Volodin announced bills to counter sanctions

At the spring session of the State Duma, deputies will consider bills to counteract anti-Russian sanctions. The documents will cover IT, education, tax breaks and external management of companies alt=”Volodin announced bills to counter sanctions” />

Initiatives aimed at protecting the citizens and economy of Russia will be considered during the spring session of the State Duma. Speaker of the lower house of parliament Vyacheslav Volodin stated this on his Telegram channel.

“Many of your appeals are devoted to the questions of what measures are being taken to counteract the sanctions imposed against our country. <…> These initiatives, aimed at protecting our citizens and the economy, will be considered without fail during the spring session,— he wrote.

One of the bills concerns the security of personal data. It provides for the commission of cross-border transfer of personal data, and also establishes the possibility of interference by the Russian authorities in the processing of data of Russian citizens on the territory of other countries.

Another bill allows the Russian Prosecutor General's Office, when identifying “unfriendly” actions of a foreign state against Russian media to block or restrict the activities of publications of this country in Russia. Also, the work of these media outlets may be terminated if materials are published that discredit the Russian armed forces or call for sanctions against Russia.

In addition, the authorities intend to simplify obtaining a residence permit for foreign IT specialists, as well as increase the number of state-funded places in the magistracy of Russian universities. Also, the concept of “compatriot abroad” will be changed in the legislation. They will be considered all persons who speak Russian and belong to the peoples “historically residing on the territory of the Russian Federation, and those whose direct ancestors were born on the territory of the Russian Federation.” “At the same time, from the definition of the concept of“ compatriot ” the connection with the citizenship of the USSR is excluded, — notes Volodin.

The State Duma will also consider a draft law on the external management of companies that have left the Russian market. It is noted that the initiative will affect only those companies that are “essential for the Russian economy and left without obvious economic reasons, based on anti-Russian sentiments abroad.” The State Duma also intends to support lessees: companies will be able to repay leasing ahead of schedule without penalties and fines.

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The bills will also affect fiscal changes. The State Duma intends to extend the period for reducing income tax rates until January 1, 2024. The term now ends on January 1, 2023. In addition, the State Duma intends to simplify the treasury support of contracts. Funds will be credited to the supplier's settlement account without opening an account of a treasury support participant. And the government will have the opportunity, without changing the law, to use revenues from oil and gas exports to replace government borrowings and pay off the public debt.

Sanctions against Russia began to be actively introduced after February 24 due to the start of a special military operation in Ukraine. Simultaneously with the sanctions, foreign companies began to leave the Russian market.

Senior economist at the Bank of Finland Institute for Economies in Transition (BOFIT, an institute specializing in the analysis of the Russian economy) Heli Simola estimated that due to sanctions, Russia's GDP could decrease by 4– eighteen%. “Trade sanctions could have a significant negative effect if Russia fails to find alternative markets for imports and exports,” — BOFIT economist states.

According to the World Bank, by the end of 2022, the Russian economy may shrink by about 11.2%. According to the authors of the document, “the severe consequences of the already imposed sanctions” may lead to the fall of the Russian economy, including due to a reduction in domestic demand. In 2023 and 2024, according to the report, Russia's GDP should grow by 0.6% and 1.3%, respectively.

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