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The Federal Law aims to improve the management system in the space sector and maintain and develop the space and rocket industry’s scientific and production potential in the interests of strengthening Russia’s defence and ensuring national security.

The law sets out Roscosmos’ mission and objectives, including implementing state policy, legal regulation of space sector activity, providing state services in the space sector, managing state property, and carrying out international activity to explore and make use of outer space.

The law defines the President’s and Government’s powers with regard to the corporation and also defines its managing bodies.

Mr Putin also signed a federal law amending Russian Federation legislation in connection with the establishment of State Corporation Roscosmos and the subsequent transferral to the corporation of the Federal Space Agency’s powers and functions following the agency’s liquidation.

The President also signed Federal Law On Amendments to Article 241 of the Russian Federation Budget Code, empowering Roscosmos as the main distributor of budget funds, chief administrator and administrator of budget revenue, and giving it the power to place public procurement orders.