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*** The RF Government meeting of September 7, 2006. At the meeting there were discussed the Report of the RF Ministry of Economic Development and Trade on performance of the Federal Targeted Programs and Federal Targeted Investment Program within the first half-year 2006. In the framework of monitoring of performance of the Federal Targeted and Federal Targeted Investment Program within the first half-year 2006, actual results of performance of Public clients, results of works on construction sites and objects, reasons of underperformance of some Program actions, as well as measures taken by Public clients for the purpose of elimination of identified deviations in implementation of programs and projects. Special attention was paid to the achievement of the established in a proper order targeted indicators and effectiveness factors of programs implementation, contracts of public clients performance of works, goods delivery, services provision for public needs, contracts performance, budget execution with federal budget funds, investment programs performance, as well as measures of R&D investment projects execution and other needs. Besides, the possibilities of involvement of co-financing from the budgets of the Russian Federation, local budgets and non-budgetary funds were regarded.

The session of the Russian Federation Government of September 14, 2006. Among other issues, the execution of the budget of the Russian Federation Pension Fund in the year 2005 was considered. It is reported that the revenues of the Fund in the year 2005 have been approved in the amount of RUR 1330.8 billion, the expenditures in the mount of RUR 1295.6 billion. Out of those amounts revenue and expenditure of the budget, unrelated to the accumulated share of labor pensions (allocated from the budget), were adopted in the amounts of RUR12419 billion and RUR 1290.8 accordingly. Therefore, the estimated deficit, which should be covered with carry-over balance of the Fund budget, makes RUR48.9 billion. In general the Fund budget of 2005 is executed in the amount of RUR 1349.billion in terms of revenue and RUR 1299.1 billion in terms of expenditures. In the preset conditions the finance and budget policy in the year 2005 was addressed to performance of the adopted decisions on a decrease of the level pension insurance of the individuals and observance of financial stability of the pension system in the framework of financial limits, established by the Fund budget and the Federal budget.

The session of the RF Government as of September 21, 2006. The meeting was concerned with the draft of the Federal Law On amendments to the legal Acts of the Russian Federation regarding the amendments to the legal provisions of the terms of acquisition of the property right for the land areas of the national and municipal property, hereinafter "the Draft Law". The purpose of the Draft Law is to diminish the barrier of purchase prices and rent payments for the land for the citizens, when the right for permanent (perpetual) property right for the land is transferred from legal persons.

Thus, in conformity with the draft law, the purchase prices shall be established by the laws of the Subjects of the Russian Federation in the limits, not exceeding 20 per cent of the Cadastral cost of the land areas, where the number of population is exceeding three million and 2.5 per cent in other areas.

At the same time, in accordance with Article 2, Item 2 of the Federal Law On Introduction of the Land Code of the Russian Federation and Article 28, Item 7 of the Federal law On privatization of National and Municipal Property, the Subject of the Russian Federation establishes the purchase price or the land areas, where the following number of population is:

Over three million in the amount of five-fold to thirty-fold rate of the land tax rate for the square unit of the land;

From 500 thousand to three billion people - in the amount of five- to seventeen-fold of the land tax rate for the square unit of the land;

Up to 500 thousand of people and beyond the populated area in the amount from three- to ten-fold of the land tax rate for square unit of the land.

Therefore, in the opinion of the Draft Law authors, the adoption of the draft law will lead to reduction of the purchase price in comparison with the year 2006 in cities by 2.3 to 9 times on average and in rural areas by 7.3 times. The cumulative expenditures of industrial enterprises for the purchase of land areas will be reduced from RUR 736.5 billion to RUR 190.8 billion.

Based on the results of discussions of the Draft Law, the Government has approved and adopted the decision to present it to the State Duma.

The draft of the Federal Law On amendments to the Federal Law On the Central Bank of the Russian Federation (Bank of Russia), hereinafter the Draft Law, has been also debated at the meeting.

The Draft Law introduces the following amendments to the Federal Law On the Central Bank of the Russian Federation (Bank of Russia) and the Federal Law On the banks and banking activities:

1. It is proposed in the Draft Law to establish a threshold of acquisition of shares (equities) of a credit organization in the amount of 1 per cent, which can be increased upon notification of the Bank of Russia, and to establish a threshold of acquisition of 10 per cent, an increase of which requires preliminary approval on the part of the Bank of Russia. One should note, that currently, according to Article 61 of the Federal Law On the Central Bank of the Russian Federation (Bank of Russia) and Article 11 of the Federal Law On the banks and banking activities, acquisition and (or) acceptance in trust management by legal or physical persons or a group of legal or physical persons of more that per cent of shares (equities) of a credit organization is permitted upon notification of the Bank of Russia, and over 20 per cent upon preliminary approval of the Bank of Russia.

2. Moreover, the Draft Law stipulates elimination of provisions of Article 28 of the Federal Law On the banks and banking activities, according to which a credit organization was bound to get a preliminary approval from the Bank of Russia for enlargement of its authorized capital with the funds of non-residents and for disposal (including the sale) of its shares (equities) to non-residents; and credit organizations shareholders-residents for disposal of their shares in favor of non-residents.

Therefore, one more threshold for acquisition of shares (equities) of credit organizations by foreign legal and physical persons is, in fact, eliminated.

3. The Draft Law also stipulates elimination from Article 18 of the Federal Law On the banks and banking activities of the provisions concerning the right of the Bank of Russia to establish additional requirements to credit organizations with foreign investments in regard to obligatory limits and minimal amount of capital for the newly registered branches of foreign banks.

Basing of the discussions, the RF Government has approved the Draft Law and adopted the decision to present it to the State Duma.

The session of the Government of the Russian Federation as of September 28, 2006. At this meeting the issue of implementation of the Federal Law On placement of orders for the delivery of goods, performance of works, provision of services to the national and municipal needs was considered. In relation to this topic the following issues were discussed at the meeting: performance of the system of national and municipal orders in the Russian Federation, based on the analysis of the Ministry of Economy of Russia in cooperation with Federal Antimonopoly Service of Russia and Russian National Defense Order Agency, of placement of orders on delivery of goods, performance of works, provision of services for the national and municipal needs by federal government authorities of the Russian federation, bodies of the Subjects of the Russian Federation, local self-government authorities; dynamics of major indicators, reflecting the situation of orders placement for delivery of goods, presented in statistical reporting, provided by Rosstat for the first half-years 2005 and 2006; performance of works, provision of services for national and municipal needs, development of the legal basis for placement of orders, for control in the area of the orders placement; problems of information support of placements of orders, forecasting and planning of purchases.

.Goldin A Review of the Russian economic laws issued in September The following amendments were made to the applicable legislation in September 2006: Rules to regulate the procedure of provision of state guarantees of the Russian Federation in 2006 were approved ; notifications forms on maximum retail prices of tobacco products made on the territory of the Russian Federation, and on tobacco products imported to the customs territory of the Russian Federation were approved ; information on registration of landholders was provided; the Bank of Russia determined the limit amount of cash settlements to be applied to transactions entered upon between legal entities (per single transaction) and selfemployed entrepreneurs in the Russian Federation ; a procedure of payment of mineral tax taking into account of recently effective provisions of Federal Law On General Principles of Local Self-Government in the Russian Federation ; the data to be used for practical assessment of mineral tax with regard to oil production in August 2006 was provided.

I. REGULATIONS issued by the GOVERNMENT of the Russian Federation 1. Regulation No. 571 ON THE PROCEDURE FOR PROVISION OF STATE GUARANTEES OF THE RUSSIAN FEDERATION IN 2006 FOR STATE SUPPORT OF EXPORT OF INDUSTRIAL PRODUCTS was issued on September 16, 2006.

Rules to regulate the procedure of provision of state guarantees of the Russian Federation in 2006, which in particular contain a list of types of products, works and services export of which is to be provided with the said guarantees, were adopted for the purposes of providing support to Russian exporters. It was established that the Ministry of Finance of the Russian Federation is entitled to provided guarantees of the Russian Federation in the amount not exceeding the amount equivalent to 50 million US dollars ( per each state guarantee ). A list of persons entitled to receive state guarantees, namely Russian exporters of industrial products, Russian banks-creditors or foreign banks-creditors which extend loans to Russian exporters, foreign importers, non-resident banks and foreign states in exporting Russian industrial products. State guarantees also may be provided on borrowings and bank guarantees provided by Roseksimbank. In providing state guarantees the Ministry of Finance of the Russian Federation shall enter into corresponding agreements on behalf of the Government of the Russian Federation.

Obligations for state guarantees shall be covered on account of the federal budget.

II. ORDERS AND LETTERS 1. Order No. 108 ON APPROVAL OF NOTIFICATION FORMS ON MAXIMUM RETAIL PRICES OF TOBACCO PRODUCTS was issued by the Ministry of Finance of the Russian Federation on August 25, 2006.

Registered with the Ministry of Justice of the Russian Federation on September 15,.2006. Registration number 8292.

Pursuant to the amendments made by Federal Law No. 134-FZ of 26.07.2006 to the Tax Code of the Russian Federation, notifications forms on maximum retail prices of tobacco products made on the territory of the Russian Federation, and on tobacco products imported to the customs territory of the Russian Federation were approved. It was established that the said notification forms shall be used from December 15, 2006.

2. Letter No. -6-09/799@ ON REGISTRATION OF LANDHOLDERS was issued by the Federal Tax Service on August 14, 2006.

It was stated that for the time being authorities keeping the state land register provide information on real estates recognized as land tax entities.

Given that this information can be outdated and/ or incomplete, as well as taking into account that authorities keeping the state land register, are not involved in state registration of estate in land and related transactions, information on real estate obtained from authorities keeping the state land register can not be deemed a ground for registering landholders physical bodies with tax authorities.

It was also specified that information on legal landholders, which municipal authorities convey to tax authorities in accordance with Clause 12, Article 396 of the Tax Code of the Russian Federation, may be used to control integrity of information of received from authorities keeping state registration of estate in land and related transactions.

3. Letter No. -6-21/819@ ON THE PROCEDURE FOR PAYMENT OF MINERAL TAX was issued by the Federal Tax Service on August 17, 2006.

A procedure of payment of Mineral Tax taking into account of recently effective provisions of Federal Law of 06.10.2003, No. 131-FZ On General Principles of Local Self-Government in the Russian Federation was explained. In particular, it was specified that mineral tax in a separate constituent entity of the Russian Federation must be paid at the place where the taxpayer is registered as a taxpayer of Mineral Tax, irrespective of the fact that of Mineral Tax revenues are credited to local budgets in the given constituent entity of the Russian Federation. The code (National All Russian Classifier of Administrative Territorial Entities) at the place of registration of the taxpayer in the given constituent entity of the Russian Federation, as well as Taxpayer Identification Number and Tax Registration Code of the tax authority at the place where tax return is filed should be specified in executing payment documents for Mineral Tax, as well as in mineral tax return. The payment procedure for Mineral Tax set out in this letter shall be applicable since January 1, 2007. The letter of the Ministry for Taxes and Charges of the Russian Federation issued on July 1, 2004 No. 21-2-05/74@ On the Procedure for Payment of Mineral Tax shall cease to be in force since the same date.

4. Letter No. -6-06/869@ ON LETTER No. 08-17/2540 ISSUED BY THE BANK OF RUSSIA ON JULY 17, 2006 was issued by the Federal Tax Service on August 30, 2006.

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