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Presidential instructions following the St Petersburg International Economic Forum

July 1, 2011

Dmitry Medvedev approved a list of instructions that follow from the results of the St Petersburg International Economic Forum on June 16–18, 2011.

The Government of the Russian Federation has been instructed to take provisions over 2012–2015 to reduce state stakes in big companies to a level lower than a controlling stake, and in a number of cases, to have the state divest itself entirely of its shares in companies, with the exception of infrastructure monopolies and companies important for national security.

The Presidential Executive Office has been instructed to draft provisions for having state officials, senior federal civil servants and persons with equivalent status compensate the state for damages caused by their unlawful action or inaction if the state, in line with court decisions, including the decisions of inter-state judicial bodies, has had to pay compensation for their faults.

The Presidential Executive Office has also been instructed, in the aim of strengthening the fight against corruption, to draft amendments to Russian Federation law so as to make it possible to dismiss civil servants for loss of confidence.

The Presidential Executive Office, the Supreme Court, and the Higher Arbitration Court, have been instructed to draft proposals for changing the procedures for selection of judges, and also the procedures enabling them to face disciplinary responsibility. The procedures must ensure division of these functions between the different bodies within the judges’ community.

The Moscow City government and the government of Moscow Region will work together with the relevant federal agencies to draft proposals on changing the boundaries between Moscow and the Moscow Region with the objective of expanding the Moscow city limits, including with a view to relocating legislative and executive agencies, and establishing and developing an international financial centre in Russia.

The Russian Government has been instructed to lift restrictions on the placement and circulation of securities issued by Russian issuers beyond Russian territory. The Government will also continue work to make the Russian stock market’s infrastructure more competitive and encourage an inflow of foreign investment. In particular, the Government must ensure the passing of a law on a central depositary and make it possible for foreign depositaries to open accounts in Russian registration institutions, and also draft proposals on harmonising procedures for issue and placement of securities and the information disclosure requirements for issuers in line with world practice. 

The Russian Government must also draft amendments to Russian legislation making it possible to accord long-term visas to the representatives and employees of large foreign companies carrying out investment in Russia, including companies taking part in the projects to develop the Skolkovo innovation centre and the international financial centre.

July 1, 2011