revenue from contracts concluded after March 1, 2022. This list includes: SiMn (TN VED code 7202300000), HC FeMn (7202118000), FeSi (7202210000), FeNi (7202600000), FeMo (7202700000), FeTi (7202910000), FeV (7202920090), Fe2Nb03 (0) and ores & concentrates with Mn>20% (2602000000), molybdenum (2613100000) and titanium (2614000000).
Based on the announcement, the authorities will provide financing for a term of up to 1 year (and in some cases up to 3 years). The total financing will be no more than 10 billion rubles (167.6 million US dollars), and in some cases 30 billion rubles.
As Metal Expert learned from the official decree, one of the conditions for receiving the subsidy is that the Russian legal entity has a share of more than 50% in the authorized capital of the credit institution and the borrower. It is understood that since the beginning of the year, the official exchange rate of the Russian ruble against the US dollar has fluctuated greatly. At the beginning of the year, it was 1 US dollar = 75 rubles, by March it had depreciated to 1 US dollar = 134 rubles, and by August it had risen to 1 US dollar = 60 rubles. 
