Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 26.07.2004

Federal Law No. 39-FZ of May 11, 2004 on the Amendments to Articles 8, 18 and 27 of the Federal Law on the State Registration of the Rights for Immovable Property and Transactions with It

Envisages preservation with the state bodies (organisations) in charge of the state registration and technical inventory taking of objects of immovable property of the authority to only register the objects of immovable property. Thus, the inventory taking work is separated from the state registration of objects of immovable property.

The Federal Law is entered into force from the day of its official publication.

Decision of the Government of the Russian Federation No. 366 of July 21, 2004 on the Restructuring in 2004 of the Monetary Obligations to the Russian Federation in Foreign Currencies Redrawn into Obligations of the Subjects of the Russian Federation

Defines the procedure and terms of redrawing into obligations of the subjects of the Russian Federation of the monetary obligations of municipal formations and legal entities to the Russian Federation in foreign currencies including obligations under the agreements (contracts) concluded to attract to the Russian Federation tied foreign credits (borrowings), grant credits (loans) in foreign currencies, as well as of the resources of the tied financing of legal entities granted under the condition of transfer of stocks in the property of the Russian Federation. The redrawing is arranged on the voluntary basis.

Also defines the procedure of restructuring of the mentioned monetary obligations. The restructuring of the redrawn obligations is arranged through conclusion of an agreement with the subject no later than December 31, 2004. The restructuring is carried out by consolidation of these obligations with simultaneous writing off of the debt in accrued penalties and fines and granting of a respite in the payment of the consolidated debt until January 1, 2005 followed by subsequent equalised extension schedule until January 1, 2012.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 78 of July 7, 2004

Reviews the practice of application by courts of arbitration of interlocutory injunction and recommendations on its application.

Reflects the issues of the grounds of application of interlocutory injunction, authority of the courts of arbitration of the Russian Federation in the application of such measures, procedural particulars of application of interlocutory injunction, fixing the time limits for presenting claims, perpetuation of evidence. Also explains the counterinjunction procedure, revocation of interlocutory injunction, appealing against the ruling on interlocutory injunction and other issues.

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