Industrial equipment, confectionery and medicines are set to be exempt from exchange-rate adjustments, according to a decision by the government’s subcommittee on customs, tariff and non-tariff regulations. The information was reported by the publication Vedomosti, citing the secretariat of First Deputy Prime Minister Andrei Belousov as the source of the memo.
The exemptions are planned to take effect in the second half of 2024. The scope extends beyond the items named above to include a range of high-tech products and goods that rely on imports of critical components. In addition to industrial equipment, the policy will cover ingredients such as marshmallows and soy protein, along with other food products. It will also apply to industrial tools used in punching and pressing processes, reflecting a broader strategy to shield key supply chains from currency fluctuations.
Liliya Shchur-Trukhanovich, who leads the ministry’s department for development and regulation of foreign economic activities, explained that these measures aim to preserve a reasonable level of profitability for domestic enterprises. In her view, maintaining stable profit margins is essential for ongoing investment, employment, and the ability of Russian companies to compete in both domestic and international markets amid changing macroeconomic conditions.
The goods list was developed after consultations with business representatives and officials from several ministries, including the Ministry of Economy, the Ministry of Industry and Trade, and the Ministry of Agriculture. The collaborative process emphasized practical considerations for production chains, supplier reliability, and the overall business climate that supports continued growth and domestic resilience in the face of external shocks.
Alexander Shokhin, who previously served as president of the Russian Union of Industrialists and Entrepreneurs, commented on the policy shift following the introduction of export duties. He noted that a number of Russian projects included in the Agreement on Protection and Promotion of Investments had been halted as a consequence of the new fiscal regime, signaling a need for recalibration of investment plans and risk assessments among industrial groups. The exchange-rate exemption strategy appears to be part of a broader effort to stabilize investment conditions during periods of currency volatility and to provide greater certainty for long-term development initiatives.
Earlier discussions around the current form of the excess profit tax invoice indicated a need for alignment between tax instruments and the realities of today’s industrial landscape. The ongoing policy review seeks to reconcile fiscal measures with the operational demands of manufacturers, ensuring that strategic sectors remain capable of sustained output and innovation. Observers point to the delicate balance between fiscal discipline and the incentives required to drive modernization and export competitiveness in a shifting global environment.
As the timetable for implementation approaches, companies across sectors are assessing potential impacts on pricing, supply contracts, and investment horizons. Analysts suggest that the exemptions could reduce financial pressure on producers facing import dependencies, while still requiring careful monitoring of performance metrics to avoid unintended distortions in the market. Stakeholders emphasize that clear communication from government authorities will be crucial to minimize uncertainty and to support orderly adjustments in planning and budgeting for the upcoming period.
Overall, the move reflects a strategic attempt to stabilize key industries during a time of economic adjustment. By shielding high-priority goods from exchange-rate dynamics, the government signals its commitment to sustaining industrial capability, protecting jobs, and maintaining resilience within critical supply chains. The coming months are expected to bring further details on the exact list of exempt items, eligibility criteria, and the practical steps necessary for businesses to align with the new regime. The public discourse will likely continue to weigh the balance between protective measures and the incentives needed to promote efficiency, innovation, and long-term growth in the national economy. Citations: Vedomosti reporting on the memo, statements from Belousov’s secretariat, and remarks from Shokhin and ministry officials.