Monitoring of the Federal Legislation dated 5.04.2007

Decision of the Presidium of the Higher Arbitration Court of the Russian Federation No. 13377/06 of February 20, 2007

The Presidium of the Higher Arbitration Court of the Russian Federation recognised that the amount of replacement expenses for the purpose of paying out of the insurance reimbursement under the obligatory insurance of civil liabilities of owners of transport vehicles must be determined less depreciation of vehicle parts.

Direction of the Central Bank of Russia No. 1813-U of March 30, 2007

From April 1, 2007, the fixed interest rate for the deposit operations of the Bank of Russia carried out with credit organisations in the currency of the Russian Federation using the Reuters Dealing System and the system of electronic tenders of the Moscow Interbank Currency Exchange on standard terms "tom next", "spot next", "on demand" amounts to 2.5% annual, and on standard terms "one week", "spot week" - 3.0% annual.

Information Letter of the Central Bank of Russia No. 11 of March 26, 2007 "Summary of the Practice of Application of the Federal Law on the Combating of Legalisation (Laundering) of Incomes Obtained in a Criminal Way and Financing of Terrorism and the Normative Acts of the Bank of Russia Adopted in Pursuance of It

An operation of entry of money on the account (deposit) or writing off from the account (deposit) of a legal entity whose period of activities is not greater than three months from the day of its registration is subject to obligatory control if the amount of it is equal to or greater than Rbl 600,000 or foreign currency equivalent. The first day of the mentioned three-months period is the day of the entry of the record of the state registration of the legal entity in the state register by the body in charge of registration.

Letter of the Federal Service for Financial Markets No. 07-OB-03/5724 of March 22, 2007 on the Payment for Stocks with Foreign Currencies

From January 1, 2007, abandons the rule requiring to make monetary payments between residents and non-residents in operations with internal securities in the currency of the Russian Federation if otherwise is not specified by the Central Bank of Russia.