Russia Plans €5.9 Billion in Subsidies to Auto Industry

Russia's central government say it will provide the country's domestic auto industry with as much as 271 billion rubles in subsidies through 2016.

Last year's car and light truck market shrank 5% to 2.78 million units, according to the Assn. of European Businesses. The group predicts this year's volume will slip another 2% to 2.73 million.

The government says the subsidies will support research, retain jobs and help pay for the cost of meeting more stringent emissions standards.