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As of January 1, 2010, the federal government could hold majority or full control in more than 64 % of the total companies against less than 62 % in the preceding year. Such a development was caused by growth in a share of full (100 %) interest from 55.7 % to 59.6%, though a share of majority interest (by more than 50% but less than 100% of the equity) in the general structure of state-held blocks of shares reduced from 6% to 4.7%. A share of blocking RUSSIAN ECONOMY IN trends and outlooks interest (from 25 to 50% of the equity) reduced more (by more than 3 p. p.) whereas a share of minority (up to 25% of the equity) interest increased insignificantly.

The absolute count of blocking and majority interest reduced by some 30 31%. Minority and full interest reduced less, by 9.4% and 5.4% respectively.

Vertically integrated structures continued to grow actively in the year just ended. Eight of such structures were completed as early as 2009. Sixteen vertically integrated structures were expected in 2010. Such structures as Control Systems OJSC and Concern Avtomatika began to set up in the Russian defense industrial sector (Defense Industry).

The United Shipbuilding Corporation (USC) expanded considerably. Blocks of shares in 11 enterprises were contributed in the USCs charter capital as payment for its follow-on offering due to its expansion. Most of them constitute a blocking interest, and only two of them are 100% less one share. A new USCs subsidiary, the South facility, was added to the three available subsidiaries, the West, the North, and the Far East central shipbuilding and ship repairing facilities. The charter capital of the newly established subsidiary joint-stock company of the USC must be financed by contributing a blocking interest in seven open joint-stock companies and 5%-interest in the Lotos Shipbuilding Company held by the Astrakhan Region. In addition, the USC may subsequently contribute core assets owned by the United Industrial Corporation of Mezhprombank which in 2010 committed a substantial delay in payment under unsecured loans of RUB 32 bln granted by the Central Bank of Russia for the purpose of restructuring and had to pledge a majority interest in three shipbuilding companies located at St. Petersburg (Baltiiskiy Zavod (88.32%), Severnaya Verf (75.82%), Aceberg Design Engineering Bureau (64.82%)) to the Central Bank of Russia. Mezhprombank previously made efforts to sell these assets to the USC, but the deal fell through, as the parties thereto had differences in how to valuate the assets.

Besides, it should be noted that the structural policy plan contains decisions related to the electric power and communications industries.

State-held blocks of shares in 20 open joint-stock companies are planned to be contributed to the charter capital of the above mentioned INTER RAO UES OJSC, in which state-held share is allowed to be reduced down to an amount equal to a minority interest, as payment to a supplement offering by this joint-stock company due to increase in the charter capital of the same. Irkutskenergo (40%) and Enel OGK-5 (26.43%) account for the biggest share of these, while a state-held share in other companies, which are mostly represented by territorial power generating companies, is miserable, not more than 3%1.

State-held blocks of shares in Central Telegraph (21.78%) and three regional telecom companies, including Bashinformsvyaz (28.24%), Moscow Long-Distance Telephone Station No. 9 (MMTS-9) (38%) and Chukotkasvyazinform (75%) will be contributed to the charter capital of Svyazinvest OJSC, a holding company, as payment for a supplement offering by the company due to increase in the charter capital of the same. The 100% interest in Ingushelectrosvyaz OJSC was previously transferred to Svyazinvest. These measures are in line with a plan of reorganization of the group through consolidation of trans-regional communication companies (MRK) to Rostelecom OJSC, which was approved by the Svyazinvests Board of Director as early as 2009, Rostelecom is a subsidiary of the All-Russian telecommunication This is referred to the interest which was transferred to the federal government as a result of restructuring in the electric power industry upon winding-up of RAO UES of Russia in 2008.

Section 6.

Institutional Problems holding company and will serve as the base company for setting up an integrated operator providing a complete bundle of services in the field of telecommunications.It is evident that active position of companies with a state-held interest in the corporate control market was limited, which is logical given the post-recession environment. It should be noted that Sberbank purchased a blocking interest in Detskiy Mir Center OJSC from Sistema JSFC at RUB 3,4 bln2, and also may purchase a controlling interest in Troika Dialog, an investment company, and 20% in Scartel, the leading mobile telephony operator in the Wimax network in Russia, Rostelecom may obtain another 5%. The blocking interest in Scartel is already held by Russian Technologies State Corporation3. Sberbank sold the debts and assets of bankrupt Izh-Auto to Avtovaz and the Russian Technologies State Corporation Group of Companies, though the transaction itself is scheduled for 2011 and implies that Sberbank will subsequently participate in financing investment programs of the United Automobile Group (UAG) set up by Sberbank, as the principal creditor of Izh-Auto to manage the same.

In addition to UAG, the largest bank in the country has a direct relationship with other two car assembly plants which were established after the collapse of the Soviet Union: Sberbank Capital which manages non-core assets of Sberbank, holds a blocking interest in the Derways Works located at Karachay-Cherkessia, while the bank itself is a creditor of TagAz (the Rostov Region)4.

In February 2011, VTB purchased, at RUB 103 bln, an interest of 46.48% in Bank of Moscow on a sole source basis and a blocking interest in Stolichnaya Insurance Group which holds another 17% in this bank. These assets, which previously were in the municipal ownership, were transferred to the municipally controlled Central Heating Company which closed a transaction with VTB.In the meantime, in the year to date, no any significant actions whatsoever were reported in the field of reincorporation of state-owned companies as joint-stock companies under control of the federal government with subsequent liquidation of the companies which are subject to specific time frames in terms of operation, as was pointed out in the Message of the President of the Russian Federation addressed to the Federal Assembly in November 2009.

According to the estimates made by the representatives from the Ministry of Economic Development and Trade, the Russian Technologies State Corporation cannot be reincorporated as a joint-stock company until 2013 2014 when holding and subholding companies will appear inside the company. Vnesheconobank (VEB) (a state-owned company) and the Deposit Insurance Agency (DIA), after carving-out and sale of problem assets which were transferred to them amidst the crisis, will remain non-profit institutions focusing on the tasks which were set originally by the federal government at the time of their establishment6.

The Housing and Public Utilities Reformation Foundation Group of Companies will continue to operate for a period of one year, though the Group was planned to be shut down on January 1, 2012. It is obvious that liquidation of the Group will be painful from the point of view of social security, because over the recent few years the Group has been actively in www.rbc.ru, December 8, 2010.

http://www.prime-tass.ru, December 8, 2010.

www.lenta.ru, January 31, 2011.

Belikov D. Izh-Auto Will Drive Up to Avtovaz Through Public Financing // Commersant, No. 235P (4535) dd.

20.12.2010.

www.lenta.ru, February 24, 2011.

www.rbc.ru, December 7, 2010.

RUSSIAN ECONOMY IN trends and outlooks volved in the programs of housing stock overhaul whose format of implementation is uncertain, above all in terms of participation of the general public in such programs.

6.1.4. The Impact of the National Policy in the Field of Property Management on the Budget The crisis which hit the Russian economy in the fall of 2008, naturally resulted in overall reduction in all of the revenue items of the federal budget in 2009, including revenues generated from the implementation of the national policy in the field of property management. A sizable growth in budget revenues which somehow are linked with state-owned property was reported in 2010 after economic growth recovery.

Let us recall that all of the federal budget revenues generated from the property owned by the public sector can be broken down into two groups according to the nature and sources of the same. The first group consists of revenues generated from utilization of state-owned property (renewable sources). The second group comprises lump-sum revenues which can be renewable due to transition of the title thereto from the federal government to other legal and physical bodies upon sale thereof, which includes the privatization process (non-renewable sources).

The (Table 10 and 11) below contains data on revenues which (with only a few exceptions) is included into the laws on the execution of the federal budget in 2000 2010 to the extent relating to utilization and sale of state-owned property only in the form of tangible objects1.

The following revenues are not included into consideration: federal budget revenues generated from payments for natural resources (which include aquatic biological resources, revenues generated from forest resources and subsurface resources management), compensations for agricultural losses which are connected with the retirement of agricultural lands, as a result of financial operations (revenues from budget allocations (revenues on federal budget balances and allocation of the same, since 2006 revenues from management of the funds of the Stabilization Fund of the Russian Federation (in 2009 the Reserve Fund and the National Wealth Fund), revenues from allocation of money accumulated as a result of auctions on sale of shares held by the Russian Federation), interest received from domestic federal budget loans, interest on public loans (revenues from payments of the governments and legal entities of foreign nations as payment of interest on loans granted by the Russian Federation, revenues from enterprises and organizations as payment of interest and guarantees on loans obtained by the Russian Federation from the governments of foreign nations and international financial institutions)), from the provision of paid services or compensation for public costs, transfer of profits of the Central Bank of Russia, a few types of payments due by federal and municipal enterprises and organizations (patent fees and registration dues payable for official registration of software, data warehouses and integrated circuit topographies and other revenues which prior to and including 2004 were an integral part of payments due by public organizations (apart from business revenues generated by the Vietsovpetro Joint Venture since 2001 and transfer of a share of profits of FOUSs since 2002)), revenues from execution of production sharing agreements (PSAs), revenues from disposal and sale of confiscated and other assets which are converted into public revenues (including assets which became public ownership by way of an inheritance or gift or treasure troves), revenues from lotteries, other revenues from utilization of federally owned assets and rights (revenues from exercising the rights to military, special- and double-purpose intellectual property (R&D and technological works), revenues from exercising the rights to scientific and research property owned by the Russian Federation, revenues from operation and utilization of motor roads assets, and other revenues from utilization of assets owned by the Russian Federation), as well as permitted types of activity of organizations, credited to the federal budget, revenues from sale of national stocks of precious metals and precious stones.

Section 6.

Institutional Problems Table Federal budget revenues generated from utilization of state-owned property (renewable sources) in 2000 2010, RUB mln Dividends on Revenues from of shares (2000 Lease payment a share of profits Business reve2009) and Revenues from lease for land owned which remains nues generated Year Total revenues from of property owned by by the public after FOUSs pay by Vietsovpetro other forms of the public sector sector taxes and man- Joint Venture equity interest datory fees (20052010) 2000 23244,5 5676,5 5880,7 11687,3a 2001 29241,9 6478,0 3916,7b 5015,7c 209,6d 13621,2002 36362,4 10402,3 3588,1 8073,2 910,0 13388,2003 41261,1 12395,8 10276,8e 2387,6 16200,2004 50249,9 17228,2 908,1 12374,5g 2539,6 17199,2005 56103,2 19291,9 1769,2h 14521,2i 2445,9 18075,2006 69173,4 25181,8 3508,0h 16809,9i 2556,0 21117,2007 80331,85 43542,7 4841,4h 18195,2i 3231,7 10520,2008 76266,7 53155,9 6042,8h 1 14587,7i 2480,3 2009 31849,6 10114,2 6470,5h 1 13507,6 i 1757,3 2010 69728,8 45163,8 7451,7h 12349,2j 4764,1 a according to the data published by the Federal Agency for State Property Management, no separate entries were made, just a total payment from state-owned enterprises ( RUB 9887,1 mln ) ( without specific components) was specified in the law on execution of the federal budget for 2000 ;

b the amount of payment for lease of (i) agricultural lands and (ii) urban and municipal lands ;

c the amount of revenues generated from lease of the property assigned to (i) scientific and research institutions, (ii) educational institutions, (iii) medical and healthcare institutions, (iiii) public museums, public institutions of arts and humanities, (iiiii) public archive bodies, (iiiiii) Ministry of Defense of Russian Federation, (iiiiiii) organizations subordinate to the Ministry of Railway Communication of Russian Federation, (iiiiiiii) public institutions which provide scientific and research services to academies of science and (iiiiiiiii) other revenues generated from lease of property owned by the public sector ;

d according to the data the Federal Agency for State Property Management, no separate entries were made, the value coincided with the value of other revenues generated from payments due by public and municipal organizations, in the law on execution of the federal budget for 2001;

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