Support The Moscow Times!

Import Substitution to Cost Russia $50 Billion

Manturov added that the government would prioritize projects in pharmaceutical manufacturing for cancer, HIV, and tuberculosis treatment drugs.

Russia's import substitution program will cost at least 2.5 trillion rubles ($50 billion), news agency RIA Novosti reported Wednesday, citing Industry and Trade Minister Denis Manturov.

The government does not plan on funding the program entirely, however, and hopes to work with companies to help both fund and develop import substitution projects.

"The state should also attract companies, stimulating demand for import substitution domestic products through regulatory measures and government procurement," RIA Novosti quoted Manturov as saying.    

Russia's government first discussed import substitution plans last year amid worsening ties with the West over the Ukraine crisis and a steep rise in the price of foreign goods as the ruble sank against international currencies.

According to Manturov, approved import substitution programs will be funded through government agencies responsible for the relevant industries and the Industry Development Fund, established last year by the Industry and Trade Ministry.

So far the fund has allotted 2.2 billion rubles ($44 million) for projects in six regions. In total the fund has received over 800 applications, requesting more than 280 billion rubles ($5.6 billion),  Manturov said.

Manturov added that the government would prioritize projects in pharmaceutical manufacturing for cancer, HIV, and tuberculosis treatment drugs, domestic diesel engine production, and tank production for chemical and petrochemical liquids.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more