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Instructions following meeting on plans to implement support measures for the Russian economy as regards bank lending

May 9, 2020

Vladimir Putin approved a list of instructions following a meeting on plans to implement measures to support the Russian economy insofar as it refers to bank lending, held on April 23, 2020.

The instructions to the Government of the Russian Federation concern, in particular, changing the criteria companies should meet to qualify for state support in the situation resulting from the spread of the novel coronavirus infection (COVID-19); determining the size of loans to backbone companies to replenish their working capital; and postponing the annual general meetings of shareholders of credit institutions co-owned by the Russian Federation to the third quarter of 2020.

The Government, jointly with the Bank of Russia, has been instructed to prepare an action plan to achieve the accelerated implementation of online technologies in the financial sector, allowing the provision of branchless services by credit and other financial institutions.

The Bank of Russia, together with the Government, has been advised to work out measures aimed at maintaining stable dynamics in lending to individuals and legal entities after the end of the temporary measures implemented to support individuals and companies affected by the situation resulting from the spread of the novel coronavirus infection (COVID-19).

May 9, 2020