Russian Legislation Update: 14-27 February 2011 | White & Case LLP International Law Firm, Global Law Practice
Russian Legislation Update: 14-27 February 2011

Russian Legislation Update: 14-27 February 2011

Banking

Mandatory reserves
On 25 February 2011 the Central Bank issued Directive No. 2582-U increasing mandatory reserves required for various obligations of credit organizations.

According to the Directive, starting from 1 March 2011 mandatory reserves for a credit organization's obligations (in rubles or foreign currencies) are as follows: (i) under obligations to non-resident legal entities - 4.5%; (ii) under obligations to individuals – 3.5%, and (iii) under other obligations – 3.5%.

The Directive entered into force on 25 February 2011.

Refinancing Rate

On 25 February 2011 the Central Bank issued Directive No. 2583-U increasing the refinancing rate.

The Central Bank increased the refinancing rate from 7.75% to 8% per annum. The new rate applies as of 28 February 2011.
The Central Bank sets the refinancing rate for its financing of commercial banks. The rate is also used for calculating interest on commercial loans (if the rate is not specified in an agreement), tax payments and in other cases provided by law.

The Directive entered into force on 25 February 2011.

Oil Export Duty

On 22 February 2011 the Government adopted Resolution No. 99 approving new rates of export customs duty on crude oil and crude-oil products exported beyond the borders of the Russian Federation to countries outside of the Customs Union.

The Resolution increased the rate of customs duty payable on crude oil and crude-oil products extracted from bituminous formations (TN VED 2709 00) exported outside the countries that are members of the Customs Union (i.e., Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan). The new rate is set at USD 365 per ton (the previous rate was USD 346,6).

The new rate applies as of 1 March 2011.

Special Economic Zones

On 28 December 2010 the Ministry of Economic Development ("MED") issued Order No. 698 approving an agreement form for the development of infrastructure facilities of special economic zones ("SEZs").

The Order was registered with the Ministry of Justice on 15 February 2011.

The Land Code provides that land plots within SEZs or their adjacent territories may be granted to an investor for the construction of infrastructure facilities without holding a tender (auction) and obtaining preliminary approval of the location of a construction site. This is possible if the investor enteres into an agreement with MED on cooperation in the sphere of infrastructure development within SEZs. The Order now approves a sample form of the respective agreement.

The Order will enter into force on 18 March 2011.

Electricity

On 28 December 2010 the President signed Federal Law No. 401-FZ amending the Federal Law "On Electric Power Sector" and certain legislative acts to support the use of renewable sources of energy ("RSE").

The Law establishes a more effective approach for supporting the production of electricity on a basis of RSE. The Law, in particular, obliges the generating companies to supply and purchasers of electricity to purchase capacity of generating facilities, listed in Government Decree No. 1334-r, dated 11 August 2011 (including ones functioning on RSE) under the long-term sale and purchase (supply) agreements.

The Law also specifies that transactions which are mandatory for conclusion by a company by virtue of Russian law and payments under which are calculated on a basis of prices and tariffs established by the Federal Tariffs Service do not require approval as major and/or interested party transactions. These amendments were respectively introduced to the Law on Joint Stock Companies and the Law on Limited Liability Companies.

The Law entered into force on 30 December 2010.

Energy

On 17 February 2011 the Government adopted Resolution No. 90 approving the procedure for accessing trunk oil pipelines the ("pipelines") in Russia by oil production facilities.

The Resolution approves the procedure for ensuring non-discriminatory access to the pipelines by oil production facilities. In particular, access is granted on a basis of an application, submitted by a company to the owner of the pipeline, to issue technical terms required for granting access. If the company meets these technical terms, the parties sign an agreement for granting access. The Resolution also approves the procedure for maintaining a registry of companies involved in oil production. The Ministry of Energy is authorized to maintain the registry.

The Resolution will enter into force on 24 March 2011.

Environmental

On 31 December 2010 the Ministry of Natural Resources issued Order No. 579 approving the procedure for identifying sources of air pollution subject to state registration and emission level approval.

The Order was registered with the Ministry of Justice on 9 February 2011.

Pursuant to the Law on Air Protection the Order approves the procedure for identifying sources of air pollution which are subject to state registration and emission level approval. These sources are identified on a basis of inventory of air pollution in relation to exciting industrial facilities and on a basis of project documentation in relation to industrial facilities which are being put into operation and (or) under reconstruction. In addition, the Order establishes a list of air polluting substances which are also subject to state registration and emission level approval.

The Order will enter into force on 18 March 2011.

On 22 December 2010 the Ministry of Natural Resources issued Order No. 558 amending the procedure for the development and approval of draft plans reflecting proposed volumes for waste generation and limits for its disposal.

The Order was registered with the Ministry of Justice on 4 February 2011.

Following the recent legislative amendments, certain powers of the Federal Service on Ecological, Technological and Nuclear Supervision in relation to waste management were transferred to the Federal Service for Supervision of Natural Resources Use ("Rosprirodnadzor"). The Order respectively amends the procedure for the development and approval of draft plans reflecting proposed volumes for waste generation and limits for its disposal established by Order of the MNR No. 50, dated 25 February 2010. In particular, Rosprirodnadzor is now authorized to approve the respective draft plans and limits for waste disposal.

The Order entered into force on 4 March 2011.

 

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