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High

Average(moderate)

Low(insignificant)


1996

1997

1998

1996

1997

1998

1996

1997

1998

North-Westernregion

50

(0)

50

(0)

25

(0)

0

(50)

0

(50)

0

(75)

50

(50)

50

(50)

75

(25)

Centralregion

53.85 (30.8)

23.07 (23.1)

15.38

(7.7)

38.46 (23.1)

61.55 (23.1)

0

(84.6)

7.69

(46.2)

15.38 (53.8)

84.62

(7.7)

Volgaregion

50

(0)

50

(0)

0

(12.5)

37.5 (62.5)

37.5 (37.5)

50

(75)

12.5

(37.5)

12.5

(62.5)

50

(12.5)

West Siberiaregion

44.45 (33.3)

55.56 (44.5)

11.1

(33.3)

33.3 (44.5)

33.33 (33.3)

44.45 (66.7)

22.22

(22.2)

11.11 (22.2)

44.45

(0)

Far East region

11.11 (77.78)

44.45

(33.33)

0

(66.67)

55.56

(22.22)

0

(66.67)

22.22

(33.33)

33.33

(0)

55.56

(0)

77.78

(0)

* — the estimated investment risk isgiven between the parentheses.

In order to overcome the effect of thenegative factors, improve the regional structures of the foreign investments,and taking into account their influence on the development of production, theregional and federal administrations have increased their activities in thespheres of the investment and taxation laws during the last year. Thus, whileto May 1997 only 5regions had the special laws for the foreign investorsNovgorod, Ivanovo, and Cheliabinsk regions; Tatarstan and Chuvashiya republics)as of today, the number or the regions having approved the special lawsregulating the activities of the foreign investors has reached 45. To incitethe inflow of the direct foreign investments, most of the regions grant to theforeign investors the direct fiscal privileges as for the payment of the taxesto go to the regional budgets.

The work of the legislative power at thefederal level has become more active. In accordance with the Program ofGovernmental external loans for 1998, the US$1,739million worth foreign tiedcredits have been used. The Decree of the President of the Russian Federationof 16July1998, #851, instructed the Government to suspend the granting ofthe new guarantees for the tied foreign credits. However, as of today,the scheme of guarantees needs to undergo the serious corrections because,after the 17August1998, the foreign creditors, taking into account thesituation formed in the Russian market refuse granting the credits under theguarantees of the Russian commercial banks and subjects of the RussianFederation.

On 7January1999, the Federal Law#19‑FZ "Onamendments and Supplements to the Federal Law "On Product Share Agreements""has been promulgated. The draft Law "On Amendments and Supplements to the Lawsof the Russian Federation Deriving from the Federal Law "On Product ShareAgreements"" is being actively prepared for discussion by the Council ofFederation. The final draft of the Law "On Foreign Investments in RussianFederation" has been prepared; it has accounted for the notes of the Presidentof the Russian Federation.

The Decrees of the President of the RussianFederation "On Measures to Implement the Investment Agreements between theMinistry of economy of the Russian Federation and Foreign Investors", the Actof the Government "On Establishment of Customs Control over the Import of theForeign Goods in the Customs Territory of the Russian Federation in Accordancewith the Agreements between the Ministry of economy of the Russian Federationand Foreign Investors", and the Federal Law "On Amendments and Supplements tothe Law of the Russian Federation "On Customs tariff" have beendrafted.

2.6. Foreigntrade

In 1998, under the effect of the extremelyunfavorable for Russia external conditions and the growing home difficulties,for the first time in the five years, the external trade turnover has reduced.The importance of the foreign trade as the stabilizing factor of production andmaterial basis for the further market reforms has declined.

In 1998, theexternal trade turnover of Russia (taking intoaccount the unorganized export and import) has dropped by 17.6% compared with1997, down to U$S133.4billion, including the US$73.9billion for the export(reduction by 16.4%) and US$59.9billion for the import (reduction by19.1%).

The reduction of the external tradeturnover of Russia has resulted in the deterioration of the situation in theforeign trade. According to the data published by the UNO, the Russian foreigntrade turnover holds, as of today, the 18th place in the World. The Russianshare in the international trade has dropped from the 2.5% in 1997 down to 1.3%in 1998.

The share of the countries outside the CISamounts to the 7.5% of the external trade turnover; in 1997, the change has notbeen significant (77.7% in 1997).

Fig. 2.31

Source: Russian State Committee onstatistics (Goskomstat).

In 1998, theforeign trade turnover of Russia with the countries outside the FSU (taking into account the unorganized import) dropped by 16.7%down to US$108.4billion.

The unfavorable world market situationformed in 1997 for the main goods of the Russian export has continued worseningin 1998, as well. The world prices on the feedstock (energy media, ferrous andnon-ferrous metals, chemical products, and timber) have continued growing;hence, the further reduction of the cost of theRussian export.

Fig. 2.32

Source: Russian State Committee onstatistics (Goskomstat)

Fig. 2.33

Source: Russian State Committee onstatistics (Goskomstat)

Table 2.28

Dynamic of world prices on main goods ofRussian export (% of the previous year)

1994

1995

1996

1997

1998

Crude oil

95.0

107.8

118.4

94.6

68.5

Dieselfuel

94.2

106.3

117.1

98.1

70.6

Aluminum

129.4

122.3

83.5

106.1

84.9

Copper

120.4

127.2

78.2

99.2

72.7

Nickel

119.3

129.9

91.2

92.3

66.8

Zinc

103.5

103.3

99.4

128.3

77.9

Wood





hard

81.3

81.5

98.5

93.9

68.4

soft

92.3

96.3

105.3

90.8

88.3

Source: International MonetaryFund.

According to the data of the Russian StateCommittee on statistics (Goskomstat), in 1998, Russia exported to the outsideFSU the goods worth US$59.0billion; this was by 15.8% less than in1997.

The structure of the export by commoditieshas, as before, remained with the high share of the fuel and energy resourcesand feedstock with the insignificant share of the machinery andequipment.

Fig. 2.34

Source: Russian State Committee onstatistics (Goskomstat)

In 1998, the share of the fuel and energygoods formed 37.9% of the aggregate volume of sale to the outside FSU (44.9% in1997). The volume of supplies to these countries reduced by 29% compared with1997; this reduction has been due to the drop of the average contract prices:by 36% on the crude oil; by 34% on the petroleum products; and by 20% on thenatural gas. The drop of the prices has made the Russian exporters of themineral fuel lose about US$10billion.

Despite the growth of the oil export inkind by 7.5% during 1997, its cost share in the aggregate volume of the exportreduced from 18.6% to 15.6%. The significant changes were seen in the dynamicof the cost and physical volumes of export of the petroleum products. The shareof the latter in the cost of the export dropped from 9.7% down to 6.2%; thephysical volumes of the petroleum products export reduced from 58.4millionMTto 46.9millionMT. The supplies of the natural gas grew by 3.5%; its share inthe export was 15.7% (against the 15.4% in 1997).

Table 2.29

Dynamic of physical volumes of export incountries outside CIS

1994

1995

1996

1997

1998

Crude oil, millionMT

95.4

96.2

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