Russia to inject 18 billion euros to revive economy

(Baonghean.vn) - On Wednesday, January 21, Russian Deputy Prime Minister Igor Shuvalov said that the Russian government is drafting a plan to support the economy with an estimated value of about 18 billion euros. With this plan, the Moscow government hopes to help limit the effects of the current crisis raging in the land of the White Birch.

During a meeting with President Vladimir Putin, Shuvalov detailed the outline of the economic support plan. According to it, the government will provide financial support of up to 1,375 billion rubles (18 billion euros). This money will be taken from the budget and reserves accumulated in recent years.

Russia is facing a full-blown crisis, which is believed to be the result of Western sanctions and a sharp drop in oil prices. Photo: AP/Pavel Golovkin

President Putin convened the meeting to discuss Russia's deep recession, which has been caused by sanctions over Western accusations of Russian involvement in eastern Ukraine and a sharp drop in oil prices that has hit Russia's oil revenues. Deputy Prime Minister Shuvalov said some measures had been taken but the plan still needed to be finalized.

The current version of the plan includes hundreds of measures, including supporting domestic production, promoting exports of non-oil products, supporting small and medium-sized enterprises, and helping agriculture and manufacturing industries, Russian media reported. In addition to addressing manufacturing, the plan also offers social measures, including pensions.

President Vladimir Putin once again assured that the authorities will take “unique” measures to bring the market economy back on track. Deputy Prime Minister Shuvalov said that aid to help Russia fight the crisis would be available by February 16. Earlier, Finance Minister Anton Siluanov announced that the government would spend 1 trillion rubles (13.3 billion euros) to support the country's banking sector.

Chu Thanh– According to LeMonde January 21