The Russian Cabinet has assigned the promotion of domestic IT companies and solutions globally to a recently reorganized government entity called Russian IT Development Fund (RITDF). The Rosinfocominvest Fund that did the job before has been closed, Vc.ru reported.

Set up in 2017 to support the development of Russian IT solutions, RITDF is now expected to broaden its activity, putting forth initiatives for IT sector support and implementing those. In particular, the fund must pay special attention to backing teams that develop open-source code services and to helping domestic IT companies take their solutions to the global market.

By 2024, the Russian Government has plans to allocate about $273m for the development of Russian off-the-shelf digital solutions and another $90+m to reimburse domestic businesses for using domestic software.