In 2010 the Russian Grain Union took the initiative to draft and adopt the federal law « Public Grain Warehouses ».
The RF Ministry of Agriculture supported the initiative of the Russian Grain Union and the RF Minister of Agriculture, E.B. Skrynnik, issued the decree #1-p dated January 11, 2011 to include the draft law in “The legal drafting projects of the RF Ministry of Agriculture in 2011”.
The main goal of the draft law is to determine the legal, economical and practical grounds related to the operations of public grain warehouses, as well as the issue, circulation and redemption procedures of grain warehouse receipts.
One of the main goals of the draft law is to create the system of material liabilities of public grain warehouses to grain bailors, holders of grain warehouse receipts.
Self-regulation institute was chosen as an instrument of state regulations over operations of public grain warehouses, which is capable to ensure the freedom of economic activity and support the competitive environment, as well as to increase the transparency of relations between the government and business, and eliminate bureaucratic barriers.
The working group of the RF Ministry of Agriculture was formed to draft a law, including the representatives of the RF Ministry of Economical Development, the RF Ministry of Agriculture, the RF Antimonopoly Agency, the RF Agency of Financial Markets, the stock company “Rosselkhozbank”, the Russian Grain Union, the stock company “United Grain Company”, the stock company “MMVB”, the “Stock Exchange RTS”, the insurance company “Ingostrakh”, nonprofit private institution “Agrarian Market Institute”.
The Food and Agriculture Organization of the United Nations and European Bank of Reconstruction and Development became very interested in the project of the RF Ministry of Agriculture to draft this law. The experts of the UN FAO and EBRD are actively participating in the discussions of the draft law.