Monitoring of the Federal Legislation dated 20.10.2008

Decision of the Government of the Russian Federation No. 757 of October 13, 2008 on the Interim Rates of Import Customs Duties for Individual Types of Commodities of Medical Destination

Introduces for 9 months the zero rates of import customs duties for individual types of commodities of medical destination.

Decision of the Government of the Russian Federation No. 756 of October 13, 2008 on the Amendments to the Customs Tariff of the Russian Federation Pertaining to Individual Types of Spare Parts, Units and Equipment for Air Vessels, As Well As for Aircraft Simulators

Introduces temporary zero rates (for 9 months) of import customs duties for individual types of spare parts, units and equipment for air vessels, as well as for aircraft simulators for civil aviation.

Regulation of the Central Bank of Russia No. 323-P of October 16, 2008 on the Credits without Security Granted by the Bank of Russia to Russia Credit Organisations

In view of the world financial crises, the Bank of Russia is empowered with authority to grant credits to Russian credit organisations without the backing in roubles for up to six moths.

Direction of the Central Bank of Russia No. 2094-U of October 14, 2008 on the Amendment to Item 2 of the Direction of the Bank of Russia No. 2084-U of October 3, 2008 on the Amendments to the Regulation of the Bank of Russia No. 312-P of November 12, 2007 on the Procedure for the Bank of Russia to Grant Credits Secured with Assets to Credit Organisations

Revises the date of entry into force of the Direction of the Central Bank of Russia No. 2048-U having amended the procedure for the Bank of Russia to grant credits secured with assets to credit organisations.

Direction of the Central Bank of Russia No. 2091-U of October 14, 2008 on the Amendments to the Direction of the Bank of Russia No. 1517-U of November 17, 2004 on the Payments of the Bank of Russia on the Deposits of Natural Persons in the Bankrupt Banks Failing to Participate in the System of Obligatory Insurance of Deposits of Natural Persons in the Banks of the Russian Federation and on the Procedure of Interaction of Agent Banks with the Bank of Russia

The amendments are stipulated by the recent increase of the maximum amount of insurance for the deposits of citizens to Rbl 700,000.

Direction of the Central Bank of Russia No. 2069-U of October 14, 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

To stabilise the situation at the internal financial market and maintain the liquidity of the Russian banking sector, reduces from 9.5% to 9% annual the rate for the credits of the Central Bank of Russia secured with assets and granted for up to 30 calendar days inclusive.

Direction of the Central Bank of Russia No. 2095-U of October 14, 2008 on the Interest Rates for the Deposit Operations of the Bank of Russia

To maintain the liquidity of the banking system, the Bank of Russia increased from October 15, 2008 the fixed interest rates for the deposit operations.

Direction of the Central Bank of Russia No. 2092-U of October 14, 2008 on the Normatives of Obligatory Reserves (Reserve Requirements) of the Bank of Russia

Reduces from October 15, 2008 the normatives of obligatory reserves (reserve requirements) of the Central Bank of Russia.