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On March 21, 2013, the Ministry of Education and Science of Russia presented a dart federal law "On the Amendments to Certain Legal Acts of the Russian Federation Regarding Enhancement of Mechanisms of Regulation of Researchers' Labor, as well as Financial Instruments and Mechanisms of Support to Scientific Activities in of the Russian Federation". This draft law provides for a series of amendments and supplements to the labor and tax codes, as well as to the Federal Law dd. August 23, 1996, No.127-FZ "On Science and State Scientific and Technical Policy".

On April 3, the Ministry of Industry and Trade of Russia delayed for two months against the previous year its report on the industrial production index in 2012, which stood at 102.6% and statistics by industry, including the military-industrial sector.

On April 2, the Bank of Russia decided to leave unchanged its refinancing rate as well as most of interest rates on principal operations.

 

In January-February 2013, crude oil production reduced by 0.7% year on year. It is an evidence of that the Russian oil production industry is approaching its maximum production capacity.

Economists are even more skeptical about achieving economic growth rates and a 5% growth of GDP in years to come.

 

Ways of reforming the system of intergovernmental fiscal transfers, in particular consolidation and distribution of subsidies were discussed at the Russian Government meeting which was held on March 28.

A package of measures developed by the Ministry of Finance of Russia and aimed at stimulating executive authorities of the constituent territories of the Russian Federation to invite investments to regions was considered at the Russian Government meeting held on March 28.

Banks invested more than Rb 300bn ($10bn) in foreign assets in February. Growth in foreign borrowings and other borrowings from non-residents amounted to mere $2.5bn. Thus, net foreign assets of banks increased by $7.5bn to reach a record of $74bn in February.

Russia's export reduction trend, which emerged as early as 2012, remained unchanged at the beginning of 2013.

Inflation remained stable in March: consumer price quantum index stood at 0.3% after 18 days in the month. In February, inflation decreased notably after a jump in consumer prices in January: consumer price quantum index declined from 1 до 0.6% at the end of the month.

One of these days the President of Russia Vladimir Putin will commission the Russian Government to reconsider the expedience of raising imputed social transfers payable by individual entrepreneurs.

 

According to the Federal Treasury of Russia, the volume of federal budget revenues amounted to Rb 1.98 trillion in January-February 2013, showing a decrease of 2.3 p.p. of GDP year on year. The volume of federal budgetary expenditures also decreased to 23.6 % of GDP (Rb 2239.5bn) in January-February 2013, showing a decrease of 0.3 p.p. of GDP year on year.

On Monday night the Cypriots found out how to prevent Cyprus from default. The island country will receive 10bn euro of financing from the European Commission, European Central Bank, and IMF. Though no disputable tax on bank deposits was imposed, two largest banks which suffered from Greece debts remission - Bank of Cyprus and Cyprus Popular Bank (Laiki) -- will have to fall victims.

 

The Federal State Statistics Service of Russia (Rosstat) published refined data on investment volumes in 2011-2012 and adjusted growth rate data in comparable prices for the period between 2001 and 2012.

The Cyprian Government delegation headed by Minister of Finance Michalis Sarris arrived to Moscow on March 20 to negotiate with the Russian Government on billion dollar loans in exchange for holding an interest in Cyprian banks and energy assets.