Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 25.01.2002

Decision of the Government of the Russian Federation No. 42 of January 24, 2002 On the Endorsement As From February 1, 2002 of Rates of Indexation Of the Basic and Insurable Portions of the Labor Pension

Endorses as from February 1, 2002 rates of indexation in the amount of 1,065 of the basic and insurable portions of the labor pension. The rates shall be used to carry out indexation of pensions envisaged under the Federal laws On the State Pension Security in the Russian Federation and On Labor Pensions in the Russian Federation

Decision of the Government of the Russian Federation No. 35 of January 23, 2002 On Special State Registration Signs and Signals Used On Transport Vehicles

Provides for the reduction of the number of transport vehicles using special state signs and signals enabling the drivers to deviate from individual provisions of the Traffic Regulations. Abolishes the commission for the issuance of licenses to install special signals and state registration signs. Institutes comprehensive lists of officials whose official cars may use special state registration signs and signals and also a maximum number of transport vehicles of federal executive authorities and organizations which may be allowed to install special signals in the absence of special color graphics on the outward surface of those vehicles. By April 1, 2002, the Ministry of Internal Affairs of the Russian Federation shall be required to re-register transport vehicles bearing special state registration signs and complete the issuance of licenses to use special signals.

Letter of the Central Bank of Russia No. 4-The of January 14, 2002 On Potential Sources to Cover Losses of Credit Institutions

Sources to cover losses of the year under review and also of the preceding years of credit institutions shall be identified by the general annual (or special) shareholders' (participants') meeting of the credit institution. The sources to cover losses may include, among other things, the value of property received on an uncompensated basis as ownership of the credit institution, positive and exchange-rate differences, dividends assessed but not paid, the authorized capital. Lists terms and conditions under which it is possible to use the authorized capital to cover losses.

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