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Presidential instructions following meeting on the investment climate

August 27, 2010

Dmitry Medvedev approved a list of instructions following an August 16 meeting on the investment climate.

Some of the instructions given to the Government aim at ensuring a favourable climate for economic activity as the second stage in establishing the Customs Union’s common customs space proceeds.

Other instructions concern additional adjustment of the draft federal law On Customs Regulation in the Russian Federation and relate to optimising customs services’ operation and performance evaluation criteria.

The instructions require the development and introduction of new customs procedures and technology for the purposes of improving the investment climate. In particular, as from January 1, 2011, electronic import and export declarations will be introduced (thus doing away with paper declarations); selective customs inspections based on risks analysis and management system will be practiced; and an effective set of measures for monitoring foreign trade participants’ compliance with customs laws wills be put in place.

The President also gave the instruction to examine the possibility of introducing criminal liability for fictitious participation in the incorporation and running of a legal entity.

August 27, 2010