Russian Federation

No amount/estimate: (i) 24 April 2020, the CBR cut the policy rate by 50 bps to 5.5%; (ii) 19 June 2020, Decided to lower the interest rate that the Bank of Russia extends to small and medium-sized enterprises (SMEs) to support and maintain employment by 1%, decreasing the annual rate from a level of 3.5% to 2.5%. As of 27 July 2020, this rate was reduced further by 0.25% to 2.25%; (iii) 19 June 2020, Decided to reduce the key interest rate by 1%, bringing the annual rate to a level of 4.5%. As of 24 July 2020, the key interest rate was again reduced by 0.25% to 4.25%; (iv) 24 July 2020, Cut the interest rates associated with loans to medical and pharmaceutical manufacturers by 70% until the end of 2021; (v) 12 February 2021, the Bank of Russia has kept the interest rates the same at 4.25%; (vi) 19 March 2021, Russia raised its key rate by 0.25% to 4.5%, the first increase since it cut to a record low of 4.25% in July; (vii) 23 April 2021, The Central Bank has increased rates to 5%, an increase from the previous level of 4.5%, and the second hike within the past two months.

No amount/estimate: (i) 20 March 2020, National countercyclical capital buffer maintained at 0; (ii) 27 March 2020, Will devise proposals on amending the Federal Law ‘On Credit Histories’ aimed at preventing the deterioration of borrowers’ credit histories and individual credit ratings because of the pandemic; (iii) 17 April 2020, Expanded the scope of support programs for small and medium-sized enterprises (SMEs), by (a) revising the calculation of debt limits, and (b) relaxing the in-person requirement for SMEs to obtain loans related to supporting/maintaining employment; (iv) 17 April 2020, The BOR also sought to reduce deposit insurance premiums from 0.15% to 0.1% by the end of 2020; (v) CBR has introduced temporary regulatory easing for banks intended to help corporate borrowers; (vi) More favorable treatment for FX loans issued to certain sectors; (vii) Until 30 September 2020, (a) credit institutions will be given an option not to downgrade the assessment of debt servicing quality irrespective of the financial position of a borrower in such sectors as tourism and transport, (b) add-ons to risk weights on foreign currency loans provided to organisations producing pharmaceuticals and medical equipment will be reduced to zero; (viii) Simplified the requirements for Russian Microfinance Institutions (MFIs) to obtain loans and guarantees as part of anti-crisis support for small and medium-sized enterprises (SMEs). Application requirements were softened; (ix) 24 July 2020, Introduced a new methodology for assessing credit risk for mortgages. The move is supposed to free up around RUB300 billion of bank capital for expanded mortgage lending; (x) 24 July 2020, Reduced the risk ratio associated with certain investments such as subordinated liabilities (e.g. perpetual bonds), private shares issued under debt-equity exchanges, and loans to non-commodity exporters covered by the Russian Agency for Export Credit and Investment Insurance (EXIAR). As of 10 August 2020, this now includes the non-application of premiums on risk ratios for foreign currency loans for specific organizations until 31 December 2021. Also as of 10 August 2020, to support consumer lending, the Bank of Russia (BoR) cancelled the premia paid on risk ratios for unsecured consumer loans issued up to 31 August 2020. The BoR also lowered the premiums to risk ratios on unsecured consumer loans extended from 1 September 2020; (xi) 10 August 2020, To support lending to the economy, the Bank of Russia (BoR) extended the rights for credit institutions to restructure corporate loans by changing currency from foreign currency to rubles by 31 December 2020.

(i) Tax deferrals for most affected companies on most taxes; (ii) Deferrals on social contributions for SMEs in affected sectors for 6 months. As of the first week of November, this has been extended for 3 more months; (iii) 7 May 2020, No amount/estimate: Proposed to suspend customs checks and to expand the provision of tax deferrals; (iv) 19 May 2020, Approved a deferral of property taxes for lessors. Landlords can delay their payments of property and land taxes, provided that they meet eligibility condition.

(i) Social contributions by SMEs on wages in excess of the minimum wage permanently reduced from 30 to 15%.

Key measures include: (i) Unemployment benefits to equal at least the minimum wage for three months; (ii) All children up to 3 years of age in families eligible for maternity capital to receive an additional lumpsum benefit for 3 months, starting in April, and all families with children to get an additional lumpsum benefit for each child for 3 months if parents lose jobs; (iii) 1 June 2020, Additional RUB145 million allocated for individuals who participated in a mutual aid program for the vulnerable from 1 April to 30 June 2020. Individuals will receive RUB12130 per month for April 1 to 30 June 2020 for each person assisted; (iv) Allowed citizens to transfer free of charge up to 100 thousand rubles a month through the Quick Payment System (SBP); (v) Social welfare programs/benefits are automatically extended for six months, and current beneficiaries don't have to keep demonstrating eligiblity during the six months; (vi) 24 June 2020, Decided to extend and expand support measures for children and young people during the coronavirus outbreak. Parents and children under the age of 16 are entitled to regular payments by the Russian government.

(i) 25 June 2020, Allocated RUB20 billion from the reserve fund to carry out preventative disinfection measures for small and medium-sized enterprises (SMEs) and socially-oriented non-governmental organizations; No amount/estimate: (ii) Interest rate subsidies for SMEs and systemically important enterprises; (iii) Deferrals on rent payments to all levels of government until the end of the year plus zero rent to the federal government for three months for SMEs in affected sectors; (iv) Budget grants for SMEs in affected industries to cover salaries at the rate of one minimum salary per employee for two months; (v) 27 May 2020, Allowed SMEs to terminate leases without penalties; (vi) 12 June 2020, Updated the register of socially oriented non-profit organizations (SONCO), which will be provided with additional support measures such as subsidized loans, tax benefits, and extension of deadlines for contributions; (vii) 16 June 2020, Automatically renewed selected permits and licenses across a broad range of industries for the coming year, to reduce the regulatory burden and costs during the pandemic; (viii) 15 July 2020, The Ministry of Economic Development and the Federal Tax Service began to provide subsidies to socially-oriented non-profit organizations (SONCO) and small and medium-sized enterprises (SMEs) to prevent the coronavirus infection; (ix) 22 June 2020, Extended the deadline for SMEs to apply for federal subsidies to cover costs during the coronavirus pandemic which was originally set for 1 June 2020 to 1 July 2020; (x) End-March 2021, budget grants will be extended in 2021 to firms hiring people who have lost jobs in 2020 to cover their salaries at the rate of one minimum salary per employee for three months.

(i) The total cost of the fiscal package is currently estimated at 4.2% of GDP, divided into the measures above. The government has announced that the package would eventually be increased to around 5% of GDP, to be spent in 2020-21. This excludes the additional RUB32.4 billion in health measures presented in Measure 5A. As of February, the government has re-announced its expectation that about 1% of GDP will be spent for anti-crisis measures in 2021.

(i) 3 November 2020, USD1 million in humanitarian aid (including food, oil products and other goods) from Turkmenistan in the context of the coronavirus pandemic; (ii) 29 March 2021, the BRICS Development Bank has approved a USD1 billion loan to help Russia's healthcare workers.