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Natural gas, USD/mln.m3





Petrol, USD/






Copper USD/t






Aluminum, UDS/t






Nickel, USD/t.






Source: calculated by the data of London metal Exchange ( UK) and New York mercantile Exchange ( USA)

Fig. 1

Source; Rosstatagenstvo

According to the Bank of Russia, in January 2000 the average level of world prices weighted by the structure of the Russian export was at 56% higher than in January 1999. The composite export price index made up 1.57, the energy export price index- 1.78, the index of physical volume- 0.93 and 0.94, respectively.

In February, the volume of export supplies made up USD 7.7 bln., import- 3.4 bln. When compared with February last year, Russia’s foreign trade turnover grew by 39.8%. The volume of export grew by 55.9%, while the volume of import- by 13.7%.

According to Goskomstat, Russia’s foreign trade turnover with the CIS countries made up USD 4.1 bln. over the first two months of 2000 and grew by 32% vs. its respective period of the prior year. At the same time in February the goods turnover made up USD 2.1 bln. and exceeded at 44% the last year’s level. However, the practice shows that the positive dynamics of goods turnover in the beginning of the year may be replaced by an opposite one afterwards, considering, especially, that the actual preconditions for a growth in mutual trade in the framework of CIS leaves much to be desired.

The neighboring countries’ decisions regarding restricting the Russian exports are still in force, including those of a clearly discriminative nature. Thus, in February 2000 Kasakhstan adopted a Resolution On temporary measures of protection of single kinds of goods which introduced temporary import duties on some kinds of chemicals, construction materials, electric power counters, which are extra charges to the current duty rates. The introduction of temporary duties for the goods supplied from the Customs Union countries unequivocally violates main principles of its functioning.

Ukraine also practices restrictive measures against the Russian exports. In March the Interdepartmental Commission for Foreign Trade decided to introduce quotas, including for Russian goods, on textiles, electric lamps, chemicals ( polyurethane plates and pellicle)- Russian exporters may loose USD 14-15 mln. annually.

As regards the Far- Abroad states, on the contrary, the practice shows positive examples of regulating trade disagreements. Thus, the trade authorities of Russia and the US..... the agreement on the termination of the anti- dumping investigation against the Russian export of ammonium nitrate. In the course of the April round of negotiations in Washington, D.C., the Russian party has succeeded in raising the volume of the quota of the export of ammonium nitrate. to the US market. Thus, in particular, the US party had proposed earlier the annual quota of 80 Thos.t. for a five- year period. It was agreed that in 2000 Russia would supply 50 Thos.t., and in 2001- 100 Thos.t., in 2002- 110 Thos.t., in 2003- 130 Thos.t., and in 2004- 150 Thos.t. The agreement on new quotas would allow maintenance of the Russian fertilizer supply to the US at the level which was held over the previous five years.

The RF government approved the seasonal duty rates on unrefined and refined sugar effective as of June 15 and through December 15, 2000. In compliance with the Resolution, the seasonal duty rate for unrefined sugar is 40% of the customs value, for refined sugar- 45%, but not less than 0.15 Euro/kg. This decision is aimed at ensuring the stable development of the national beet- and- sugar sector. In 1999, such seasonal duties for unrefined sugar were effective between August 1 through November 30, and for refined sugar- since August 1, 1999 through January 31, 2000 and would made up 45%.

N. Volovik, N. Leonova

1 Political stability, of course, can be considered just one of the factors that allowed maintenance of the stability of the national financial markets

2 Estimated

3 The difference between the dynamics of the deflated indices and the dynamics of the analogous indices in shares of GDP can be attributed to the difference between the CPI- based deflator and GDP deflator.

4 See Presidential decree 634 of April 6, 2000.

5 Investment that do not fall under the definition direct orportfolio are defined as other investment and include, in particular, trade credits, credits from the foreign countries’ governments, banking deposits.

6 For the purpose of the present publication, the government’s participation in banks’ capital is divided into three groups: participation of the federal authorities, participation of authorities at the subfederal level, and participation in the form of stock and shares owned by enterprises and organizations with participation of the government capital (regardless of of the share of that participation). The bank category also comprises some credit institutions that have a limited license, but the structure of their balance sheet is rather closer to the banks’ than non- banking credit orhganizations’ one.

7 In all fairness, one should note that almost a half of the old banks lost their licenses because of their reorganization into subsidiaries, including almost 200 banks transformed into subsidiaries of Agropormbank of RF

8 The division into old and new banks may be drawn only relatively conventiaonally. Thus, vneshtorgbank was not formally attributed to old banks, as well as the banks established in the regions with its participation.

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