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Instructions following a meeting with Government members

March 26, 2022

Vladimir Putin approved a list of instructions following a meeting with Government members held on March 23, 2022.

The Government of the Russian Federation, in cooperation with the Bank of Russia and Gazprom, was instructed to implement a package of measures to convert the currency for natural gas supply transactions into Russian rubles for European Union countries and other countries that have imposed restrictions on Russian citizens and companies.

In this context, the Government was instructed to endorse a directive for representatives of the Russian Federation on the Gazprom Board of Directors to change the transaction currency under existing contracts on natural gas supplies to Russian rubles while maintaining the contractual amounts for natural gas purchases, prices and pricing principles.

The Bank of Russia, in cooperation with the Government of the Russian Federation, was instructed to allow for making payments for natural gas supplies under contracts that are converted into ruble payments, including the acquisition of Russian rubles by buyers in the domestic currency market.

Other instructions to the Government relate to making separate amendments to the terms of preferential mortgage programme that is valid until July 1, 2022, as regards the interest rate and maximum loan amount, as well as the preservation of the terms of a preferential mortgage programme for families with children, the Far Eastern mortgage programme and the programme on granting mortgage loans for building (buying) residential premises in rural areas.

The Government was also instructed to ensure the allocation in 2022 of additional budget funds in the amount of at least 120 billion rubles for the construction, reconstruction and repair of regional, municipal and local roads and to determine the expected results of implementing these tasks.

The Government of the Russian Federation, in cooperation with the Bank of Russia, was instructed to ensure the drafting of a programme for subsidising the interest on loans granted to developers under the project finance mechanism.

The government bodies in the regions of the Russian Federation were advised to expedite the transfer of budget funds to agricultural producers, in part, through advance payments.

March 26, 2022