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On July 18, 2014, the Arbitral Tribunal (Tribunal) constituted in accordance with Article 26 of the Energy Charter Treaty (ECT) and the 1976 UNCITRAL Arbitration Rules under the auspices of the Permanent Court of Arbitration issued its long-awaited final awards in the famous arbitral proceeding related to the demise of oil giant Yukos. The Tribunal held unanimously that a coordinated set of actions by the Russian government (including arrests, tax reassessments, fines, and the forced sale of Yukos) amounted to an indirect expropriation of Yukosin breach of Russia's obligations under the ECT, and that Russia was liable to pay prompt, adequate, and effective compensation for that breach. The Tribunal concluded that Yukos's claims were not barred by the company's own illegal acts or because of the "carve-out" for taxation measures under Article 21 of the ECT. Instead, the Tribunal concluded that the claimants had contributed to the prejudice they suffered and it therefore reduced the awards and reimbursement for legal costs by 25 percent. Even accounting for this reduction, the composite final award is still, by far, the largest known arbitral award ever rendered. The Tribunal ordered the Russian Federation to pay damages totaling US$50,020,867,798, in addition to arbitral and legal costs. Post-award interest is due on any outstanding amounts of damages and costs not paid starting from January 15, 2015, and is to be compounded annually thereafter.

This article analyzes the current state of the construction industry of the Russian Federation at the federal and local (for example, the Republic of Tatarstan) levels. The features and trends of the construction industry of the Russian Federation (RF) are considered, taking into account the changes in the legislation affecting this industry. The authors analyzed the statistics of housing commissioning, the dynamics of lending and debt of construction organizations, in addition, the analysis of statistics of bankruptcies of companies. The key players in the construction market of the Republic of Tatarstan were studied, and their reliability rating was presented. Based on the results of the analyzed material, certain conclusions were formulated. Based on the findings, it was determined that in the Russian Federation the construction industry is experiencing some difficulties that require special attention from the state. However, at present the government is already taking certain steps towards improving the current situation. As it was revealed, in the Republic of Tatarstan, the construction industry has had a positive development dynamics over several years. In recent years, there has been an increase in housing commissioning. In addition, the government annually invests in the construction industry. Despite this, in Tatarstan there is a high percentage of bankruptcies of construction companies, the reasons for which are identified in this article.

The Russian political system remains subject to sudden radical change--this has been the basic logic of its political history since 1985. Only by understanding the processes and logics of that recent history of change can one understand the present and the (possibly radically different) future. In December 1991 Boris Yeltsin, president of the Russian Soviet Federated Socialist Republic (the USSR's largest republic, known as RSFSR), joined Stanislav Shushkevich of Belarus and Leonid Kravchuk of Ukraine in dissolving the Soviet Union and replacing it with the ill-defined Commonwealth of Independent States (CIS). The RSFSR was transformed into the Russian Federation, and the process of political transformation and state building was under way, and it continues apace.

Describes the origins, evolution, & functions of the Russian Federation's Constitution, adopted in 1993 & further reformed in 1000 by President Vladimir Putin. An historical overview of Russian federalism is offered to illuminate the structure & operations of current Russian constitutionalism. Russia's historical movement from the extreme centralization of the Empire & then the USSR to a decentralized federation has been arduous, & Putin's policies suggest a tendency toward recentralization. Current challenges also include defining the Federation's structure, concerns about constitutional division of powers, & the crisis in Chechnya. K. Coddon

Cover -- CONTENTS -- CONTEXT: SOUND MACROECONOMIC FRAMEWORK BUT DEEPER REFORMS NEEDED -- RECENT ECONOMIC DEVELOPMENTS AND NEAR-TERM OUTLOOK -- MEDIUM-TERM OUTLOOK AND RISKS -- POLICY DISCUSSIONS: SLOW GROWTH UNDERSCORES THE IMPORTANCE OF CONTINUING THE REFORM EFFORT -- A. Extending Growth-Friendly Shifts in Taxes and Spending While Following the Fiscal Rule -- B. Monetary Policy: Easing Should Continue -- C. Financial Policies: Fostering Resilience and Addressing Emerging Risks -- D. Persisting with Structural Reforms to Lift Potential Growth -- STAFF APPRAISAL -- BOXES -- 1. Factors Behind Russia's Growth Slowdown -- 2. Assessing the Impact of the Pension Reform and National Projects on Potential Output Growth -- 3. Russia's National Projects -- 4. Natural Real Interest Rate (NRIR) in Russia -- 5. Further Improving Fiscal Transparency In Russia -- FIGURES -- 1. Real Sector Developments 2008-19 -- 2. Inflation and Monetary Policy, 2016-19 -- 3. External Sector Developments, 2007-19 -- 4. Fiscal Policy, 2002-24 -- 5. Banking Sector Developments, 2008-2019 -- 6. Macro-Financial Developments, 2008-2018 -- TABLES -- 1. Selected Macroeconomic Indicators, 2016-24 -- 2. Balance of Payments, 2016-24 -- 3. External Financing Requirements and Sources, 2018-24 -- 4. Fiscal Operations, 2016-24 -- 5. Monetary Accounts, 2016-24 -- 6. Medium-Term Framework and Balance of Payments, 2016-24 -- 7. Financial Soundness Indicators, 2013-18 -- ANNEXES -- I. Risk Assessment Matrix -- II. Implementation of Past IMF Recommendations -- III. Debt Sustainability Analysis -- IV. FSAP Key Recommendations -- V. External Sector Assessment -- VI. Long-Term Growth: Experiences and Challenges -- VII. The Natural Interest Rate in the Russian Federation: A Preliminary Assessment -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER FINANCIAL INSTITUTIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- RUSSIA'S FISCAL FRAMEWORK AND THE OIL-PRICE SHOCK -- A. Introduction -- B. Fiscal benchmarks -- C. Fiscal Rule -- D. Conclusion -- TABLES -- 1. Baseline Assumptions -- 2. Baseline Results -- 3. Sensitivity Analysis -- 4. Fiscal Rule -- ANNEXES -- I. Long-term Fiscal Sustainability Analysis -- II. The Russian Fiscal Rule -- EXCHANGE RATE PASS-THROUGH TO INFLATION. IS RUSSIA DIFFERENT? -- A. Introduction -- B. Stylized Facts -- C. Results. Size and State Dependent Nature of the ERPT in EMs -- D. Conclusion and Policy Implications -- FIGURES -- 1. Exchange Rate Depreciation in Emerging Markets -- 2. Exchange Rate Pass-through to Inflation in Russia -- 3. Inflation, Depreciation and Respective Volatilities -- 4. Assymetries, Non Linearities and Inflation Targeting -- 5. Exchange Rate Pass-through during 10 Percent Depreciation Episodes -- 6. Exchange Rate Pass-through during 20 Percent Depreciation Episodes -- 7. ERPT during Appreciation versus Depreciation -- 8. ERPT during Inflation Targeting versus Other Regimes -- TABLES -- 1. ERPT Coefficients - Linear Model -- 2. Exchange Rate Pass-through Coefficient in the Non-linear Model -- 3. Coefficients Appreciation versus Depreciation -- APPENDIX -- I. Empirical Strategy -- REFERENCES -- FOSTERING FINANCIAL SECTOR CONTRIBUTION TO GROWTH -- A. Introduction -- B. Dissecting Russia's Financial System Performance -- C. Reaping the Benefits of More Financial Development -- FIGURES -- 1. Capital Utilization and Investment -- 2. Firms' Financing Structure -- 3. SME Financing -- 4. Financial Development Index -- 5. Financial Depth -- 6. Banking System Structure -- 7. Measures of Efficiency of the Banking System -- TABLE -- 1. Components of the Financial Development Index -- REFERENCES.