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Expert: Rosatom continues exporting Russian high-tech products

The European Commission (EC) approved Hungary’s plans to grant state support for the construction of new nuclear reactors of Hungarian Paks II Nuclear Power Plant, says the press release of the European regulator. The EC withdrew the last objection to the joint Russian-Hungarian construction of Paks II NPP. The EC concluded that Hungary's financial support for the construction of Paks II NPP involves state aid. As Hungary committed to limit distortion of competition, the European Commission confirmed the project’s compliance with the EU regulations.

According to the Head of Analysis Department of KIT Finance Broker Vasily Koposov, the project will be financed by loans. The Russian side will provide a €10 billion loan. The project will involve several Russian companies that will take part in the construction and will supply equipment. One job at the NPP construction creates 10 to 15 jobs in related sectors (metallurgy, mechanical engineering, chemical industry and others), which is a significant number.

Rosatom continues exporting Russian hi-tech products. Basically, construction of an NPP is a high added value product, not Russia’s traditional export of raw material. In other words, it is a sort of an example for the Russian economy which is still too dependent on the exports of raw material, Vasily Koposov noted.