Russian Economy: Trends and Perspectives JUNE 2004

Content

June of 2004: Political and economic outcomes                    3
The State of the Federal Budget                                  5
Taxation of organizations’ proceeds: key 
changes in the  first six months of 2004                         9
Monetary policy                                                  11
Financial Markets                                                13
The Market for Corporate Securities                              15
Investment in the real sector of the economy                     23
Choice of instruments meant for investing pension savings funds  25
Foreign investment in the Russia's economy                       30
The Real Sector: Factors and Trends                              34
Oil-and-gas sector                                               37
IET Business Survey: Industry in June of 2004                    40
Foreign trade                                                    41
Outcomes of applying variable import tariff on sugar market      44
Russia and the Bologna Process: the current state of the problem 47
Scenario based macroeconomic forecast for 2004 and 2005          50
Issues discussed at the meetings held by the Government of the 
Russian Federation held on June 10 and 17 of 2004                59
Review of economic legislation: June of 2004                     63