Written by David Lewis on Oct 9, 2008. Posted in On Location

Putin announces support for Russian film industry

USD76 million will be made available to support the Russian film industry in an attempt to increase the country's market share by 30% over four years. Speaking at a conference in St Petersburg, Russian Prime Minister Vladimir Putin pledged the immediate cash injection and also promised a further USD164 million annually.

Russian news agency Kommersant said that Putin made the decision "in light of the need to form values that correspond to the interests of society and the strategic interests of the country."

The conference was hosted by Russian World Studios who were marking the launch of film and TV production at their new USD100 million facility. The studio intends to invest another USD150 million in the second and third construction stages.