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On November 9, 2011, the last obstacle on Russia's way to the WTO was overcome. Georgia and Russia with mediation of Switzerland as the two countries do not maintain diplomatic relations signed a bilateral protocol that Tbilisi did not object Russia's accession to the WTO.

At the G20 Summit in Cannes in November 2011, Russia signed the multilateral Convention of the Council of Europe and the Organization for Economic Cooperation and Development (OECD) on Mutual Administrative Aid in Tax Matters. The day is not far away when Russian and foreign tax authorities may joint effort not only in search for taxpayers, but also for their assets and impose attachments on those assets for recovery of unpaid tax debts and sell them at auctions.

On November 7, President  D. Medvedev of Russia signed the Federal Law on Pay of Servicemen  and Granting Them Individual Payments¹.

At present, the Ministry of Health and Social Development is preparing proposals as regards changing of the formula of calculation of the pension capital and indexation of pensions.

In September 2011, a number of alterations were introduced in the Compulsory Medical Insurance Rules*. These alterations are designed to make more complete and precise some of the provisions adopted in February 2011 as part of the law on CMI.

It’s commonly assumed that Russian commodity farm producers suffer from insufficiency of state support. The review of agricultural policies in OECD countries and emerging economies in 2008-2010 prepared by the Organization for Economic Cooperation and Development (OECD) and published in September 2011 controverts this assumption.

In early October the RF Central Bank published an assessment of Russia’s balance of payments for 9 months 2011.

At its meeting on 21 September 2011, the Government of the Russian Federation considered a draft of the Federal Law "On the Federal Budget for the Year 2012 and the 2013–2014 Planning Period".

Federal Law, of 18 July 2011, No 835-FZ introduces amendments that are designed to expand the list of tax-exempt activities for physical persons donating funds to non-profit organizations.

Investments in fixed assets over the period of January through August 2011 amounted to Rb 5320 bn, having risen by 4.1 % on the corresponding period of the previous year.

The inflow of foreign investments in Russia's national economy in 2010 amounted to $ 114.7 bn, thus having risen by 40.1 % on 2009 and by 5.8 % on 2008.

According to Rosstat, in the first half-year of 2011, the index of Russia's physical volume of GDP amounted to 103.7, while the rate of growth slumped from 105 % in Q1 to 103.4 % in Q2 comparison with the corresponding periods of 2010.

On 14 September, the Board of Directors of the Bank of Russia decided to keep the refinancing rate unchanged, but reduced by 0.25 percentage points its interest rates on certain liquidity provision operations on the open market (Lombard and REPO auctions), as well as for a majority of standing facilities (Lombard loans, direct REPO operations, loans secured by gold, non-marketable assets and guarantees).

Early in July, the RF Ministry of Finance published a draft of The Main Directions of the Tax Policy of the Russian Federation for the Year 2012 and the 2013-2014 Planning Period¹.

By Federal Law of 7 June 2011, No 132-FZ¹, Part II of the RF Tax Code (TC) is augmented by new Article 267.2 "Expenditures on Formation of Reserves Against Future Expenses on Scientific Research and (or) Development". The corresponding provisions of tax legislation will enter into force from 1 January 2012.