Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 29.06.2007

Federal Law No. 117-FZ of June 19, 2007 on the Ratification of the Agreement between the Government of the Russian Federation and the Government of the Republic of Korea on the Measures to Protect Technologies Pertaining to Cooperation in the Sphere of Investigation and Use of the Outer Space for Peaceful Purposes and the Protocol to the Agreement between the Government of the Russian Federation and the Government of the Republic of Korea on the Measures to Protect Technologies Pertaining to Cooperation in the Sphere of Investigation and Use of the Outer Space for Peaceful Purposes of October 17, 2006

The ratified Agreement and the Protocol provide conditions for efficient implementation of the Russian-Korean cooperation in the outer space sphere in a number of hi-tech and science-intensive directions (including the creation of the Korean launch system) and contain efficient instruments of prevention of any unauthorised access to the exported and protected Russian products and technologies, as well as their unauthorised transfer and use for other than designated purposes.

Decision of the Government of the Russian Federation No. 406 of June 26, 2007 on the Contract of Purchase and Sale of Forest Plantations Located on the Lands Available in the State or Municipal Property

The Forestry Code of the Russian Federation envisages opportunities of purchase and sale of forest plantations located on the lands available in the state or municipal property.

Decision of the Government of the Russian Federation No. 400 of June 25, 2007 on the List of the Regions of the Far North and Localities of Similar Status Where Production, Supplies and Retail Trade of Drinking Ethyl Alcohol Are Permitted

In pursuance of the Federal Law on the state regulation of production and circulation of ethyl alcohol, alcoholic and alcohol-containing products, the Government of the Russian Federation specified that the regions of the Far North and localities of similar status where production, supplies and retail trade of drinking ethyl alcohol are permitted shall include also the regions and localities mentioned in the list of the regions of the Far North and localities of the status of the regions of the Far North covered by the Decrees of the Presidium of the Supreme Soviet of the USSR of February 10, 1960 and of September 26, 1967 on the benefits for the persons working in these regions and localities. The list was endorsed by the Decision of the Council of Ministers of the USSR No. 1029 of November 10, 1967.

Decision of the Government of the Russian Federation No. 399 of June 25, 2007 on the Authority of the Federal Service of Ecological, Technological and Nuclear Enforcement to Arrange and Carry out the State Ecological Expert Evaluation of the Main Technological Equipment for Production of Ethyl Alcohol, Alcoholic and Alcohol-Containing Products

According to the Federal Law on the state regulation of production and circulation of ethyl alcohol, alcoholic and alcohol-containing products, organisations engaged in production of ethyl alcohol, alcoholic and alcohol-containing products and using for the mentioned purposes the main technological equipment made on the territory of the Russian Federation and outside it must have for the mentioned equipment a compliance certificate and a positive statement of the state ecological expert evaluation.

Direction of the Central Bank of Russia No. 1831-U of June 1, 2007 on the Amendments to the Instruction of the Bank of Russia No. 112-I of March 31, 2004 on the Obligatory Normatives of Credit Organisations Issuing Mortgage Coverage Bonds

In contrast to the earlier available wording, the changed Instruction does not regulate the particulars of calculation of the obligatory normative of sufficiency of own resources (capital) (N1) for credit organisations issuing mortgage coverage bonds.
      The Direction is entered into force 10 days after the day of official publication except for the provision entered into force from January 1, 2008.
      Registered in the Ministry of Justice of the Russian Federation on June 26, 2007. Reg. No. 9704.

Direction of the Central Bank of Russia No. 1832-U of June 1, 2007 on the Amendments to the Instruction of the Bank of Russia No. 124-I of July 15, 2005 on the Amounts (Limits) of Open Currency Positions, Method of Their Estimation and Particulars of Enforcement of Their Observation by Credit Organisations

The Direction is entered into force from October 1, 2007 except for individual provisions entered into force from January 1, 2008.
      Registered in the Ministry of Justice of the Russian Federation on June 26, 2007. Reg. No. 9703.

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