Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 5.02.2007

Decision of the Government of the Russian Federation No. 63 of February 1, 2007 on the Endorsement of the Rules of Placing of Resources of Pension Reserves of Non-State Pension Funds and Control over Their Placing

Instead of the rules endorsed earlier by the Decision of the Government of the Russian Federation No. 1432 of December 23, 1999, introduces new rules specifying the procedure of placing of resources of pension reserves of non-state pension funds and control over their placing, as well as the requirements to the composition and structure of pension reserves of the funds.

Order of the Government of the Russian Federation No. 92-r of January 29, 2007

According to the actual legislation, the Bank of Russia may participate in the registered capital of the Savings Bank of the Russian Federation. Reduction or alienation of the shares of participation of the Bank of Russia in the registered capital of the Savings Bank on condition that it does not reduce any of the mentioned shares of participation to lower than 50% plus one voting stock is permitted to the Bank of Russia upon coordination with the Government of the Russian Federation.
      The Government of the Russian Federation agreed to the reduction of the share of participation of the Bank of Russia in the registered capital of the Savings Bank of Russia not lower than 55.34% in the course of the additional issue of ordinary stocks of the Savings Bank of Russia.

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