Russian President Vladimir Putin signed the law allowing domestic industrial products to be registered in the country. The document was published on the official site internet portal Legal information of the Russian Federation.
The law stipulates that the government will determine the registry rules, and the maintenance of the registry is left to the Ministry of Industry and Trade.
The country will also create a digital passport system for industrial products.
In addition, the law also introduces a mechanism to stimulate demand for industrial products through the use of the government industrial information system (GISP) logo to disseminate information about the product in order to promote it in the market.
The law will come into force on July 1 next year.
Denis Manturov, formerly head of the Ministry of Industry and Trade of the Russian Federation statedHe said that the Russian automotive industry is getting a second chance and this time it will definitely take advantage of it.
Formerly Central Bank of the Russian Federation raised key rate up to 16%.