Boston, MA -- (SBWIRE) -- 05/12/2014 -- Russia has a range of natural resources, including oil fields, coal deposits and many strategic minerals. However, adverse climatic conditions and remote locations make the exploitation of resources difficult. The mining industry in Russia is governed by the Ministry of Natural Resources and Environment of the Russian Federation, and the Federal Agency on Mineral Resources. The Subsoil Law is the main law for regulating mining activities in the country.

Report Highlights

- The Ministry of Energy is a federal executive body responsible for drafting and implementing government policies and legal regulation in sectors including oil and fuel, electric power, renewable energy and hydrocarbons.
- The Ministry of Natural Resources and Environment of the Russian Federation is a federal executive body responsible for formulating state policy. It also devises regulations covering the study, renewal, and conservation of natural resources.
- The Federal Service of Environmental, Technological and Nuclear Surveillance is an authorized agency for issuing mining allotments. The document defining mining allotment boundaries should be included as an integral part of a license.
- The Federal Service for Surveillance in the Sphere of Nature Use is responsible for monitoring environmental protection and subsoil use by license holders. The agency also forwards information on breaches of license terms to the Federal Agency for Subsoil Use.
- The Subsoil Law is the main law in the mining industry, providing all relevant laws and regulations regarding subsoil use in the Russian Federation. Other regional laws on subsoil are also applicable to the mining industry.

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Report Scope

The report outlines Russia's governing bodies, governing laws, mine ownership and business licenses, mining rights and obligations, key fiscal terms which includes one-time payments, rents and fees, severance tax, corporate income tax, transport tax, property tax, local taxes, depreciation, tax incentives, withholding tax, loss carry forward and VAT.

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