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   CBR RELEASES TEXT OF NEW CURRENCY CONTROLS
     FOR IMPORTS
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THE CENTRAL BANK OF RUSSIA THIS WEEK ANNOUNCED
PLANS TO INCLUDE IMPORTS IN THE PASSPORT SYSTEM
ALREADY IN EFFECT FOR EXPORTS.  THE PURPOSE OF
THE NEW CONTROLS, WHICH GO INTO FORCE ON JANUARY
1, 1996, IS TO STEM CAPITAL FLIGHT FROM HARD
CURRENCY PAYMENTS FOR IMPORTED GOODS WHICH NEVER
ENTER RUSSIA.  THE NEW SYSTEM REQUIRES ISSUANCE
OF A "PASSPORT" BY THE IMPORTER'S BANK FOR
PAYMENT OF A SPECIFIC IMPORT CONTRACT.  THE
IMPORTER HAS 180 DAYS EITHER TO DOCUMENT ENTRY OF
THE GOODS WITH STATE CUSTOMS IN THE QUAMTITY AND
VALUE STIPULATED IN THE PASSPORT OR RETURN THE
HARD CURRENCY ISSUED IN PAYMENT.  FAILURE TO DO
SO WILL MAKE THE IMPORTER LIABLE FOR A HARD
CURRENCY PENALTY IN THE AMOUNT OF THE PAYMENT.

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SOME EXPORT DUTY CUTS FINALIZED
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FOLLOWING ( ) NEGOTIATIONS BETWEEN THE
MINISTRIES OF FINANCE, FUEL AND ENERGY, AND
ECONOMICS, DEPUTY PRIME MINISTER CHUBAYS' OFFICE
ANNOUNCED NOVEMBER 21 THAT THE GOR HAS REACHED
SOME DECISIONS REGARDING FORTHCOMING EXPORT DUTY
CUTS, ACCORDING TO "KOMMERSANT DAILY".  AS OF
DECEMBER 1, EXPORT DUTIES WILL BE ZEROED OUT ON
ALL FOREST PRODUCTS AND OIL PRODUCTS, EXCLUDING
MAZUT (HEAVY FUEL OIL).  DUTIES ON MAZUT WILL BE
RAISED FROM THE CURRENT LEVEL OF SIX ECU PER
METRIC TON (MT) TO AS HIGH AS 16 ECU THROUGH
APRIL 1, 1996, TO ENSURE AN ADEQUATE DOMESTIC
FUEL SUPPLY FOR WINTER.  ACCORDING TO AN EARLIER
"KOMMERSANT DAILY" ARTICLE, CHUBAYS ON NOVEMBER 2
ORDERED THE ELIMINATION OF EXPORT DUTIES ON
FERROUS METALS AND FERTILIZERS AWD CUT DUTIES ON
THE EXPORT OF SEVERAL RARE-EARTH METALS.  IN
GENERAL, THE GOR IS REDUCING EXPORT DUTIES AS THE
GAP BETWEEN DOMESTIC AND WORLD PRICES DISAPPEARS
AND EXPORTER PROFITS ERODE.  STILL UNDECIDED, AND
THE OBJECT OF INTER-MINISTERIAL DEBATE, ARE THE
SIZE OF THE CUT OF THE CURRENT 20 ECU PER MT
EXPORT DUTY FOR CRUDE OIL AND THE RATIO BY WHICH
EXCISE DUTIES WOULD BE RAISED FOR EACH ECU THE
EXPORT DUTY IS LOWERED.  THE MINISTRY OF FUEL AND
ENERGY IS REPORTEDLY ARGUING FOR AN INCREASE IN
EXCISE DUTY (ASSESSED ON EVERY BARREL OF OIL
PRODUCED, VICE EVERY BARREL EXPORTED) OF 170O
RUBLES FOR EVERY ECU CUT IN THE EXPORT DUTY,
WHILE THE FINANCE MINISTRY WANTS 2600-2800
RUBLES.