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    Sberbank to Involve Commercial Banks in Social Card System

    Jun. 30 – State-owned Savings Bank (Sberbank) made the first step in creating a system of universal electronic social cards, which will give Russian citizens access to future electronic state services, Kommersant-Kazan daily reports. Sberbank has registered open joint-stock company Universal Electronic Card which will operate the new system together with Uralsib bank and Ak[…..]

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    New Decree to End Federal Land Sales Monopoly

    Jun. 29 – Russian Prime Minister Vladimir Putin has issued a decree which allows several federal state unitary enterprises (FSUE) to operate with state-owned real estate. Decree No. 435 will effectively destroy the existing federal lands sales system monopoly, which was built by the head of the Housing Construction Development Assistance Fund (HCDAF) Alexander Braverman,[…..]

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    Russian Light Industry to Replace Foreign Manufacturing

    Jun. 28 – The illegal importation of light industry goods to Russia is falling from 60 percent to 40 percent, giving Russian sewing, textile and shoe manufacturers a good chance to take over the domestic market. Meanwhile, the situation might be complicated by new duties within the limits of the Russia, Belarus, and Kazakhstan Customs[…..]

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    Chinese Investors to Develop Russia’s Far East

    Jun. 25 – The advisory council for Russia’s Ministry of Regional Development approved eight projects from more than 200 joint projects planned for 2009-2018 in frontier regions of Russia and China. According to the list of investment projects published on the ministry’s web site, long term Russian-Chinese cooperation will start from the Chukotka region’s Beringovsky[…..]

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    Foreign Investors to Join in Regional Airport Modernization Projects

    Jun. 24 – The Kurumoch International Airport in Samara is excluded from the list of strategic enterprises and joint-stock companies included in President Dmitry Medvedev’s June 18 decree, the government of Samara said to the Russian media yesterday. Earlier this month President Dmitry Medvedev signed a decree reducing the number of strategic companies which enjoy[…..]

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    Central Bank Withdraws Licenses for Questionable Reporting

    Jun. 23 – The Central Bank of Russia has taken advantage of new license revoking powers from banks for questionable reporting. The Udmurt pension bank became the first victim of these new regulations, losing its license last week, Russian daily Kommersant reports. Shortly before this, for the first time since the moratorium on bank exceptions[…..]

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    Russia Moves to Protect Businessmen Suspected of Economic Crimes

    Jun. 22 – The Russian State Duma plans to remove imperfections from legislation preventing President Dmitry Medvedev from mitigating punishment for businessmen. “Necessary amendments to the Russian Criminal Code and the Criminal Procedure Code will be introduced to the State Duma next week,” said deputy Andrey Nazarov, one of the authors of amendments. Expert’s estimate[…..]

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    Russia Looks to Amend Liability Laws to Help Shareholders Lay Claims Against Top Managers

    Jun. 18 – The Russian government is considering approving amendments that will oblige top-managers to “be solicitous and loyal to the company they work for” or be liable for damage inflicted on business owners and investors. Cases of damage claims from top managers are very rare in Russia. Few have been successfully prosecuted with the[…..]

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    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[…..]

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    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[…..]

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