Russia outlines its financial assistance for new territories| MENAFN.COM

Saturday, 10 December 2022 08:29 GMT

Russia outlines its financial assistance for new territories


(MENAFN) The Donetsk and Lugansk People's Republics, as well as the Kherson and Zaporozhye Regions, is going to be supported by a state finance scheme, according to a statement released on Wednesday by the Russian Ministry of Economic Development. The region has "huge economic and industrial potential," according to a statement from the government.

The announcement included plans to draft federal legislation establishing a shared free economic zone for the new areas with preferential treatment for investors and guarantees for both tax- and non-tax incentives. These is going to be comparable to the incentives offered in Sevastopol's and Crimea's free economic zones.

Sergey Nazarov, deputy minister, claimed that “the accession of new territories in the Russian Federation will ensure an increase in nationwide indicators on such main sectors as the metals industry (by 20 percent), coal sector (by 6 percent), grain production (by more than 10 percent), sunflowers (over 20 percent).”

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