Monitoring of the Federal Legislation dated 28.06.2006

Federal Law No. 89-FZ of June 15, 2006 on the Amendments to Article 9 of the Law of the Russian Federation on the State Border of the Russian Federation and Article 6 of the Federal Law on the Procedure for Exit from the Russian Federation and Entry in the Russian Federation <br />

The Federal Law empowers the border guard bodies with authority to permit, if necessary, Russian fishing vessels multiple crossing of the state border of the Russian Federation without the border guard, customs and other types of control according to the procedure defined by the Government of the Russian Federation. This permits to reduce significantly the time and expenses of catching aquatic biological resources in internal sea waters, territorial sea, exclusive economic zone and/or on the continental shelf of the Russian Federation.

Decision of the Government of the Russian Federation No. 392 of June 26, 2006 on the Licensing of Mining Survey Works <br />

Endorses a new Regulation on the licensing of mining survey works carried out by legal entities and independent entrepreneurs. The mining survey works are implied to be spatial geometry measurements of mining cites and underground structures, determination of their parameters, location correspondence with design documentation, monitoring of the condition of mining leases and substantiation of their boundaries, keeping of mining graphic documentation, recording and substantiation of the volume of mining development works, defining hazardous zones and measures of protection of mines, buildings, structures and natural objects against consequences of extraction of mineral resources. The licensing body is the Federal Service of Ecological, Technological and Nuclear Enforcement. Earlier, it was the abandoned State Mining and Industrial Supervision Agency of Russia.

The new Regulation contains a broader list of licensing requirements and terms of activities in mining survey works, as well as the documents for obtaining the license, specifies the list of major violations of the licensing requirements.

The license for mining survey works is issued for 5 years. The earlier issued licenses shall preserve their force until expiry.

Direction of the Central Bank of Russia No. 1696-U of June 23, 2006 <br />

From June 26, 2006, the rate of refinancing is reduced by 0.5% to make 11.5% annual. In 2006, this is the first reduction of the bank rate of the Bank of Russia. Earlier, the Direction of the Bank of Russia No. 1643-U of December 23, 2005 fixed the mentioned rate in the amount of 12% annual.

The text of the Direction has been published in the Herald of the Bank of Russia of June 28, 2006, No. 36.

Direction of the Central Bank of Russia No. 1695-U of June 23, 2006 <br />

From June 26, 2006, the interest rate to calculate the overnight credit is reduced by 0.5% to make 11.5% annual. Earlier, the Direction of the Bank of Russia No. 1644-U of December 23, 2005 fixed the mentioned rate in the amount of 12 % annual.

The text of the Direction has been published in the Herald of the Bank of Russia of June 28, 2006, No. 36.

Letter of the Central Bank of Russia No. 87-T of June 20, 2006 on the Inclusion of Securities in the Lombard List of the Bank of Russia <br />

The Lombard List of the Bank of Russia shall include now individual issues of bonds of the Impexbank.