Russia plans more support for suppliers and IT sector amid sanctions

© . FILE PHOTO: Russian Prime Minister Mikhail Mishustin delivers a speech during a meeting with Security Council members in Moscow, Russia Feb. 21, 2022. Sputnik/Alexey Nikolsky/Kremlin via REUTERS () – The Russian government on Friday proposed a series of measures, including some for suppliers to state-owned enterprises and the IT sector as it struggles to weather the impact of Western sanctions on its economy. Prime Minister Mikhail Mishustin said the government is actively working on a third anti-sanction package designed to support small and medium-sized enterprises and systemically important companies. A measure will give companies under Western sanctions the right to withhold the names of parties they work with. The Treasury Department said suppliers to state-controlled companies would be exempt from fines if they fail to meet contractual obligations this year due to Western sanctions. “Suppliers are experiencing difficulties in fulfilling their contracts under previously agreed terms due to sanctions,” the ministry said. The digital ministry responded to a mass exodus of Western companies by proposing Russian IT companies to start urgent talks with foreign companies about a phased transfer of technical support components, in order to limit disruption. It asked companies to send it information about the products and services of foreign companies that they had contracted to receive or paid for. And it said the heads of the Russian offices of foreign companies should not be held accountable for the actions of their companies, acknowledging that they were not the ultimate decision-makers. “We are sure that if foreign companies that shut down or stop operating do not resume their work in Russia, the niches occupied by these companies will soon be filled with Russian solutions, as well as products from companies from countries that have not yet done so. have implemented corresponding restrictions,” the digital ministry said in a statement. It said it was willing to consult and assist foreign companies on issues, including payments. Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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