The Russian Ministry of Finance published remarks by Prime Minister Mikhail Mishustin at the Golden Autumn agricultural exhibition outlining additional financial support for agricultural producers facing fuel shortages, logistics disruption and emergency related losses. The government plans to allocate more than RUB 1.5 billion to Crimea’s agricultural sector, including poultry farming, fruit production and other agricultural operations, and will consider temporary relief for certain subsidized agricultural loans. Proposed loan measures include allowing eligible businesses in major grain producing regions to extend low cost short term loans for up to one year. Similar relief would cover businesses that suffered substantial losses from a man-made emergency and related restrictions on agricultural production, sales and transport. Borrowers would also be allowed to restore subsidized interest rates on short term loans taken out after Jan. 1, 2025. Mishustin also referred to previously announced grain purchases for the state reserve and additional rail freight subsidies intended to offset shipping disruption in the Sea of Azov and Black Sea basin. The prime minister reported that agricultural exports rose by more than 15% through late September and that seed self-sufficiency was approaching 70%. He also highlighted investment in domestic seeds, biotechnology, veterinary medicines, agricultural machinery and workforce training under the national project for technological support of food security.
Russian Ministry of Finance publishes RUB 1.5 billion Crimea farm support plan and proposed loan relief
The Russian Ministry of Finance published Prime Minister Mikhail Mishustin’s plans for more than RUB 1.5 billion in support for Crimea’s agricultural sector and loan relief for eligible producers affected by grain market pressures and emergency related losses. Proposed measures include extending low cost short term loans for up to one year and restoring subsidized rates on qualifying loans taken out after Jan. 1, 2025.