Finance, Tax & Accounting

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• July 5, 2010 by Russia Briefing
  

  Ukraine to Place Ruble-Denominated Sovereign Bonds in Russia

  Jul. 5 – Ukraine is preparing to place ruble-denominated sovereign bonds on the Russian market, Russian Federation Minister of Finance Alexey Kudrin stated on an investment forum in Yalta. “The preparatory now work is going on,” he said. According to Kudrin, Russia’s second biggest bank, state-controlled VTB (Vneshtorgbank) may be involved in the issue. Ukrainian[…..]
• June 16, 2010 by Russia Briefing
  

  Russian Bankers Want Financial Ombudsman Institute

  Jun. 16 – Bankers in Russia have suggested establishing an institute for financial ombudsman in Russia and allocating it with the functions of bank borrowers’ interest protection, said the vice-president of the Association of Regional Banks of Russia Oleg Ivanov to RIA Novosti. The institute could be established in the body of the Central Bank, or[…..]
• June 11, 2010 by Russia Briefing
  

  State Duma Considers Bill to Introduce Luxury Tax

  Jun. 11 – The State Duma is considering the proposed bill for introducing a luxury tax. This initiative was born three years ago on the eve of the Duma election campaign, but the bill reading had been postponed for a “better time,” Rossiyskaya Gazeta reports. As the authors of the bill explain, their initiative has[…..]
• June 4, 2010 by Russia Briefing
  

  Moscow Wants to Become an International Financial Hub

  Jun. 4 – Former Soviet republics may start to sell their bonds in Russian stock exchanges, Finance Minister and vice-premier Alexei Kudrin said yesterday. According to the minister, this is the next step for Moscow to become one of the financial centers of the world. “Our stock exchanges are ready for such step – to[…..]
• May 25, 2010 by Russia Briefing
  

  Microcredits could Aid Russia’s Economic Recovery

  May 25 – The development of microfinancing credit opportunities could help the Russian economy recover from the recent economic downturn, stated members of the Association of Russian Banks during the first edition of the State Duma’s approval of the microfinancing bill, reports RosBusinessConsulting. According to data from the National Institute for System Studies of Entrepreneurship[…..]
• May 13, 2010 by Russia Briefing
  

  Russia to Issue New Property Tax Laws for 2013

  May 13 – Current land and real estate tax might be replaced by new property tax laws in 2013 after the next presidential election in Russia. According to Vedomosti, the new tax laws should become a basis for filling local budgets. The Ministry for Economic Development and Trade and the Ministry of Finance said the[…..]
• May 10, 2010 by Russia Briefing
  

  Novosibirsk Mortgage Credit on a ‘Post-Crisis’ Mend

  May 10 – Long term commercial mortgage credit issuing grew two times faster on average in the Novosibirsk region than in the rest Russian Federation, reports the Central Bank. Over 40,400 commercial mortgages were issued in Russia between January and March 2010 amounting to a sum total of 48.95 billion rubles. Compared with the same[…..]
• April 21, 2010 by Russia Briefing
  

  Russian Firms Race Ahead to Raise IPOs

  Apr. 21 – Four firms from Russia and Ukraine pressed ahead with share offerings to raise up to US$2 billion, with two lowering valuations following weak demand for a placement last week and a fall in share prices on Monday, Reuters reports. Dozens of Russian companies plan initial public offerings this year, seeking to replenish[…..]
• April 13, 2010 by Russia Briefing
  

  Transneft Could Issue IPO

  Apr. 13 – Prosperity Capital Management, East Capital International and Vostok Nafta Investment, who own 17 percent of the monopoly’s privileged shares, have proposed issuing an IPO for Transneft. Prosperity announced on Friday that they sent a letter to RF Energy Minister Sergei Shmatko, who heads the board of directors, and Deputy Prime Minister Alexei[…..]
• April 6, 2010 by Russia Briefing
  

  Russia goes Socialist on Pension Plans

  Apr. 6 – Russia will spend a record amount of money for pensioners this year, with almost 10 percent of gross national product going into pension funds as the Russian Federation joins the ranks of countries with the highest mandatory pension payments. After increased pension payout deductions planned for 2011 (from 20 to 26 percent[…..]