Moscow Times
President Vladimir Putin relieved state companies from making compulsory contributions to the Skolkovo University of Science and Technology, or Skoltech, endowment fund, established last year by his predecessor Dmitry Medvedev, Vedomosti reported Monday.
Putin annulled Medvedev’s directive requiring state companies to contribute one percent of their innovation development budget or 0.5 to 3 percent of annual net profit to the endowment fund, created to support scientific research in the university. It was estimated that in the first three years, the fund would accumulate 30 billion rubles ($913 million).
Putin’s spokesman Dmitry Peskov said, however, that state companies are welcome to finance the university voluntarily. Medvedev’s spokeswoman, Natalya Timakova declined to comment.
A government source told Vedomosti that last year state companies only contributed 4 billion rubles ($122 million) and that there were no contributions in 2013.
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State Companies End Skoltech Financing
