Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 18.06.2009

Direction of the Central Bank of the Russian Federation No. 2238-U of May 22, 2009 on the Details of the Grant of a Right of Compulsory Reserve Averaging to Credit Organisations

For current liquidity regulation purposes a credit organisation is entitled to use compulsory reserve averaging, such right being available for credit organisations classified under Group 1 or Group 2 according to an economic situation assessment.
However, from October 1, 2008 to July 1, 2009 that right is available for credit organisations with no regard to their classification group, provided they qualify, i.e. lack arrears on contributions or fines for breach of compulsory reserve standard and on payments owing the Central Bank of the Russian Federation; and averaged their compulsory reserves in the preceding averaging period (if entitled). It is decided to extend the effective term of this privilege.
The Direction enters into force as of July 1, 2009 and keeps effective to March 1, 2010.
Registered by the Ministry of Justice of the Russian Federation, registration No. 14070 of June 11, 2009.

Direction of the Central Bank of the Russian Federation No. 2237-U of May 22, 2009 on Excluding the Liabilities Owing the State Corporation "The Agency for Insurance of Deposits and/or Liabilities Owing Investors Not Deemed Credit Organisations" from the Composition of Reserved Liabilities

While calculating the amount of the compulsory reserves to be deposited with the Bank of Russia, credit organisations are allowed to temporarily neglect the liabilities owing the Deposit Insurance Agency as well as some liabilities owing investors not deemed credit organisations, namely, the liabilities occurring as financial assistance is provided under the bank bankruptcy prevention plans where the Agency is involved.
This procedure is effective starting from the compulsory reserve calculation for the accounting period from July 1 through August 1, 2009.
The Direction is subject to official publication in Vestnik Banka Rossii, and it enters into force as of July 1, 2009 and keeps effective to March 1, 2010.
Registered by the Ministry of Justice of the Russian Federation, registration No. 14085 of June 15, 2009.

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