The Russian government will prepare an anti-crisis plan to prevent a collapse in the construction market amid an increase in the key rate. This was announced on March 1 by Deputy Prime Minister Marat Khusnullin.
“In the coming days, we will approve an anti-crisis plan, which should not allow a collapse in the housing market. It includes support for housing construction, reduction of the investment and construction cycle, pricing issues, supplies of building materials,” he said during a speech at the plenary session of the Russian Construction Week.
According to Khusnullin, the Russian government will make every effort to support all construction projects in the regions.
He also called on domestic developers to pay attention to the Asian building materials market against the backdrop of sanctions imposed by the West.
“We are developing measures to support interaction with Asian markets. I recommend that all developers pay attention to the Asian markets, in the near future we will not receive anything from Europe, ”added the Deputy Prime Minister.
A day earlier, on February 28, the Central Bank raised its key rate to 20%. The regulator explained that this decision will help maintain financial and price stability, protect citizens’ savings from depreciation, and also compensate for increased devaluation and inflation risks. At the same time, the Central Bank announced that it would take additional measures to support credit institutions against the backdrop of sanctions imposed by Western countries.
On the same day, Russian President Vladimir Putin instructed, after increasing the key rate, to ensure that all lending rates specified in loan agreements are maintained.
Also on Monday, the US Treasury Department banned transactions with the Russian Central Bank, the Treasury and the National Welfare Fund. The American financial corporation Mastercard blocked a number of Russian financial institutions from accessing the payment network after orders for sanctions against Russia.
Earlier, on February 24, the United States imposed sanctions on a number of companies with state participation or organizations important to the economy and on “two companies with a predominance of private capital.” The list includes Gazprombank, Alfa-Bank, Sberbank, Otkritie Bank, Sovcombank, VTB, Rosselkhozbank, Moscow Credit Bank (MKB) and Novikombank. Following the United States, other countries have imposed sanctions against Russian banks.
The Bank of Russia then stated that the Russian regulator has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector in the country.
Western sanctions followed in response to the Russian-led operation to protect the Donbass, the beginning of which Russian President Vladimir Putin announced on February 24. After that, the Ukrainian leader Volodymyr Zelensky accused the Russian Federation of hitting the country’s military infrastructure and introduced martial law throughout the country. He later severed diplomatic relations with Russia.
Before that, on February 21, Putin signed decrees recognizing the independence of the DNR and LNR, as well as treaties of friendship, cooperation and mutual assistance with the republics. The documents were ratified the next day.
The head of state made the relevant decisions against the backdrop of the aggravation of the situation in Donbass that began on February 17. The DPR and LPR reported heavy shelling by Ukrainian security forces, including from heavy weapons. The republics announced a general mobilization and evacuation of civilians to the territory of Russia.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
