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In mid-December, the RF Ministry of Economic Development raised its official forecasted inflation rate from 7-8% to 8.3-8.5%. 

Federal Law of 13 December 2010, No 357-FZ, "On the Federal Budget for 2011 and the 2012 and 2013 Planning Period" is approved.

At the RF Government session of 1 December 2010 draft law “On introduction of amendments in the Federal Law "On Investment Funds"” prepared by the Federal Service on financial markets was reviewed. 

On 29 November 18th meeting of the Commission on Modernization and Technological Development of Russia’s Economy was held. The meeting focused on the issues of normative and legal regulation of innovative activity.

On 27 November 2010 the RF President, Dmitriy Medvedev, signed a Federal Law "On the Customs Regulation in the Russian Federation". The Law was developed in order to ensure implementation by the Russian Federation of its international obligations in compliance with Russia’s membership in the Customs Union. The Law aimed at the regulation of certain legal relationships and setting up of additional conditions, requirements or specifics for regulation in Russia in order to ensure economic security and resolution of other important tasks in the customs sphere. The latter includes ensuring rights and interests of individuals whose activity is directly of indirectly involved with the foreign trade.

At the onset of November the CB of Russia submitted to the State Duma for review "Main directions of unified government monetary policy for 2011 and for the period of 2012-2013".

The RF deputy Minister of Finance, Ms. Oksana Sergienko, in her presentation given at the conference Moneymarket in Moscow briefed that the RF Ministry of Finance plans transition to the formation of non gas and oil budget balance which will require either to cut budget expenses or to raise revenues by way of tax hikes.

The RF Ministry of Economic Development forecasts Russia’s 2010GDP growth by 4%. 

  Federal Treasury summed up the execution of the Federal budget for 9 months of the current year.

On 18 October, the RF CB announced that it would reintroduce, from 1 January 2011, its approached todrawing up the Bank of Russia’s List that had been effective prior to February 2009. 

From 13 October, the Bank of Russia increased the ruble-denominated operative interval for the currency basket from 3 to 4 Rb, while symmetrically decreasing the accrued value for interventions resulting in corridor shifts by 5 kopecks from 700 to 650 mln USD.  

Over the last months the RF Government drafted a number of new proposals aimed at amending taxation in the oil and gas sector. These proposals were part of the federal laws which should be reviewed by the State Duma during the autumn session. New amendments will come into force starting with 1 January 2011.

On 28 September Board of Directors of the Bank of Russia announced its decision to leave the refinancing rate unchanged at the level of 7.75% annual as well as other interest rates of the Central Bank of the Russian Federation. Thus, the break in changing the interest rates has continued.

In September 2010 the RF Government approved guidelines for the budget policy and characteristics of the federal budget for 2011-2013 which were developed on the basis of the 2010 Budget Message. Budget draft was based on the following objectives: secure stable budgetary system by cutting budget deficit, promote innovative development of Russia’s economy, and carry out pending obligations.

On 21 September the Ministry of Finance of Russia in order to carry out anticorruption expertise posted draft federal law “On the Federal Budget for 2011 and for the planned period 2011 and 2013” with 30 September as a final date for submitting independent reviews.

The RF Ministry for Economic Development presented, on 23 September 2010, its adjusted version of “The Forecast of the Socio-economic Development of the Russian Federation for the year 2011 and the Planning Period of 2012 and 2013”. GDP growth in 2010 is expected be at the level of approximately 104%. Bearing in mind the fact that GDP growth, according to the results of the first half-year 2010, amounted to 104.2%, the macroeconomic situation during the second half-year is going to demonstrate a somewhat slower dynamics.