The Russian Ministry of Industry and Trade (MIT) intends to award subsidies to local companies engaged in the construction of new vessels for civil use, Russian news outlet TASS reported recently.
MIT expects that the subsidies will cover up to 20 per cent of the costs of the manufacture of the vessels.
An explanatory note published by the ministry stated that subsidies will be provided to finance the construction of a vessel only if certain milestones are achieved such as the laying of the keel, launching, mooring tests, and delivery.
MIT plans to allocate subsidies totalling RUB1.6 billion (US$20 million) in 2026, RUB3.8 billion (US$48 million) in 2027, and RUB3.2 billion (US$41 billion) in 2028 under the financing scheme.
The ministry said the funding will support the construction of nine vessels. Construction of the some of the vessels will be undertaken in the Far Eastern Federal District.
The vessel types eligible to receive subsidies under the proposal are cruise ships, oil tankers, and fishing boats.
