OREANDA-NEWS. June 09, 2011. The Federal Law is aimed at improving the efficiency of legal regulation in this area and eliminating gaps in the Russian legislation, as well as enhancing public safety. The legal regulatory framework for time keeping in the Russian Federation will help to avoid conflicts in such spheres as information technology, communications, energy and others.

The Federal law regulates relations arising in the course of defining, distributing and using information about the date and time, introduces the concept of the "time zone" and defines the powers of the Russian Government and the competence of the federal and regional authorities in time keeping. The law also establishes a legal responsibility for the dissemination and use of false information about time leading to financial losses of individuals and companies.

The Federal Law will enter into force sixty days after its official publication.