The Russian Parliament adopted this Friday, March 4 a package of laws intended to counter the effects of Western sanctions on the country’s economy decided after the invasion of Ukraine.
The text, accessible on the Duma’s website, is intended to ” to increase the stability of the Russian economy as well as to protect citizens against sanctions “. In response to the attack on Ukraine, unprecedented sanctions were passed against Russia, causing the ruble to plummet and a massive flight of foreign companies from the country, among other devastating effects on the Russian economy.
The law adopted this Friday gives the government the possibility of increasing pensions and the minimum wage, ” if necessary “. A moratorium on inspections of SMEs may also be introduced for 2022, and until the end of 2024 for IT companies. The text also introduces a simplified system for purchasing medicines, as well as an expanded list of the latter.
This law also provides for the repurchase by a company of its own shares. The price of Russian companies’ shares having been greatly depreciated, if not wiped out, this would allow them to buy them back at a low price in order to consolidate. The law also provides for a suspension of debt repayment for citizens and SMEs in 2022, a measure already introduced at the start of the coronavirus pandemic.
Finally, there are plans to extend a capital amnesty that has been in place for several years, allowing Russians to repatriate property and capital held abroad without risking prosecution. A provision also allows companies to modify the candidates proposed to their board of directors, a measure that brings to mind the controversies linked to foreigners present in the advisory bodies of many large Russian groups.
Asked during his daily press briefing, Kremlin spokesman Dmitry Peskov said that “ the economy is now in an aggressive environment “. ” The economy concerns us all, concerns the well-being of all citizens, and blows are being directed at our economy that must be cushioned and minimized. This is what the government and the president are focusing on now “, did he declare.
(With AFP)
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