On 31 May 2010 the Central Bank issued Directive No. 2450-U decreasing the refinancing rate. The Directive entered into force on 31 May 2010.

The refinancing rate has decreased from 8% (which was effective as of 30 April 2010) to 7.75% per annum. The new rate applies as of 1 June 2010.

The Central Bank sets the refinancing rate for its financing of commercial banks. The rate is also used for calculating interest on commercial loans (if the rate is not specified in an agreement), tax payments and in other cases provided by law.

On 14 May 2010 the State Duma adopted in the first reading Draft Law No. 359066-5 "On Microfinance Activities and Microfinance Organisations."

The Draft Law seeks to encourage development of small and medium businesses. It suggests establishing a legal framework for microfinance activities of non-banking entities. Microfinance entities will be included in a special state register and will be able to grant loans for up to RUB1 million (about US$33,300).

The provisions of the Draft Law will apply if adopted by the State Duma in three readings, approved by the Federation Council, signed by the President, and officially published.

On 15 February 2010 the Ministry of Economic Development issued Order No. 54 regarding a public sale of a debtor's assets in electronic form. The Order, apart from certain provisions, entered into force on 13 June 2010.

According to the Bankruptcy Law, a debtor's assets are generally subject to a public sale in electronic form. Those statutory rules are to come into effect 120 days after the respective regulations on electronic sales are issued.

The Order sets out those implementing regulations, including: