Russian manufacturers' expenses nearly double to service loans in 2024, estimated at 1.2 trln rubles - Industry and Trade Minister

MOSCOW. Nov 19 (Interfax) - The high key rate of the Central Bank of Russia has resulted in a significant rise in costs for manufacturing enterprises to service debt, and the Industry and Trade Ministry estimates that these costs have nearly doubled to about 1.2 trillion rubles in 2024.

"The interest burden and interest payments have of course grown rather significantly this year, having nearly doubled. Our manufacturing is already spending 1.2 trillion rubles to service debt, in fact. This, raising rates, is of course very sensitive for us," Industry and Trade Minister Anton Alikhanov said on Monday at a meeting of the Federation Council committee on economic policy.

"We will find some instruments to support existing enterprises. This is also an absolute priority for us, of course," Alikhanov said, noting that government support measures are expected to be revised at the beginning of next year to account for the Central Bank's key rate hikes.

Alikhanov also confirmed the Industry and Trade Ministry's intention to ensure measures to protect the domestic market in machinery manufacturing, machine tool manufacturing, and equipment manufacturing from Chinese versions.

"However, we will talk about some protective measures or additional regulation only after we are able to manufacture these types of equipment ourselves," he said.