Russian Science Foundation was approved by the Council of Federation

According to the explanation notes, the Foundation is intended to improve the efficiency of the spending of State Treasury funds destined for scientific research and development. It will be created in order to support fundamental and exploratory research and for the formation of leading research teams in various fields.

The law determines the foundation’s governing bodies: the supervisory board, managing board and the general director of the foundation. The law also seals their respective powers. The Chairman, general Director and members of the Supervisory Board – 15 people in all – are all appointed by the President of the Russian Federation for up to 5 years. Their duties can be terminated early based on the President’s decision. The Foundation will have to send yearly reports about its activities to the President and the Government.

“The Creation of the Foundation is caused by the need to improve current mechanisms of funding in the fields of science and scientific research, as well as the need for a more flexible scientific research support tool that would be able to largely take into account the specifics of this sphere” – as the accompanying documentation asserts.
Yearly volume of budget assignments for the Foundation needs may reach 3 billion of rubles.