Government Clarifies Concession Financing: You & Partners Expert on Risks and Uncertainties
13.04.2026The changes concern the calculation of the maximum amount of financial participation by the concedent (the public legal entity). Under the draft, when determining this limit, not only direct budget allocations will be taken into account, but also subsidies and budget investments provided to the concessionaire or to another legal entity for subsequent transfer to the concessionaire.
The second amendment requires that exclusive rights to computer programs and other intellectual property (IP) created using budget funds in the development of state information systems (GIS) be vested in the state.
Evgenia Zusman, Managing Partner of You & Partners, noted in her comment for Kommersant that the underlying idea of the bill appears logical and consistent – it is aimed at strengthening control over the emergence of contingent budget liabilities. However, the current wording raises serious concerns.
"The document does not clarify what exactly is meant by subsidies and budget investments under Articles 78, 78.1, 78.3 and 80 of the Budget Code, provided to other legal entities for subsequent transfer to the concessionaire. This creates a risk of overly broad interpretation. For example, payments under state contracts or procurement under Federal Law No. 223‑FZ for goods and services from the concessionaire could fall under this provision. Such uncertainty could make it more difficult to raise financing for projects," the expert explained.
As for the changes regarding IT projects, in Evgenia Zusman's view, the bill does not take market practice into account. Rights to individual software components may be acquired under open licences, where the exclusive right remains with the rightholder. Any attempt by the state to "take" that right is either legally impossible or would lead to bona fide participants refusing to work on state projects.
"How the adoption of these amendments will affect the concession and PPP market remains to be seen. However, it is already clear: without clarifying the rules on subsidies to legal entities and without a flexible approach to IP rights, the changes risk creating new barriers rather than solving the stated control objectives," the Managing Partner of You & Partners concluded.
Read the full article in Kommersant.
You & Partners Press Service
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