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companies in Russia was sanctioned for regulatory violations. Almost half of companies surveyed said that the likelihood of successfully overturning state officials in court were miniscule at best.
Russia, however, often lacks the effective monitoring needed to prevent industrial accidents. Even president Putin has commented on this problem recently in addressing the massive fuel spill in May at the Norilsk Nickel facilities. Russian oversight authorities estimate that the environmental damage caused by the spill will likely exceed 150bn rubles (nearly 2bn euros). The Russian government says that total costs from industrial and other such accidents in 2015 amounted to about 600bn rubles.
In late 2016, Russia launched a major project to reform regulatory and supervisory activities. The reforms seek to reduce accidents and their resulting financial losses, while simultaneously diminishing the regulatory and inspection burdens on businesses. The project is scheduled to be ready by 2025.
16​ RUSSIA Country Report​ August 2020 ​ ​www.intellinews.com