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    Russia to Establish Special Economic Zone in Samara Region

    Aug. 16 – From 2011 to 2014, the Russian government has agreed to allocate US$235 million from the federal budget to set up an industrial and production special economic zone (SEZ) in the Samara region on the Volga River. “A special industrial zone will be formed in the Stavropol municipal district of the Samara region.[…..]

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    Foreign Investors May Participate in Trebs and Titov Auction

    Aug. 12 – Russia’s official government web site has published conditions under which a license to the strategic Trebs and Titov oil and gas fields in the Arctic north will be put up for auction. According to the document, 15 percent of oil extracted from the strategic deposits will be sold out at the Russian[…..]

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    Russian Government to Reduce Risks for Leasing Companies

    Aug. 10 – The Ministry of Economic Development and Trade (MEDT) has prepared a bill that will reduce risks for leasing companies, but experts do not believe that it is enough to stimulate recovery in the leasing market. The leasing market in Russia has been brought down during the crisis. In 2008, the market volume[…..]

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    Ministry of Finance to Introduce New Taxation Mode

    Aug. 9 – Beginning next year, registered individual businesses will be able to pay taxes under patents when the unified imputed tax (UIT) is abolished, according to amendments to the Tax Code published on the Ministry of Finance web site yesterday. Imputed taxation applies to specific and typically small business activities involving trading with the[…..]

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    Russian Government Approves US$1 Billion in Foreign Investment

    Aug. 6 – The Government Commission on Monitoring Foreign Investments approved seven major deals totaling US$1 billion, the head of the Federal Anti-Monopoly Service Igor Artemyev said to reporters. In the opening remarks of the government commission meeting, Prime Minister Vladimir Putin said that foreign direct investment in Russia amounted to US$21 billion in the[…..]

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    National Financial Education Program to be Settled in Russia

    Aug. 5 – The Russian Ministry of Finance plans to begin the US$100 million National Financial Education Program, the Vedomosti reports. The program will be realized within five years with financial and ideological support from the World Bank. “During the preparation, we have conducted a number of surveys which confirm considerable problems in society’s perception[…..]

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    Customs Union Costing Russia US$158 Million

    Aug. 4 – The Accounts Chamber of the Russian Federation has tallied state budget losses of US$158 million since the Russian Federation, Republic of Kazakhstan and Republic of Belarus launched the Customs Union, according to a federal body information department report released yesterday. According to Accounts Chamber auditors Igor Vasilev and Victor Kosourov, the reduction[…..]

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    KuibyshevAzot to Switch to Yuan-Denominated Calculations

    Aug. 3 –Russian chemical producer KuibyshevAzot OJSC has decided to switch from the Russian ruble to the Chinese yuan when settling accounts with its Chinese clients, Russian weekly Vedomosti-Samara reports. “Calculations with Chinese consumers of polyamide-6 switched to the yuan on July 13th this year,” according to a company press release. “Calculating in yuan will[…..]

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    Global Investors to Increase their Russian Equities

    Aug. 2 –Foreign investors invested US$103 million into Russian equities last week after an outflow of US$11 million the week before according to the experts at EPFR Global. From the beginning of this year, the net-inflow of investment into Russian funds totals near US$2.1 billion. ″Judging from EPFR data, optimism has returned to emerging market[…..]

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    Goldman Sachs and Credit Suisse Buy Stakes in Bank of Moscow

    Jul. 30 – International investment banks Goldman Sachs and Credit Suisse bought stakes of 3.88 percent and 2.77 percent, respectively, in the state-run Bank of Moscow. According to Reuters, the Bank of Moscow has a total market cap of US$5.1 billion.”Goldman Sachs has investments in more than 20 projects in Russia, but there is no[…..]

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