24.06.2022

KEY RATE IS REDUCED TO THE PRE-CRISIS LEVEL OF 9.5% PER ANNUM

On June 10, 2022, the Bank of Russia decided to lower the key rate by 150 basic points. up to 9.5% per annum.

According to the projections of the Central Bank of the Russian Federation, annual inflation will be 14-17% in 2022, will decrease to 5-7% in 2023 and return to 4% in 2024.

23.06.2022

MANDATORY SALE OF FOREIGN EXCHANGE EARNINGS BY EXPORTERS HAS BEEN CANCELLED

In connection with amendments to Decree of the President of the Russian Federation No. 79 of June 9, 2022 the subcommittee of the Government Commission for Control of Foreign Investments in Russia decided to cancel the requirement for exporters to sell 50% of foreign exchange earnings. The decision concerns both raw and non-commodity exports and applies to export contracts in any foreign currency. This Decision entered into force on June 10, 2022.

22.06.2022

HOW TO ORGANISE PRODUCTION OF MEDICINES IN RUSSIA WITHOUT THE CONSENT OF THE PATENT HOLDER FOR DELIVERY TO OTHER COUNTRIES IN ORDER TO COMBAT EPIDEMICS?

In accordance with an international agreement, WTO member states with insufficient drug production capacity may apply in emergency situations for assistance in providing necessary drugs to other WTO members.

The latter are entitled to issue compulsory licenses for production of medicines for the subsequent export.

Being guided by this, the RF Government has established the following:

- grounds or making a decision to use an invention for production of a drug for export in Russia without the consent of the patent holder;

- how the term of validity for such decisions is determined and how patent holders are notified thereof.

21.06.2022

THE RF CENTRAL BANK CONSIDERS THE UNILATERAL INTRODUCTION OF FEES FOR SERVICING DEPOSITS OR ACCOUNTS OF CITIZENS UNACCEPTABLE

In connection with the identification of practices of unilateral increase and establishment by credit institutions of commission fees for transactions under bank account or bank deposit agreements, including in foreign currency, the Bank of Russia draws the attention of credit institutions to the inadmissibility of:

- inclusion of provisions in the relevant agreements on the right of a credit institution to unilaterally increase or establish commission fees for transactions;

- charging these commission fees to apply new tariffs without the consent of the client.

20.06.2022

PERSONS WITH CONVICTIONS FOR SERIOUS CRIMES WILL NOT BE ABLE TO REGISTER AS AN INDIVIDUAL ENTREPRENEUR FOR TRANSPORTATION OF PASSENGERS

Starting from March 1, 2023, persons that have an unexpunged or outstanding conviction for certain crimes, as well as those that are defendants in relevant criminal cases, will not be able to obtain the status of an individual entrepreneur to carry out activities in the field of transporting passengers and luggage by passenger taxis, buses, trams, trolleybuses and rolling stock of off-street transport.

17.06.2022

RESIDENTS WERE ALLOWED TO CREDIT FOREIGN EXCHANGE EARNINGS TO FOREIGN ACCOUNTS

From June 6, 2022, residents have the right to credit their accounts opened with foreign banks with foreign exchange earnings received from non-residents under foreign trade agreements (contracts) providing for the transfer of goods to non-residents, the provision of services, the performance of work, the results of intellectual activity, including exclusive rights to them. This is possible subject to the repatriation of funds to the Russian Federation within 120 days and the further sale of export earnings in the amount determined by Decree No. 79.

16.06.2022

AN ‘UNFRIENDLY’ CITIZEN HAS THE RIGHT TO DONATE SECURITIES TO A RELATIVE FROM RUSSIA

Foreigners from unfriendly countries are allowed to alienate securities through gratuitous transactions (operations) with residents who are their spouses or close relatives. Such transactions (operations) are allowed even if their amounts do not exceed one rouble.

15.06.2022

THRESHOLDS FOR TRANSFERRING FUNDS ABROAD FOR INDIVIDUALS HAVE BEEN RAISED

From June 8, Russian residents (natural persons) have the right to transfer no more than 150 thousand US dollars or the equivalent in another foreign currency from their accounts in Russian banks to their accounts abroad or to another person within a calendar month. The same amount can be transferred to foreign accounts by non-residents (natural persons) from friendly countries. Previously, the limit was 50 thousand US dollars.

14.06.2022

LAWYERS FROM UNFRIENDLY COUNTRIES WILL NOT BE ABLE TO OPERATE IN RUSSIA

Amendments have been made to the Administrative Regulations for provision by the Ministry of Justice of Russia of a state service for maintaining a register of lawyers from foreign countries practicing law in the Russian Federation.

From June 14, 2022, lawyers from a foreign state may provide legal assistance on the territory of the Russian Federation only on issues of the law of this foreign state.

13.06.2022

FROM SEPTEMBER 1, 2022, TOUR OPERATORS WILL BE REQUIRED TO TRANSFER TO THE UNIFIED INFORMATION SYSTEM (EIS) OF ELECTRONIC VOUCHERS INFORMATION ON ALL CONCLUDED AGREEMENTS

The law on tourism activities is supplemented with a provision that prohibits the sale of a tourist product without the transfer by the tour operator of the information contained in the contract with a tourist to the unified information system of electronic vouchers. This ban will not apply to organisations that provide excursion services in Russia for no more than 24 hours in a row, as well as to state (municipal) unitary enterprises and institutions that organise travelling in Russia for social purposes.

10.06.2022

THE BANK OF RUSSIA EXTENDED THE TERM FOR THE SALE OF FOREIGN EXCHANGE EARNINGS BY EXPORTERS TO 120 BUSINESS DAYS

Exporters shall be entitled to carry out the mandatory sale of foreign currency credited to their accounts with authorised banks in the amount established by Decree of the President of the Russian Federation No. 79, no later than 120 business days from the date of its crediting to transit currency accounts in authorised banks.

The decision shall be valid in relation to the received foreign currency, for which the mandatory sale was not carried out, regardless of the date of its crediting to the resident's account in the authorised bank.

Previously, the term for the sale of currency was increased from 3 to 60 business days.

09.06.2022

FROM SEPTEMBER 1, 2022 - A NEW PROCEDURE FOR ADMISSION TO WORK WITH DRUGS, PSYCHOTROPIC SUBSTANCES AND THEIR PRECURSORS

The Government has determined a new procedure for admission to work with narcotic drugs and psychotropic substances, as well as to activities related to circulation of their precursors.

In general, the procedure for admission to work has not undergone significant changes. To obtain the necessary certificates, a person hired shall be sent to a medical institution for a "medical examination".

As opposed to the current procedure, referral to a mandatory psychiatric examination is not envisaged in the new admission procedure.

08.06.2022

FINES WILL BE INTRODUCED FOR REFUSAL TO CONCLUDE AN AGREEMENT IF A CONSUMER DOES NOT PROVIDE PERSONAL DATA

The Code of Administrative Offences of the Russian Federation has been supplemented with new provisions establishing responsibility for refusing to conclude, execute, amend or terminate an agreement with a consumer due to his refusal to provide personal data (except for cases when provision of personal data is mandatory in accordance with the law).

The amendments will come into force on September 1, 2022.

07.06.2022

FINES FOR VIOLATION OF FIRE SAFETY REQUIREMENTS ARE INCREASED

Amendments are made to the Code of Administrative Offences of the Russian Federation to increase administrative liability for violation of fire safety requirements.

06.06.2022

THE INTRODUCTION OF LIABILITY FOR VIOLATIONS OF THE TRACEABILITY OF GOODS WILL BE POSTPONED UNTIL 2024

To support business, as well as increase the stability of the Russian economy, the Federal Tax Service, together with the Ministry of Finance, proposed to postpone the entry into force of the draft federal law on establishing the responsibility of participants in the circulation of traceable goods for violation of the law to January 1, 2024.

03.06.2022

KEY RATE REDUCED TO 11% PER ANNUM

The Bank of Russia decided to reduce the key rate by 300 bp. up to 11% per annum from May 27, 2022.

According to the forecast of the Central Bank of the Russian Federation, annual inflation will decrease to 5-7% in 2023.

02.06.2022

RUSSIAN EXPORTERS WERE ALLOWED TO SELL ONLY 50% OF FOREIGN EXCHANGE EARNINGS

The required mandatory sale of foreign exchange earnings made by Russian exporters under foreign trade contracts has been reduced from 80% to 50%.

01.06.2022

RULES FOR MAINTAINING A REGISTER OF CARBON UNITS APPEARED

At the end of 2021, the Law on Limiting Greenhouse Gas Emissions came into force, which provides for a new category of property rights - a carbon unit. This means the verified result of implementation of the climate project, expressed in the mass of greenhouse gases equivalent to 1 ton of carbon dioxide. Maintenance of the register of carbon units is provided.

The content of the registry is defined. Issues concerning certain transactions have been settled, among which are issuance of carbon units, the opening of an account for them, and registration of a climate project. Functions of the registry operator are established.

31.05.2022

UNTIL CHANGING THE CODE OF ADMINISTRATIVE OFFENCES OF THE RUSSIAN FEDERATION, THE STATUTE OF LIMITATIONS FOR HOLDING LIABLE MUST BE COUNTED ONLY FROM THE DATE OF COMMITTING AN OFFENCE

The Constitutional Court of the Russian Federation adopted a resolution on calculation of the period during which an administrative penalty may be imposed on an offending person.

Until the relevant amendments made into the Code of Administrative Offences of the Russian Federation, the statute of limitations for holding liable in accordance with Part 1 of Art. 4.5 must be calculated starting from the date when the administrative offence is committed.

30.05.2022

THE MINISTRY OF LABOUR HAS REDEFINED WHICH FOREIGN QUALIFIED SPECIALISTS CAN OBTAIN RUSSIAN CITIZENSHIP UNDER A SIMPLIFIED PROCEDURE

The Ministry of Labour has updated the list of professions of foreigners who are qualified specialists eligible for admission to Russian citizenship in a simplified procedure.

The new list includes more than 170 specialties and is formed in the following areas of activity: medicine, pharmaceuticals, education, geology and exploration of mineral resources, nuclear energy, journalism, construction, agriculture, etc.

Foreigners living in our country who have worked in Russia in a profession included in the list for at least one year can obtain Russian citizenship in a simplified procedure without complying with the condition of a 5-year period of residence in the country.

27.05.2022

PROCEDURE FOR SETTLEMENTS IN ROUBLES WITH FOREIGN TRADING PARTNERS WILL BE DETERMINED BY A SPECIAL INTERDEPARTMENTAL WORKING GROUP

An interdepartmental working group has been created to develop new mechanisms in the area of currency regulation and international settlements. It should develop a plan for the formation of an infrastructure for Russia's settlements with partners from friendly and unfriendly countries, in roubles or national currencies of these states.

26.05.2022

GOVERNMENT CANCELLED IMPORT DUTIES ON EQUIPMENT AND COMPONENTS FOR THE CORE INVESTMENT PROJECTS

Technological equipment, components and spare parts thereof, as well as raw materials and materials for the implementation of investment projects in sectors important for the economy can be imported into the country without paying customs duties.