Windfall tax for major companies to be introduced in Russia

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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 22.09.2008

Decision of the Government of the Russian Federation No. 699 of September 19, 2008 on the Endorsement of the Rates of Export Customs Duties for Raw Oil and for Individual Categories of Commodities of Oil Exported from the Territory of the Russian Federation outside the Member-States of the Customs Union Agreements

Reduces the rates of export customs duties for raw oil and individual categories of commodities of oil exported from the Russian Federation outside the member-states of the Customs Union agreements.

Regulation of the Central Bank of the Russian Federation No. 320-P of August 27, 2008 on the Procedure for the Central Bank of the Russian Federation to Administer Individual Types of Incomes Received in the Budget System of the Russian Federation

Introduces a new procedure for the Central Bank of Russia to administer individual types of incomes received in the budget system of the Russian Federation.

Direction of the Central Bank of Russia No. 2066-U of September 17, 2008 on the Normatives of Obligatory Reserves (Reserve Requirements) of the Bank of Russia

Beginning with September 18, 2008, reduces the normative of obligatory reserves.

Direction of the Central Bank of Russia No. 2065-U of September 17, 2008 on the Amount of Interest Rates for the Lombard Credits of the Bank of Russia for 1 Calendar Day

From September 18, 2008, the interest rate for the lombard credits of the Bank of Russia granted to credit organisations for 1 calendar day is reduced from 9% to 8%.

Direction of the Central Bank of Russia No. 2064-U of September 17, 2008 on the Amendments to the Direction of the Bank of Russia No. 1979-U of February 14, 2008 on the Interest Rate for the Credits Secured with Assets

Reduces from 10% to 9.5% annual the rate for the credits secured with assets and provided for up to 30 calendar days inclusive.

Direction of the Central Bank of Russia No. 2063-U of September 17, 2008 on the Amendments to the Direction of the Bank of Russia No. 1601-U of August 5, 2005 on the Terms of the Bank of Russia to Grant Credits to Credit Organisations Secured with Pledged Promissory Notes, Claims Rights under Credit Contracts of Organisations or Guarantees of Credit Organisations

The interest rate is reduced from 8% to 7.5% annual for the credits granted for up to 90 calendar days and from 9% to 8.5% annual for the credits granted for 91 to 180 calendar days.

Order of the Central Bank of Russia No. OD-653 of September 17, 2008 on the Amendments to Subitem 3.1 of Item 3 of the Order of the Bank of Russia No. OD-101 of February 14, 2008 on the Granting of Credits of the Bank of Russia Secured with Assets to Credit Organisations

Revises adjustment coefficients to correct the cost of assets used as a collateral for the credits of the Central Bank of Russia granted to banks.

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