As Russia works to increased its farm productivity, growers there can turn to at least one familiar U.S. name for equipment. Deere & Company announced this week it has entered an agreement with Rosagroleasing of the Russian Federation to offer equipment leasing to Russian producers.
The agreement provides up to $25 million for leasing of John Deere ag equipment. Customers can lease the equipment for up to five years.
The is the first time that Rosagroleasing has borrowed money for the purchase of foreign-made ag equipment. According to a press statement, the move reflects improvements in the Russian economy and the country's enthusiasm for the U.S. maker's equipment. As one Rosagroleasing official notes: "This [leasing arrangement] will help many Russian farms to replace their aging fleets and will increase their productivity."