Originally from Russia and the Republics Legal Materials - Second Series
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Chapter 1. General Provisions
Article 1. The status, purposes of activity, functions, and powers of the Central Bank of the Russian Federation (Bank of Russia) shall be determined by the Constitution of the Russian Federation, present Federal Law, and other federal laws.
The functions and powers provided for by the Constitution of the Russian Federation and present Federal Law the Bank of Russia shall effectuated independently from other federal agencies of State power, agencies of State power of subjects of the Russian Federation, and agencies of local self-government.
The Bank of Russia shall be a juridical person. The Bank of Russia shall have a seal with an image of the State Arms of the Russian Federation and its own name.
The location of the central organs of the Bank of Russia shall be the City of Moscow.
Article 2. The charter capital and other property of the Bank of Russia shall be federal ownership. In accordance with the purposes and in the procedure which have been established by the present Federal Law, the Bank of Russia shall effectuate powers with regard to the possession, use, and disposition of property of the Bank of Russia, including gold and currency reserves of the Bank of Russia. The seizure and encumberment of the said property without the consent of the Bank of Russia shall not be permitted unless provided otherwise by a federal law.
The State shall not be liable for obligations of the Bank of Russia, and the Bank of Russia – for the obligations of the State, unless they have assumed such obligations or unless provided otherwise by federal laws.
The Bank of Russia shall effectuate its expenses at the expense of own revenues.
Article 3. The purposes of the activity of the Bank of Russia shall be:
defense and ensuring the stability of the ruble;
development and strengthening of the banking system of the Russian Federation;
ensuring the stability and development of the national payment system [as amended by Federal Law of 27 June 2011, No. 162-ФЗ];
development of the financial market of the Russian Federation [added by Federal Law of 23 July 2013, No. 251-ФЗ];
ensuring the stability of the financial market of the Russian Federation [added by Federal Law of 23 July 2013, No. 251-ФЗ].
The receipt of profit shall not be a purpose of the activity of the Bank of Russia.
William E. Butler, Emeritus Professor of Comparative Law in the University of London, attached to University College London, is the John Edward Fowler Distinguished Professor of Law at the Dickinson School of Law, Pennsylvania State University, and Founder and Director of The Vinogradoff Institute.
An authority on the legal systems of Russia and former Soviet nations, he is the author, co-author, editor or translator of more than 3,500 books and articles on Russian, Soviet, Kazakhstan, Ukrainian, Uzbekistan, and other Commonwealth of Independent States legal systems. He has acted as Counsel to the EBRD, European Union, World Bank, United Nations, and Department for International Development of the United Kingdom on individual law reform projects.
The recipient of numerous honors for his service to Russian and international law, Professor Butler is Academician of the National Academy of Sciences of Ukraine and the Russian Academy of Natural Sciences, Associate of the International Academy of Comparative Law, and Member of the Russian Academy of Legal Sciences. He has been elected to his fourth term as a member of the Russian International Court of Commercial Arbitration. In 2003 Professor Butler was awarded the G. I. Tunkin Medal by the Russian International Law Association.