The Russian Ministry of Industry and Trade Told about the Strengthening of Import Substitution Due to US Sanctions
OREANDA-NEWS. New US sanctions are useless for Washington and will positively affect the operation of Russian enterprises. This opinion was expressed by RIA Novosti in the Russian Ministry of Industry and Trade.
Earlier, the US completely banned the export and import of weapons from Russia. There are a few exceptions in aviation and space, but they will only be valid until September 1.
The Russian department indicated that "the entry into force of new US sanctions will only intensify the process of excluding imports from Russian technological chains. The money used to pay for imports will remain inside the country and will go to salaries of employees and the development of new technologies and industries."
So, the ministry is carrying out measures for import substitution in the radio-electronic industry and in the aviation industry. For example, the department claims that the planes will become Russian by more than 98%.
For this purpose, instruments such as subsidies, tax incentives, stimulating demand for final products are used.
The press service of the ministry added that "the radio electronics market today is not only technologies from the United States, it includes a number of available products from other countries."
The department reminds: the sanctions pressure was used by other countries, including for the USSR, which did not prevent the country from developing.