On March 8, Russian President Vladimir Putin signed a law on a set of measures to support citizens and businesses under sanctions. The document is published on the official portal of legal information.
A new package of measures to support the economy and citizens of Russia in the face of sanctions imposed in response to a special operation in Ukraine has been prepared by the Russian government.
First Vice Speaker of the State Duma Alexander Zhukov said that it is planned to amend the Budget Code, which will allow additional non-oil and gas revenues to be used to finance various measures related to limiting the effects of sanctions. According to him, with the help of such a mechanism, it will be possible, among other things, to allocate funds for increasing pensions.
The new norms will make it possible to promptly direct additional budget revenues to the Reserve Fund. It is expected that the regions will be allowed to use the funds that are released as a result of the restructuring of budget loans for the development and implementation of various anti-crisis measures.
“In addition, we need to support businesses in import substitution, support companies that fall under sanctions, and help thousands of our citizens who work in these companies to save jobs. All obligations, primarily social ones, must be fulfilled as a matter of priority,” Zhukov said.
The government also proposed to simplify the procedures for purchasing necessary medicines, providing various types of social assistance, licensing procedures for purchases, etc. Amendments to the Budget Code provide for the investment of the National Welfare Fund (NWF) in Russian government securities.