The Legal 500

By Sergei Gorbylev, Lawyer, Law Firm “Yukov, Khrenov & Partners”

The metals and mining industry makes a significant contribution to Russia’s GDP and remains one of the key sectors of the country’s economy.

Federal Law No. 261-FZ “On Saving Energy and Increasing Energy Efficiency, and on Amendments to Certain Legislative Acts of the Russian Federation” came into force on November 27, 2009 (the “Law”), with certain provisions of the Law taking effect later. Changes to the Tax Code of the Russian Federation, for example, became effective on December 27, 2009, and those to the Code of Administrative Offences of the Russian Federation (the “Administrative Code”) take effect on June 22, 2010.

Lawyers from the customs and foreign trade regulation practice of Pepeliaev, Goltsblat & Partners, headed by Galina Balandina, are delighted to announce completion of a project entitled “Green Channel” for innovation companies. The assignment was ordered by the Russian Corporation of Nanotechnologies (RUSNANO). The project proposes a “Green Channel” for innovation companies, which will help remove a number of customs barriers and thereby expand the foreign economic activities of Russian hi-tech companies and also enhance the international exchange of research data between scientific and research institutions.

On October 28, 2009, the Russian Government adopted two new enactments relating to the development of joint implementation projects under the Kyoto Protocol to the United Nations Framework Convention on Climate Change  in the Russian Federation.

The European Community has established a cap-and-trade scheme designed to limit emissions of greenhouse gases into the atmosphere under which aircraft operators conducting aviation activities (operating air flights) will only be entitled to perform flights to/from the EC in the relevant year if they possess the allowances to emit carbon dioxide equivalent during a specified year for them.

At the end of June 2009, the Russian legal framework on energy efficiency and climate change was supplemented by Russian Government Decree No. 884-r. It  governs the following two carbon trading mechanisms of the Kyoto Protocol to the United Nations Framework Convention on Climate Change (the “Kyoto Protocol”): the so-called “Green Investment Scheme” or “GIS” - under Article 17 of the Kyoto Protocol, and joint implementation (“JI”) - under Article 6 of the Kyoto Protocol. Decree No. 884-r is the first, and to date only, enactment specifically touching upon the carbon trading mechanism under Article 17 of the Kyoto Protocol.