Proceedings of the Seminar on Management, Stabilisation and Environmental Impact of Uranium Mill Tailings = Compte Rendu Du Saeminaire Sur La Gestion, ... De L'uranium (Oecd Investment Policy Reviews)

Foreword Note by the Editor Table of Contents Chapter 1. Progress and Prospects 1. Russia needs more foreign direct investment 2. Recommendations in the 2001 OECD study 3. Recent progress and remaining challenges 4. Policy options for further reform 4.1. Relaxing remaining formal restrictions on foreign direct investment 4.2. Foreign exchange liberalisation and persevering with financial sector reform 4.3. Improving corporate governance 4.4. Continuing efforts to ensure compliance at sub-federal government level with federal laws and regulations and to simplify administrative procedures. 4.5. Developing a level playing field for the privatisation of state-owned enterprises 4.6. The legal system and taxation 4.7. The fight against corruption Notes Chapter 2. The Pattern of Russia’s FDI Inflows 1. FDI inflows fluctuate at a fairly low level Box 2.1. Sources of Russian FDI data Table. Central Bank and FSSS/Goskomstat figures for national FDI inflows in selected years 2. Main sources of FDI inflows to the Russian Federation: OECD countries and Cyprus Table 2.1. Cumulative foreign direct investment flows into the Russian Federation up to end-2003 Table 2.2. Cumulative foreign direct investment flows from the Russian Federation up to end-2003 3. Uneven geographical distribution of FDI in Russia Table 2.3. FDI by Federal District, 2002 4. Sectoral composition of FDI: prominence of extractive industries Table 2.4. Composition of FDI inflows into the Russian Federation, January-September 2003 5. Low level of Russia’s FDI inflows in comparative perspective Table 2.5. FDI inflows to Russia and Central European OECD members, 1994-2003 Table 2.6. FDI inflow per head in Russia and Central European OECD members, 2002 Notes Chapter 3. Progress Since the 2001 OECD Study: Selected Areas 1. Tax reform and tax incentives for foreign investment Box 3.1. List of Developments in the Tax Area During 2003 2. Reforming foreign exchange legislation 3. Improvements in corporate governance Box 3.2. The OECD Principles of Corporate Governance 4. Regulatory reform Box 3.3. Main features of amended legislation on corporate governance 5. Land reform Box 3.4. Federal regional policy coherence for acquisition of real estate Box 3.5. Agricultural land rights Notes Chapter 4. Addressing Remaining Non-discriminatory Barriers to Investment 1. Enforcement and coherence in implementation 2. The challenge of corruption 3. Corporate disclosure 3.1. Disclosure of ownership and control of companies 3.2. Related party transactions 3.3. Anti-monopoly measures Notes Chapter 5. Relaxing Discriminatory Restrictions on Foreign Direct Investment 1. Restrictions on Land Ownership 2. Financial services 2.1. Recent developments 2.2. Banking 2.3. Insurance 2.4. Other financial services 3. Foreign ownership restrictions in other sectors 3.1. Mass media 3.2. Aviation 3.3. Land transport 4. Reciprocity condition for foreign participation in telecommunications 5. Energy sector 5.1. Recent developments 5.2. Limitations on foreign ownership in Gazprom and United Energy Systems Notes Annex A. Statistical Tables and Figures Table A.1. Top 12 recipients of FDI among subjects of the Russian Federation, 2002 Figure A.1. FDI inflows into Russia and China, 1994-2002 Table A.2. FDI inflows to Russia and China in the early years of opening to foreign investment Table A.3. Cumulative FDI inflows to the Russian Federation from selected OECD countries, 1994-2003 Annex B. Measuring Capital Flight from Russia Annex C. Russia’s Bilateral Investment Treaties and Double Taxation Agreements Table C.1. Russia’s Bilateral Investment Treaties (BITs) Table C.2. Russia’s Double Taxation Treaties (DTTs) Annex D. Responses to Questionnaire on Investment Conditions in North-West Russia Annex E. Credit Ratings Bibliography Glossary Despite a wealth of investment opportunities, the Russian Federation has attracted relatively little foreign direct investment and has experienced large-scale capital flight. This phenomenon results from sectoral restrictions on foreign investment and from important institutional factors which also affect domestic businesses. Russia has made significant improvements in its business environment since the last decade, adopting laws to protect the property and other rights of investors, and establishing institutions needed for a market economy to function. Russia has also signed investment and double-taxation treaties with OECD members and other countries