Russia's New Customs Code is Almost Ready

On Wednesday Russian President Vladimir Putin met Chairman of the State Customs Committee Mikhail Vanin to discuss Russia's new customs code, which has been developed for eighteen months.

According to Putin, the document must be adopted at a State Duma spring session.

The Head of the Customs Committee said that the draft code was "good and comprehensive." The new customs code will help intensify Russia's joining the World Trade Organisation, he stated.

The Chairman of the Customs Committee also stated that Russia and the World Bank had signed an agreement on extending a 141 million-dollar credit to modernise the Russian customs service. This modernisation is aimed at changing the customs reputation and bringing it "in compliance with international standards."