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ИД «Финансы и кредит»






Financial Analytics: Science and Experience

The model of State financial aid to business during the COVID-19 pandemic in Russia: A framework, tools, and practices

Vol. 14, Iss. 2, JUNE 2021

Received: 1 March 2021

Received in revised form: 14 March 2021

Accepted: 29 March 2021

Available online: 28 May 2021


JEL Classification: H12, H32, H41, L32, M51

Pages: 124–140


Tat'yana Yu. KISELEVA Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Lola D. SANGINOVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. The article discusses the financial aid the State provides to business during the COVID-19 crisis.
Objectives. We analyze the financial aid the State provides to the Russian businesses as a single model, considering the national specifics.
Methods. The study involves methods of analysis and synthesis, comparative analysis, generalization, etc. The study is based on factual and official data for H1 2020.
Results. There is a national model of the financial aid the State provides to businesses in Russia, which is intended to temporarily provide businesses with funds in force majeure and ensure their uninterrupted operation, protect small and medium-sized business and market competition. We analyze key tools of the State support and substantiate our suggestions how it should be maintained for certain types and areas of business in the post-crisis period.
Conclusions and Relevance. The current situation with COVID-19 made the State organize business support, provide businesses with financial resources on certain terms or use business protection tools.

Keywords: COVID-19 crisis, government financial support, budgetary subsidies, government guarantees, tax incentives


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ISSN 2311-8768 (Online)
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Vol. 15, Iss. 2
June 2022