President Putin dissolved the Russian space agency, establishing a new space corporation

According to the Kremlin website (TASS.ru), Russian President Vladimir Putin signed a decree to abolish Roscomos Federal Space Agency. Instead, it was the birth of a new state-owned universe corporation.

Specifically, the decree passed with the paragraph: "Under federal law on July 13, 2015, the operations of the Federal Space Agency Roscosmos will be abolished."

All documents related to the operation of Roscosmos will now be transferred to the management and use rights of the new state-controlled Russian state-owned universe.

The Government should also consider the liquidation procedures to be carried out within the time of formal establishment of the corporation.

Putin has instructed the Russian government to ensure the continuity of powers and functions transferred from the Roscosmos Federal Space Agency to the new space corporation.

The Government should also consider the liquidation procedures to be carried out within the time of formal establishment of the corporation. At the same time, the new corporation needs to handle the completion of guarantees or compensation for dismissed employees in accordance with current law.

The new decree is the answer of President Vladimir Putin's administration to the corruption problem of over 1.8 billion USD within Roscosmos recently. Not to mention, the federal space agency Roscosmos has been reduced to subsidies during the past 10 years and the loss of many spacecraft due to unsuccessful launches or deviations from trajectories has made the agency "down." serious " .

Roskosmos's activities will be transferred to the management and use right of the new space corporation.

According to Russian President Vladimir Putin, the structure of the new corporation will have more positive changes in order to compete in the space trade, especially with US rival SpaceX.

Cabinet members are addressing financial and technical issues and many other issues related to the implementation of the new Decree. The above ordinance will have effective execution starting from January 1, 2016.