Our progress / MIFC News

05.07.2022 18:55 / TASS

The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.

05.07.2022 18:51 / TASS

The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.

05.07.2022 18:41 / TASS

Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.

17.05.2022 16:18 / TASS

Central Bank to launch cybersecurity education course  The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.

19.04.2022 16:49 / The Bank of Russia

Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.

15.04.2022 16:36 / TASS

The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.

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Russia launched trading of a futures contract for Urals crude oil URL-E

30.11.2016 16:22 / Vedomosti

Russia launched trading of a futures contract for Urals crude oil URL-E in Moscow on Tuesday, in a step to secure greater prominence for the Russian export blend.

President Vladimir Putin has long called for the creation of a Urals futures contract and has said he is unhappy that Urals is sold at a discount to benchmark Brent crude.

Urals is currently priced in the physical market, usually at a discount to Brent by pricing agencies, which survey traders and refiners.

This month, the head of the St. Petersburg International Mercantile Exchange (SPIMEX), Alexei Rybnikov, organised a roadshow for Russia's new Urals futures contract in London.

Russia will ship the first Urals cargo sold via the futures contract from Primorsk in March.

Rybnikov said that all Russian oil companies have registered at SPIMEX to take part in the trading.

"The exchange expects to conclude 10,000 contracts per day in a year, a year and a half," Rybnikov told reporters.

The Russian central bank on Tuesday said it expected foreign firms to also participate in trading Urals crude oil futures.

Previous attempts to establish Urals as an internationally recognised benchmark grade have failed, including a proposal in 2007 to trade Urals futures in New York with an option of physical delivery from Russia's Baltic Sea port of Primorsk.

Some traders have been sceptical about the plans to decouple Urals from Brent citing a lack of liquidity along the forward curve for Urals futures.

Western trading sources said they were waiting for a big Russian producer to offer volumes via SPIMEX, Russia's largest commodities exchange, before committing to trade via it.

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