Moscow: Russian President Vladimir Putin on Monday signed a decree abolishing the Federal Space Agency, Roscosmos, within the framework of the country’s space sector reform, the Kremlin announced.

The functions of the agency will be assumed by the state corporation with the same name, Roscosmos, set up by a law signed by Putin in July, said a report.

The Roscosmos State Corporation will also take over the functions of the United Rocket and Space Corporation and thus become the sole agency responsible for research, development and use of outer space.

The newly-created corporation will manage space operations and implement the regulatory control accordingly.  It will also be responsible for international activities in the field of space research and use.

Russian authorities expect the new organisation to help consolidate relevant government and business structures, simplify operation and monitoring mechanisms, and solve existing problems in the industry.

A reform plan to modernise Russia’s space industry was approved by Putin in January 2013, while Prime Minister Dmitry Medvedev proposed the creation of a new organisation in the space sector to the president in January.

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