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. Last Updated: 07/27/2016

Looking Forward … Oct. 10 to Oct. 16

  • With President Vladimir Putin in Astana, Kazakhstan, on Tuesday to hammer out a common economic union between Russia, Kazakhstan, Tajikistan, Kyrgyzstan and Belarus, preparations are under way in the State Duma for the second reading of the 2001 federal budget, which is scheduled to be held Oct. 20.

  • On Tuesday, two major new Internet business sites will be launched. Japanese electronics giant Sony and postal company TNT Express Worldwide Ltd. will launch its first e-commerce site, which will allow customers in Russia to buy products online, with a guaranteed delivery date. A new multifunctional Internet portal,, will also be launched. is the brainchild of American businessman Scott Robertson.

  • The Moscow City Duma on Wednesday will discuss and vote on changes to the profit tax. The municipal profit tax of 5 percent was just passed last month amid controversy and fanfare. Mayor Yury Luzhkov has said that the new tax is necessary to keep Moscow in the black, given that the city is losing 35.3 billion rubles ($1.27 billion) to the federal government. Now, city deputies are looking to see who will be exempt from paying the profit tax and under what circumstances.

  • Also Wednesday, Luzhkov will host a conference, along with Italian Ambassador Donte Aragon, at the Central House of Businessmen on the Italian-Russian project Regional Business Networks. Also participating will be the heads of federal ministries and officials from the Moscow city government.

  • Later this week, the Export-Import Bank of the United States is expected to give final approval to the U.S. administration’s decision to raise Russia’s credit rating for transactions both in the public and private sectors. The decision, which was recommended by Eximbank president James Harmon will make additional funds available for financing Russian projects. The bank’s decision is expected to be followed by a similar upgrade from the Organization for Economic Cooperation and Development, which means credit will become cheaper for Russian borrowers.