VEDOMOSTI
From August 1, Russia's export duty on crude oil rose by $28.3 to $69.9 per tonne from the $41.6 per tonne charged in the last two months.
Vedomosti wrote that it was an unusually high raise, as the sharpest increase this year had not exceeded $10 per tonne. Russia's Economic Development and Trade Ministry as well as the Finance Ministry expect the increase in export duties to bring in over $3 billion a year in extra budget revenues because oil prices remain high ($30 per barrel).
The export duty on oil products was also raised. It was previously calculated as 90% of the crude duty, but now it will be 65%. The duty on oil products will consequently go up $7.5. The move is designed to stabilise prices on the domestic oil products market.
KOMMERSANT
The State Duma, the lower house of parliament, approved amendments to the law "On Advertising" in the second reading on Saturday. The Duma approved extremely tough restrictions on beer advertising, banning it on TV from 7 am to 10 pm. Advertisers will no longer be able to use the images of people and animals (including animated ones). Beer advertising will also be banned at cultural and sporting events, health centres and resorts, as well as at sport and culture organisations.
TV channels stand to lose 10% of their advertising earnings, or nearly $150 million, in various estimates, writes Kommersant.
Breweries regard the ban on advertising beer at sport and culture organisations as "an end to sport sponsorship."
The Duma is expected to consider amendments to the law "On Advertising" in the third reading as early as on August 5. The amendments are yet to be considered at the Federation Council, parliament's upper house, signed into law by the president and made public. The amendments will come into force ten days after being published.
VREMYA NOVOSTEI
Russians withdrew a total of $0.9 to $1.2 billion from their deposits in commercial banks during this summer's collapse of confidence in the banking sector, writes Vremya Novostei. However, the number of private deposits in the largely state-owned Savings Bank (Sberbank) increased by 10.3 billion roubles during the first week of the crisis alone. Today, Sberbank holds close to 60% of all private deposits.
On Saturday, the State Duma adopted a historic decision to cancel the 100% guarantees for Savings Bank deposits to be opened after October 1, 2004. The relevant amendments to the law "On Insuring Physical Individuals' Bank Deposits" were adopted in three readings at once. Under the circumstances, the law cancelling state guarantees for Sberbank is seen as an incentive for the private banking sector.
According to a survey conducted by ROMIR Monitoring, 18% of Russians said the state's attempts to discourage people from depositing money in private banks and prompt them to redeposit their money in the Savings Bank were the cause of the recent banking crisis. Twenty-two per cent of respondents linked the crisis to the state's attempt to take the banking sector under its control, while 20% said the government was trying to streamline the sector. A further 17% believed the problems were due to competition among banks.
