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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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    Money Transfers from Russia to Central Asian Increasing

    Jun. 10 – In the first quarter of 2010, the volume of the cross boundary money transactions which have been carried out by individuals from Russia to the Central Asia post Soviet republics throughout different credit organizations and money transfer systems, has grown in comparison with the similar period of 2009. According to Russian Central[…..]

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    Russia to Create a Court for Intellectual Property Rights

    Jun. 9 – Russia will establish a special court to deal with intellectual property right cases by 2012. The corresponding bill has been prepared by the Supreme Commercial Court (SCC) of the Russian Federation and will be submitted for consideration to the plenum before the end of June, said the head of SCC staff Igor[…..]

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    St. Petersburg Authorities will Change the Tax Law in Favor of Large Investments

    Jun. 7 – The government of St. Petersburg lifted up the sum of investments which grants the right to tax privileges and prolongs the term of their action, Vedomosti reports. Industrial and transportation companies, which have invested more than 800 million rubles in the city economy over the last three years, will be released from[…..]

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    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[…..]

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    Diamond Miner JCS Alrosa Considers Joint Stock Option to Attract Investment

    Jun. 3 – Russian state-owned diamond miner JCS Alrosa has announced intentions to change its business entity to an open joint-stock company to attract investment. If successful, Alrosa then hopes to achieve the next step and list an initial public offering. According to the RIA Novosti news agency, the company’s president Feodor Andreev has started[…..]

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    Krasnodar Rated Best Russian City for Business by Forbes

    Jun. 2 – The Russian edition of Forbes magazine has rated Krasnodar the best city in Russia to do business for the third time. Located southwest of Moscow, Krasnodar is well known for its investment friendly and supportive business environment. Khabarovsk city in the Russia’s Far Eastern region was ranked second followed by Ekaterinburg in[…..]

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    Hong Kong Businesses Eye Investments in Primorsky Krai

    Jun. 1 – The Hong Kong business community, led by the Financial Secretary of the Hong Kong Special Administrative Region John Tsang, participated in the Vladivostok investment conference last week. “We are here to strengthen collaboration between the two nations. This particular region of Russia has huge natural resources…we have to use these advantages for[…..]

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