Russia has set up a subsidised loan scheme to buy ships as it faces a multibillion-dollar bill to upgrade its tanker fleet.
The government will offer loans at 4.5% per annum for up to seven years to develop shipping for foreign trade, according to a decree published last week.
The decree, signed by Prime Minister Mikhail Mishustin, compensates lenders for losing out on loan income up to 9% over the preferential rate on offer to buy vessels.
