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We Expect a Further Slowdown in the Growth Rate of Retail Crediting

23 may 2013

In the middle of last year, Russia's financial sector registered a record high growth rate of the amount of outstanding debt against loans granted to individuals.

The RF Ministry of Finance to Raise Its 2014 Budget Deficit Projection

22 may 2013

The RF Ministry of Finance is going to revise upwards its budget deficit projection for 2014 due to the expected loss of revenue in the amount of Rb 650 bn. In April, the RF Ministry of Economic Development downgraded its previous economic growth rate projection for Russia's economy in 2014 fr om 4.3% to 3.7%.

No Massive Rise in the Excise Duties for Euro-4 and Euro-5 Can Be Justified

20 may 2013

The RF Government has vetoed the RF Ministry of Finance's proposal that the excise duties for Euro-4 and Euro-5 standard gasoline should be massively increased in the next few years. If the proposal had been approved, three years from now the price of one liter of Euro-4 and Euro-5 gasoline would have been around 5 rubles higher than it is at present. The Government wants gasoline prices to increase at a much more moderate pace.

Low inflation should become a priority task for the Central Bank

16 may 2013

On May 15, the Bank of Russia made a decision to keep intact its refinancing rate and interest rates on liquidity-absorbing operations and short-term liquidity-providing operations.

Russian economy under a threat of deeper recession

15 may 2013

Experts of the Development Center under the Higher School of Economics have acknowledged the onset of technical recession for the Russian economy.

The Abolition of the 9% Tax Rate on Dividends Will Be a Wrong Decision

14 may 2013

In early April 2013, a new draft law was submitted for consideration by the State Duma Committee on Budget and Taxes. The draft law is designed to introduce changes in the current procedure for imposing tax on the dividends of individuals - tax residents of the Russian Federation, and on the dividends of Russian organizations. If the bill is passed into law, incomes (or profits) in the form of dividends will be taxed at a rate increased to 13%.

The Central Bank begins to publish its “Money Market Review”

08 may 2013

The Central Bank of Russia published the first issue of its "Money Market Review" on May 7. We believe that such a review will enhance transparency of the money market and the Bank of Russia monetary policy in general. According to the Central Bank's press release, the better informed are market participants of market structure and trends, the more adequate is their assessment of risks they are exposed to, above all, liquidity risk.

Five years of economic growth in Russia

30 april 2013

Comments to the "Harvest will prevent recession" article (Banki.ru, 30.04.2013).

ROSNANO losses are not critical

29 april 2013

The audit by the Accounts Chamber of the Russian Federation¹ at ROSNANO OJSC led to a great deal of articles and news releases in mass media about alleged large-scale violations revealed during the audit.

Immovable property tax is to be introduced in Russia prior to January 1, 2018

26 april 2013

Pursuant to the Russian Government's draft amendments to the draft federal law No. 51763-4 "On the Amendments to the Second Part of the Tax Code of the Russian Federation and Certain Legal Acts of the Russian Federation", which was posted on the ‘Official Information' page of the Ministry of Finance of Russia official website on 23.04.2013 , a immovable property tax (hereinafter the "immovable property tax") is to be introduced in the Russian Federation prior to January 1, 2018.

Privatization process and property relations in 2012

25 april 2013

The contents of the privatization process in the Russian economy in 2012 was governed by a forecast plan (program) of federal property privatization and the federal property privatization guidelines for a period of 2011-2013 adopted late in November 2010.