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Marcegaglia Plant in Vladimir Received Permission for Foreign Exchange Transactions With an Italian Bank

The company's request was first considered by the Ministry of Finance, and then by a government commission

The Marcegaglia plant (Marcegaglia.ru), located in Vladimir next to the thermal power plant, received the opportunity to carry out foreign currency transactions under loan agreements to foreign creditors. At the moment, the government is giving the permission. The situation appeared after the sanctions imposed against Russia and the retaliatory actions of our country. In particular, all foreign currency transactions are approved by the Ministry of Finance and a special government commission.

The former head of the region, and now State Duma deputy Vladimir Sipyagin helped the Italians to quickly consider the issue. On his page in “VKontakte” he said that on April 7 he sent a deputy’s request to the Ministry of Finance and asked to expedite the procedure for issuing permits.

“These applications in the current difficult conditions for our country come to the Ministry of Finance in dozens, and even hundreds a day. In the best-case scenario, Marchegalia.ru would not be in line until mid-June, which would entail late payments, fines, possible suspension of raw material supplies and, as a consequence, the shutdown of the company.

At the end of April, the commission considered Marcegalia.ru’s request and allowed the payments to the Italian bank.

The Marcegaglia plant, which makes metal products, is one of the largest taxpayers in the region. Over the past five years, its revenues have grown from 1.2 billion rubles to 4 billion. In 2021, the Italians were going to expand production and build a new shop. Future investments were planned in the amount of 3.5 billion rubles. But now it has been abandoned due to the current political situation, and the company is operating on existing premises.

Marcegaglia opened its enterprise in Vladimir in 2009. The total area of the Vladimir plant buildings and structures is 70 thousand square metres. The workshops occupy about 14 thousand square meters.

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