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The expert community analyzes the initiative displayed by a body of Russian government to introduce amendments in the Federal Law of 15 December 2001 № 166-FZ “On State Pension Provision in the Russian Federation” regarding the increase of current ratio for limiting average monthly earnings of civil employee to 3.5 official salaries, which is the basis for calculation of the seniority pension.

Unlike several previous years, 2010 turned out to be eventful in the field of property relations.

Pursuant to the request of the President of the Russian Federation, the Ministry of Economic Development of Russia plans to prepare proposals on improving legislation on public procurements until 1 April.

On 25 March the Board of Directors of the Bank of Russia took a decision to preserve unchanged the interest rates on attraction and placement of liquidity.

This path will lead to massive foreign borrowing and will reduce the financial stability of the entire banking system.

On 1 March the Bank of Russia announced the expansion of the operational range of valid permissible value of the ruble equivalent of the bi-currency basket fr om 4 to 5 rubles. The Bank of Russia also announced a reduction of the volume of accumulated interventions, which lead to change of operational capital by 5 kopeks, fr om 650 mln to 600 mln USD.  

On 25 February the Board of Directors of the Bank of Russia took a decision to raise the refinancing rate from 7.7% up to 8% annually and to raise at the same amount of the CB’s interest rate on the operations on provision and adsorption of liquidity to the credit organizations.

The “Social Development Strategy of the Armed Forces of the Russian Federation till 2020” (hereinafter referred to a Strategy) was developed in order to meet social needs of the military personnel, civil staff, military pensioners and members of their families. The Strategy was approved on 28 March 2008 by the decision of the Board of the Ministry of Defense of the Russian Federation. It was planned to implement the Strategy in three stages. First stage embraces the period 2008-2012.

Over the last several months a number of amendments were introduced in the legislation designed to reform the law enforcement system.

The  FAO data suggest that in January 2011 the food prices on global markets hit their historic maximum.

On 31 January 2011, the Board of Directors of the Bank of Russia once again adopted a decision that the interest rates established by the RF CB for liquidity provision operations should remain at their existing level.

In 2010, Russia’s broad monetary base increased by 1.7 trillion Rb to the amount of 8.2 trillion Rb.

In 2010, a number of suggestions were made as to the introduction of tax exemptions for the capital gains derived from long-term investment projects¹.  At the end of the year, the RF Tax Code was amended to include a number of provisions which introduced tax exemptions on the gains in the capital value of shares and participations in Russian companies, provided they were continually owned by the taxpayer for a period of more than 5 years².  

On 31 December 2010, the RF Ministry of Economic Development published a draft of The Strategy for the Innovation Development of the Russian Federation until 2020.

According to Rosstat, the consumer price index (CPI) for 2010 has risen to 8.8%.

On 24 December, Rossiiskaia gazeta [The Russian Newspaper] completed its official publication of Federal Law of 13 December 2010, No 357-FZ, "On the Federal Budget for 2011 and the 2012 and 2013 Planning Period", begun a week earlier.