Russian President Vladimir Putin signed a federal law that provides for the implementation of new capital investment projects upon the conclusion of agreements on the protection and promotion of investments, according to a document published on the legal information portal
MOSCOW (Pakistan Point News / Sputnik - 01st April, 2020) Russian President Vladimir Putin signed a federal law that provides for the implementation of new capital investment projects upon the conclusion of agreements on the protection and promotion of investments, according to a document published on the legal information portal.
Russian Deputy Finance Minister Andrey Ivanov previously explained that the purpose of the law is to attract at least 30 trillion rubles ($380 billion) worth of investment into the economy, and that the task is to annually conclude 100-150 "protected" agreements worth a total of 7-10 trillion rubles.
The minimum investments within such agreements are set at 250 million rubles in the fields of health care, education, culture, physical education and sports; 500 million rubles in the digital economy, environment and agriculture; 1.5 billion rubles in manufacturing; and 5 billion rubles in other areas.
Such agreements cannot concern gambling; tobacco and alcohol; liquid fuels; oil and gas production (except for liquefied gas); wholesale and retail trade; construction or reconstruction of non-residential and residential buildings; activities of financial institutions overseen by the central bank, with the exception of issuing securities for investment project financing.
The law also provides for the creation of a public information system on investments, which will contain information about agreements and will allow them to be concluded electronically.
