A special recording procedure for certain securities will be in effect until the end of 2025

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18.04.2025
BAN ON USING FOREIGN SOFTWARE IN CRITICAL INFRASTRUCTURE IS NO LONGER UNCONDITIONAL

From January 1, 2025, government authorities and customers are prohibited from using foreign software on significant critical information infrastructure facilities owned by them, unless otherwise provided by federal law.

17.04.2025
NIZHPHARM JOINT STOCK COMPANY HAS BEEN TRANSFERRED UNDER TEMPORARY MANAGEMENT

Shares of the joint stock company "Nizhny Novgorod Chemical and Pharmaceutical Plant" owned by Nidda Lynx S.a.r.l., have been transferred under the temporary management of limited liability company "Farmirus".

16.04.2025
INDIVIDUALS MUST FILE NOTIFICATIONS OF CONTROLLED FOREIGN CORPORATIONS FOR 2024 BY APRIL 30, 2025

The notification of a controlled foreign corporation must be submitted regardless of the financial performance of such foreign company.

If there are grounds for exemption from taxation of profits of such a company, documents confirming compliance with the relevant conditions must also be submitted by April 30, 2025. An exception is a controlled foreign corporation formed in accordance with the legislation of a member state of the EAEU and having a permanent location in it.
If there are no grounds for exemption from taxation of the profits of a controlled foreign corporation, it is necessary to submit documents confirming the amount of its profit or loss. This must also be done before April 30 (along with the notification of a controlled foreign corporation), regardless of the existence of an obligation to pay income tax on the controlled foreign corporation.
A taxpayer is subject to a fine of 500 thousand roubles for failure to submit a notification of a controlled foreign corporation.
15.04.2025
EMPLOYERS CANNOT FORCE EMPLOYEES TO SWITCH TO A PAYROLL PROGRAM IN ANOTHER BANK

Each employee has the right to receive a salary to his bank account - the provisions of the Labour Code of the Russian Federation guarantee the right to unhindered receipt of wages in a way convenient for the employee. Both the right to choose the appropriate credit institution and the right to change it belong to the employee, not the employer. 

If the employee does not want to receive a salary in another credit institution, he has the right to refuse the employer, and the latter must transfer the salary to the bank chosen by the employee. 
The employer's obstruction of the employee's right to change the credit institution, as well as failure to transfer the employee's salary to the bank chosen by the employee is considered an administrative offence provided for in Part 6 of Article 5.27 of the Code of Administrative Offences of the Russian Federation, and entails a warning or a fine.
14.04.2025
THE TRAFFIC REGULATIONS ARE SUPPLEMENTED WITH THE OBLIGATION FOR OWNERS OF VEHICLES REGISTERED OUTSIDE THE RUSSIAN FEDERATION TO PRESENT INTERNATIONAL MOTOR INSURANCE AT THE REQUEST OF POLICE OFFICERS

Clause 2.2. of the traffic regulations has been supplemented with a provision stipulating that if the civil liability of the owner of a vehicle registered on the territory of a foreign state and temporarily used on the territory of the Russian Federation is insured under international insurance systems, the driver of the vehicle must, at the request of a police officer, present for inspection a document confirming the fact of concluding a contract of insurance of civil liability of vehicle owners under international insurance systems.

11.04.2025
FROM APRIL 1, 2025, ONLY ONE FORMAT OF ELECTRONIC INVOICE WILL BE IN EFFECT

The Federal Tax Service reminds that April 1 marks the end of the transition period during which taxpayers had a choice of formats for generating electronic invoices. The Order of the Federal Tax Service dated December 19, 2023 approved two Annexes, one of which is valid until the end of March 2025. Thus, from April 1, 2025, only the format provided for on Annex No. 1 to the Order to be applied to generate an electronic invoice and universal transfer document. 

Invoices generated after April 1, 2025 using the old format will violate the requirement of the Tax Code of the Russian Federation, which means that the taxpayer will have difficulties accounting for VAT. 
However, the Federal Tax Service notes: if counterparties began document flow before April 1, 2025, then it should be completed in the same format in which it was started, even if the old format was used. 
The key value is the date of issuing the invoice, recorded by the e-document flow operator in the confirmation of the dispatch date.
10.04.2025
TEMPORARY MANAGEMENT OF THE RUSSIAN SUBSIDIARY OF ARISTON HAS BEEN LIFTED

Temporary management of Gazprom Household Systems JSC has been lifted from the share in the authorised capital of Ariston Termo Rus LLC, which belongs to Ariston Holding N.V.

09.04.2025
PROTECTING CITIZENS FROM TELEPHONE AND INTERNET FRAUD: A NEW LAW IS ENDORSED

As part of the counteracting against telephone fraud, the following is provided: 

- self-prohibition on concluding contracts for the provision of communication services without personal presence; 
- ban on the transfer of SIM cards to third parties (except close relatives); 
- self-prohibition on international calls, spam calls and mailings; 
- mandatory marking of all outgoing telephone calls from organizations. 
A special state information system (GIS) to be created, which will store information on persons that have committed illegal acts through public communication networks, including subscriber numbers used for these purposes. 
Access to it will be granted to the Prosecutor General's Office, the Investigative Committee, the Central Bank, credit institutions, communication operators, as well as federal executive authorities and organisations, the list of which will be established by the Government. 
Employees of government agencies, banks, communication operators, digital ecosystems are prohibited from communicating with citizens and clients through foreign messengers. 
In the financial market, in particular, the requirements for identifying borrowers when issuing microloans in electronic form are being tightened. 
Any person will be able to appoint a trusted person to whom the credit institution will contact to confirm the operation of issuing cash or issuing a loan. 
Credit institutions, owners of aggregators and operators must provide information requested by police investigators and FSB agencies through SMEV.
08.04.2025
OPERATORS MUST PROVIDE INFORMATION TO ROSKOMNADZOR TO IDENTIFY COMMUNICATION FACILITIES AND USER EQUIPMENT ON THE INTERNET

The procedure, terms, composition and format for providing information by a communication operator to Roskomnadzor to identify communication facilities and user equipment (terminal equipment) on the Internet on the territory of a country, region or part thereof have been established. 

Information shall be sent through a personal account on the Roskomnadzor website by filling in electronic forms or posting in XML format and using a secure communication channel. 
Information may be provided at the request of Roskomnadzor. In this case, it must be sent within an hour. 
Operators that received a licence before the Order came into force must send the information within 6 months. 
Operators that obtained a licence after the Order came into force must send the information no later than 15 business days after the start of providing Internet access services.
07.04.2025
REQUIREMENTS FOR TECHNICAL MEANS OF CONTROL OVER COMPLIANCE WITH REQUIREMENTS ON RESTRICTING ACCESS TO INFORMATION HAVE BEEN UPDATED

Communication operators, owners of technological communication networks that have a unique identifier for a set of communication means and other technical means on the Internet must be equipped with technical means of control over compliance with requirements on restricting access to information. 

In connection with amendments into the Law on Communications, Roskomnadzor has updated the requirements for the specified technical means of control, the procedure for their provision, installation and operation. 
Amendments to the law have expanded the functionality of technical means (control over the passage of traffic through technical means of countering threats).
04.04.2025
THE CENTRAL BANK OF THE RUSSIAN FEDERATION AGAIN KEPT THE KEY RATE AT 21%

On March 21, 2025, the Bank of Russia decided to keep the key rate at 21% per annum.

According to the forecast of the Central Bank of the Russian Federation, taking into account the current monetary policy, annual inflation will decrease to 7-8% in 2025 and return to 4% in 2026. 
The next meeting of the Board of Directors of the Bank of Russia on the key rate is scheduled for April 25, 2025.
03.04.2025
A FORMAT FOR TRANSFERRING INFORMATION TO THE TAX AUTHORITIES IS RECOMMENDED FOR THE OPERATOR OF THE MINING INFRASTRUCTURE

The operator of the mining infrastructure is obliged to report quarterly to the tax authority information related to the implementation of digital currency mining by the person to whom this operator provides services for the provision of mining infrastructure.

02.04.2025
THE FEDERAL FINANCIAL MONITORING SERVICE UPDATES THE PROCEDURE FOR INFORMATION INTERACTION WITH THE CENTRAL BANK OF THE RUSSIAN FEDERATION

Amendments were made to the Law on Countermeasures to Combat Legalization (Laundering) of Illegally Obtained Proceeds and Financing of Terrorism, according to which the requirements of anti-money laundering legislation apply to branches of foreign banks through which foreign banks operate in Russia. 

Corresponding amendments are proposed to be made to the regulations on the procedure for sending information by the Federal Financial Monitoring Service to the Central Bank of the Russian Federation that provided by organisations conducting transactions with money or other property.
01.04.2025
RESTRICTIONS ON TRANSFERS OF FUNDS ABROAD BY NON-RESIDENTS FROM UNFRIENDLY COUNTRIES FROM BROKERS OR TRUST MANAGERS' ACCOUNTS HAVE BEEN EXTENDED

Restrictions on transfers of funds abroad by non-residents from unfriendly countries from brokers or trust managers' accounts have been extended for another six months. 

The restrictions apply to transfers from accounts opened by individuals or legal entities with Russian brokers or trust managers.
31.03.2025
ALFA-BANK AND MSP BANK WILL HELP EAEU COUNTRIES IMPLEMENT INDUSTRIAL PROJECTS

Alfa-Bank and MSP Bank have become participants in the financial assistance mechanism for the implementation of joint cooperation projects by EAEU countries in industrial sectors.

28.03.2025
THE BANK OF RUSSIA HAS UPDATED ITS INFORMATION SECURITY REQUIREMENTS TO PREVENT FRAUDULENT ACTIVITIES

Banks must ensure the protection of information not only during money transfers, but also during other transactions within the framework of their activities. It was decided to update the requirements. They also apply to foreign banks that operate in Russia through their branches. 

The rules on the use of electronic signatures and cryptographic information protection tools have been clarified. Mechanisms have been introduced to combat the execution of transactions using credit (borrowed) funds under the influence of fraud or abuse of trust. Norms aimed at preventing the involvement of minors in criminal activity using financial mechanisms are also prescribed.
27.03.2025
ON BANKS' CONTROL OVER RESIDENTS' FOREIGN EXCHANGE TRANSACTIONS

Authorised banks as currency control agents are obliged to exercise control over currency transactions carried out by clients for the legality of their execution and to refuse to carry out illegal currency transactions. 

If a transaction (operation) falling under the effect of the decrees of the President establishing a special procedure for its execution (implementation) is executed (implemented) by a resident through a credit institution of which he/she is a client, then such a credit institution must exercise control over the availability of the appropriate permit from this resident.
26.03.2025
BY MARCH 20, 2025, COMPANIES MUST PROVIDE NOTIFICATIONS OF CFCS (CONTROLLED FOREIGN COMPANIES) FOR 2024

March 20, 2025 is the deadline for companies to submit notifications of controlled foreign companies for 2024. A notification of a CFC must be sent regardless of the financial result of such foreign company. 

If there are grounds for exemption from taxation of CFC profits, then documents confirming compliance with the conditions for such exemption should also be provided by March 20, 2025. The exception is made for companies established in accordance with the legislation of a member state of the EAEU with a permanent location in the cited country. 
In the absence of such grounds, it is necessary to submit documents confirming the amount of profit or loss of the CFC.
25.03.2025
THE EURASIAN FUND FOR STABILIZATION AND DEVELOPMENT WILL BECOME AN INDEPENDENT INTERNATIONAL FINANCIAL ORGANISATION

On March 18, 2025, the State Duma adopted a law on ratification of the Protocol on Amendments to the Treaty on the Establishment of the Eurasian Fund for Stabilization and Development. 

The Protocol provides for the transformation of the EFSD into a full-fledged independent international financial organisation providing financial support in the national currencies of the Fund's member states. New areas of activity for the EFSD are envisaged: 
- technical assistance to countries; 
- implementation of the international development assistance agenda, including through the creation of trust funds under the EFSD. 
The new administration structure of the Fund does not provide for the Eurasian Development Bank’s acting as a fund manager.
24.03.2025
THE FEDERAL TAX SERVICE REMINDED THAT THE REGISTRATION OF A COMPANY AT A MASS ADDRESS IS NO LONGER A REASON FOR AN INSPECTION
It is reported that the registration of a company at an address that is also the address of five or more organisations is no longer grounds for automatically appointing a verification of the accuracy of information about the address included in the Unified State Register of Legal Entities.
This, as the Federal Tax Service explained, will save businesses from unnecessary checks when including information about the so-called mass address in the Unified State Register of Legal Entities, since such situations do not always indicate the company's dishonesty. For example, an office centre may house dozens of organisations, and formally it meets the criteria of a mass address.
21.03.2025
RESTRICTIONS ON FOREIGN CURRENCY CASH WITHDRAWALS HAVE BEEN EXTENDED

The Bank of Russia communicates the following: restrictions on foreign currency cash withdrawals to remain in force until September 9, 2025. 

For citizens whose foreign currency account or deposit was opened before March 9, 2022, the limit on currency withdrawals to be kept in the amount of the balance of funds as of March 9, 2022 at 00:00 Moscow time, but not more than 10 thousand US dollars or an equivalent amount in euros, regardless of the currency of the deposit or account, provided that they have not previously converted such option. 
The rest of funds can still be withdrawn in roubles. The amount paid cannot be less than the amount calculated as of the date of payment at the official exchange rate of the Bank of Russia with respect to funds credited to the account before September 9, 2022. Funds credited after September 9, 2022, to be issued at a bank's exchange rate effective as of the date of withdrawal.
The ban for banks to collect a fee from citizens for issuing currency from accounts or deposits has been extended for six months. 
Currency transfers without opening an account or through electronic wallets should be issued in roubles. In this case, an amount issued cannot be less than the amount calculated as of the date of payment at the official exchange rate of the Bank of Russia.
20.03.2025
BAN ON CHARGING CITIZENS A COMMISSION WHEN ISSUING FOREIGN CURRENCY FROM ACCOUNTS OR DEPOSITS HAS BEEN EXTENDED FOR ANOTHER SIX MONTHS

The ban on charging citizens a commission when issuing foreign currency from accounts or deposits has been extended for banks for another six months, until September 9, 2025. 

Also until that date, there is a ban on charging a commission for converting foreign currencies into US dollars or euros if the conversion is carried out for the subsequent issuance of funds. 
This concerns the withdrawal of funds in foreign currency that were received into an account or deposit before March 9, 2022
19.03.2025
REGULATORY SANDBOX TO BE ESTABLISHED FOR CRYPTOCURRENCY TRANSACTIONS

It is planned to allow a limited group of Russian investors to buy and sell cryptocurrencies. For this purpose, a special experimental legal regime will be established for three years. 

Only particularly qualified investors will be able to make cryptocurrency transactions within the experimental legal regime. Citizens will be able to obtain this status if their investments in securities or deposits exceed 100 million roubles or if their income for the previous year was more than 50 million roubles. 
Participants in the experiment will be companies that are qualified investors under current legislation. 
Regulatory requirements will be set for financial institutions that want to invest in cryptocurrency, taking into account the level and nature of risks of such an asset. 
The Bank of Russia proposes to introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as to establish liability for violating the ban. 
Outside the experimental legal regime, all qualified investors will be allowed to invest in cash-settled derivatives, securities or digital financial assets that do not provide for the delivery of cryptocurrency to investors, but whose returns are linked to its value.
18.03.2025
FEDERAL SERVICE FOR VETERINARY AND PHYTOSANITARY SURVEILLANCE HAS ISSUED RECOMMENDATIONS IN CONNECTION WITH THE PLANNED BAN ON THE IMPORT OF PRODUCTS GROWN USING BANNED PESTICIDES INTO THE EU

The European Union plans to ban import of food grown using banned pesticides.

In Russia, the maximum residual level of pesticides (MRL) for a number of pesticides has not been established or exceeds the standards approved by the Codex Alimentarius.
Russian manufacturers should be prepared for the fact that they will no longer be able to export goods not only to EU countries, but also to those countries that are guided by the requirements established by the EU (for example, T*rkiye, Algeria).
Registrants of pesticides intended for use on export-oriented products are advised to withdraw from circulation and not register products based on active ingredients of pesticides that are obsolete and banned in most countries of the world and have safer alternatives.
17.03.2025
NEW LIST OF ALCOHOL-CONTAINING DRUGS THAT ARE NOT COVERED BY THE LAW ON ALCOHOL CIRCULATION HAS BEEN APPROVED

The Government has approved a new list of alcohol-containing drugs (192 names for human use and 18 names for veterinary medicine), the production, manufacturing and (or) circulation of which is not covered by the Law on state regulation of the production and circulation of alcohol.

14.03.2025
RESTRICTIONS FOR PERSONS FROM UNFRIENDLY COUNTRIES ON TRANSACTIONS WITH SHARES OF RUSSIAN LLCS BEING ECONOMICALLY SIGNIFICANT ORGANISATIONS

The RF President has restricted the ability of persons from unfriendly countries to make transactions with shares of Russian LLCs. 

The established procedure should not apply to transactions (operations) when entering into direct ownership of shares in the authorised capital of an LLC that is an economically significant organisation by the following persons: 
- citizens, residents, foreign nationals and non-residents that indirectly own shares in an economically significant organisation owned by a foreign holding company; 
- citizens or Russian legal entities to whom the right to enter into direct ownership of shares has been transferred.
13.03.2025
CHANGES IN THE LEGISLATION ON JSCS AND LLCS FROM MARCH 1, 2025

Some changes are of technical nature and aimed at bringing the laws on JSCs and LLCs into line with Chapter 9.1 "Decisions of Meetings" of the Civil Code of the Russian Federation, including in terms of the terminology used. 

However, a number of innovations directly affect the activities of management bodies of companies. 
In particular, the requirements for information provided to shareholders in preparation for a general meeting or absentee voting have been adjusted; cases have been clarified when voting at a general meeting can be combined with absentee voting; the procedure for holding a meeting remotely has been regulated; individual issues of the activities of the board of directors of the company have been regulated in more detail.
12.03.2025
ADVERTISING OF CONSUMER LOANS: CHANGES FROM MARCH 1, 2025

On March 1, 2025, amendments to Article 28 of the Law on Advertising came into force, adjusting the requirements for contents of advertising of services related to provision of a consumer loan (credit). 

It is envisaged that if an advertisement of services related to provision of a consumer loan, its use and repayment of the said loan contains at least one condition affecting its total cost, it must contain a warning: "Study all the terms of the loan (credit)" with a reference to the section of the official website of the creditor, which describes the detailed terms of the provision of the relevant services affecting the total cost of the consumer loan, and if it is impossible to indicate the creditor's website, it must contain all the conditions affecting the total cost of the consumer loan.
11.03.2025
EXPERIMENTS ON LABELLING SWEETS AND INDIVIDUAL COMPONENTS OF VEHICLES ARE STARTING

It is decided to conduct experiments on labelling the following goods with identification means: 

- individual types of components of vehicles and devices with an internal combustion engine (filters, glass, spark plugs) - from February 25, 2025 to February 28, 2026; 
- individual types of sweets and confectionery products packaged in consumer packaging - from March 1 to August 31, 2025.
10.03.2025
A LAW HAS BEEN SIGNED TO LIMIT THE USE OF ONLINE TECHNOLOGIES IN MEDICAL AND PHARMACEUTICAL EDUCATION

From March 1, 2026, it will be prohibited to use e-learning and distance learning technologies in the implementation of professional educational programs in medical and pharmaceutical education - except for cases determined by the Federal State Educational Standard or standard additional professional programs in the field of health protection and the implementation of pharmaceutical activities. 

Moreover, these standard programs must be endorsed by the RF Ministry of Public Health, and they must contain requirements for personnel and logistical support.
07.03.2025
THE VALUES OF FINANCIAL COMPANIES' ASSETS, ABOVE WHICH THE CONSENT OF THE ANTIMONOPOLY AUTHORITY FOR A NUMBER OF TRANSACTIONS IS REQUIRED, WILL CHANGE

It is planned to establish new values for the value of assets of financial organisations supervised by the Bank of Russia, above which the preliminary consent of the antimonopoly authority is required for certain transactions and other actions of such organisations. 

The introduction of an additional mechanism for the monitoring of economic concentration transactions carried out by large financial companies in relation to other financial organisations of the same type has been taken into account.
06.03.2025
BY MARCH 20, ORGANISATIONS MUST SUBMIT NOTIFICATIONS OF CONTROLLED FOREIGN COMPANIES FOR 2024

Notification of a controlled foreign company must be sent regardless of the financial performance of such foreign company.

If there are grounds for exemption from taxation of profits, a controlled foreign company must also submit documents by March 20 confirming compliance with the conditions of exemption. The exception is companies established in accordance with the legislation of a member state of the EAEU and having a permanent location in it.
In the absence of such grounds, it is necessary to submit documents confirming the amount of profit or loss of the controlled foreign company. This must be done no later than March 25 (along with the declaration on corporate income tax), regardless of whether there is an obligation to pay tax on its profits.
05.03.2025
EXPLANATIONS FROM THE BANK OF RUSSIA ON QUALIFICATION REQUIREMENTS FOR INFORMATION SECURITY EMPLOYEES

If federal laws or other regulatory legal acts do not establish requirements for the qualifications of information security employees in the credit and financial sphere, the professional standard "Information Security Specialist in the Credit and Financial Sphere" is advisory in nature and can be used to determine the requirements for the qualifications of employees. 

Credit institutions have the right to independently determine the requirements for the level of education of information security employees, provided that there are no corresponding requirements for qualifications in the legislation. 

The Bank of Russia plans to issue recommendations on the use of the said professional standard in corporate HR policy.

04.03.2025
EXPERIMENTS TO MARK SWEETS AND CERTAIN COMPONENTS OF VEHICLES ARE UNDERWAY

 It was decided to conduct experiments on marking the following with identification means:

- certain types of components of vehicles and devices with an internal combustion engine (filters, glass, spark plugs) - from February 25, 2025 to February 28, 2026;
- certain types of sweets and confectionery products packed in consumer packaging - from March 1 to August 31, 2025.
03.03.2025
THE RULES FOR INSTALLING TECHNICAL MEANS TO COUNTER THREATS TO THE STABILITY OF THE INTERNET AND PUBLIC COMMUNICATIONS NETWORKS WILL BE UPDATED

From September 1, 2025, it is planned to put into effect new rules for the installation, operation and modernization of technical means to counter threats to the stability, security and integrity of the functioning of the Internet and public communications network in Russia. The procedures are performed by the radio-frequency service. In general, the rules will not change.

28.02.2025
BANK OF RUSSIA AGAIN LEFT THE KEY RATE AT 21%

On February 14, 2025, the Bank of Russia decided to keep the key rate at 21% per annum. 

The achieved tightness of monetary conditions creates the necessary prerequisites for resuming the disinflation process and returning inflation to the target in 2026. The Central Bank of the Russian Federation will assess the advisability of raising the key rate taking into account the speed and sustainability of the decline in inflation. According to the Bank of Russia's forecast, annual inflation will decrease to 7-8% in 2025 and return to 4% in 2026. 
The next meeting of the Board of Directors of the Bank of Russia on the key rate is scheduled for March 21, 2025.
27.02.2025
ON THE APPLICATION OF RESTRICTIONS WHEN MAKING TRANSACTIONS WITH SHARES OF ECONOMICALLY SIGNIFICANT ORGANISATIONS

The Bank of Russia has clarified the procedure for applying temporary restrictive measures when making transactions with shares (shares in the authorised capital) of economically significant organisations. 

This also applies to restrictions for foreign holding companies when they exercise corporate rights in relation to the said organisations.
26.02.2025
AUDITORS AND ACCOUNTING COMPANIES SHOULD PROVIDE REPORTS OF SUSPICIOUS TRANSACTIONS TO ROSFINMONITORING UNDER NEW RULES

Entities providing accounting or legal services, audit organisations and individual auditors, lawyers and notaries (and other persons) must notify Rosfinmonitoring of suspicious transactions of persons engaged in digital currency mining and mining pool organisers in order to counteract the legalisation (laundering) of proceeds from crime and the financing of terrorism.

25.02.2025
APPOINTMENT OF OFFICIALS OF FINANCIAL COMPANIES: DEADLINES FOR NOTIFYING THE BANK OF RUSSIA HAVE BEEN ADJUSTED

The deadlines for providing notifications to the Bank of Russia about appointment to a position, as well as about dismissal from a position (about temporary performance of duties and termination thereof) of some officials holding positions in a financial company have been adjusted. They are synchronised with the provisions of relevant federal laws.

24.02.2025
A LIST OF INFORMATION THAT NON-CREDIT FINANCIAL INSTITUTIONS HAVE THE RIGHT NOT TO DISCLOSE UNTIL THE END OF 2025 HAS BEEN DETERMINED

The Central Bank has defined a list of information that non-state pension funds, joint stock investment funds and management companies of mutual funds, non-state pension funds or mutual funds have the right not to disclose until December 31, 2025.

Thus, management companies and joint stock investment funds have the right not to disclose information about the name of a specialised mutual fund depository, a joint stock investment fund, a person maintaining the register of owners of mutual fund investment units, a registrar of shares of a joint stock investment fund, as well as links to the websites of these persons and entities. 
Non-state pension funds have the right not to publish information that constitutes a conflict of interest if its disclosure will lead (may lead) to the introduction of restrictive measures in relation to the non-state pension fund and (or) other persons, and also if restrictive measures are in force in relation to the said persons. Such information includes the type of asset, full and/or abbreviated name, registration number of the person liable for the asset; information and methods of the use of it; subject of the transaction and information on the parties to the transaction.
21.02.2025
COMPANIES UNDER SANCTIONS WILL BE ABLE TO APPLY IN ADVANCE FOR THE INCLUDING OF THEIR SUBSIDIARIES INTO THE LIST OF LEGAL ENTITIES, ACCESS TO INFORMATION ON WHICH IS RESTRICTED

The corresponding amendments were made recently to Decision of the RF Government No. 1625 of September 16, 2022, which defines cases when access to information (data) contained in the State Register of Legal Entities and the Unified State Register of Legal Entities may be restricted. 

Such cases include, in particular, the including of a person into the list of persons subject to restrictive measures imposed by foreign states, or with respect to which such restrictive measures may be introduced. 
The amendments envisage that an application for the including of a subsidiary into the specified list after its state registration may be submitted to the Ministry of Finance by the founder legal entity subject to sanctions, before providing the documents required for state registration of a legal entity to the Federal Tax Service.
20.02.2025
PROCEDURE HAS BEEN DEVELOPED FOR SENDING ORDERS TO THE ADMINISTRATOR OF FINANCIAL AND COMMODITY INDICATORS TO ELIMINATE VIOLATIONS

Rules have been developed for the Bank of Russia to send mandatory orders in connection with the non-compliance of shareholders (participants) of the administrator of financial and commodity indicators with the requirements established by law, as well as in the event of non-compliance with the qualification requirements or requirements for the business reputation of the management body of the administrator and its officials.

19.02.2025
METHODOLOGY FOR PROTECTING BANKING APPLICATIONS HAS BEEN ESTABLISHED

Recommendations have been issued for protecting application software of automated systems and applications of credit and non-credit financial institutions. They are intended for software developers, for applicants for product certification, as well as for certification bodies, testing laboratories and organisations that independently conduct conformity assessments, engaged in software certification for compliance with information security requirements, including requirements for vulnerability analysis and control over the absence of undeclared capabilities.

18.02.2025
FEDERAL TAX SERVICE HAS PROVIDED CLARIFICATION ON THE ISSUE OF INDICATING THE COUNTRY CODE OF AN INTERNATIONAL COMPANY IN THE REPORT AND NOTIFICATION ON FOREIGN ACCOUNTS OF NON-RESIDENT LEGAL ENTITIES

From July 1, 2024, the obligation has been established for resident legal entities that are part of the same international group of companies with non-residents to submit Reports and Notifications to the tax authorities on foreign accounts of such non-resident legal entities at the place of their registration. 

An international company redomiciled in the Unified State Register of Legal Entities in connection with a change in the personal law of a foreign legal entity is recognised as a non-resident. 
Thus, if such an international company is a member of an international group of companies, it should be reflected in the Report as part of non-resident participants, and in the corresponding column "Digital Code of the Country of Registration (Incorporation)" of the Report and Notification, the code "643" should be indicated, as provided for by the All-Russia Classifier of Countries of the World for the Russian Federation.
17.02.2025
RULES FOR THE SAFE USE OF QR CODES FOR PAYMENTS AND TRANSFERS
The Bank of Russia has developed a standard for unifying the types and methods of secure use of QR codes in money transfers. 
It systematizes threats that may arise at each stage of the operation depending on the types of QR codes, and presents typical methods of protection against these threats. There are separate security measures for depositing and withdrawing money from an ATM using a QR code. 
The standard is of a recommendatory nature.
14.02.2025
TRANSFER OF FUNDS FROM TYPE ‘C’ ACCOUNTS IN THE EVENT OF BANKRUPTCY OF BANKS AND PARTICIPANTS IN THE SECURITIES MARKET HAS BEEN REGULATED

The Decree on the temporary procedure for fulfilling obligations to certain foreign creditors has been adjusted. 

It is established that in the event of bankruptcy of a bank with which a type "C" account has been opened, funds from such account are not included into the bankruptcy estate. The temporary administration will have to transfer them to a credit institution determined by the Central Bank. 
It has also been established that in the event of bankruptcy of an organisation that carries out professional activities in the securities market and with which a type "C" account has been opened, funds from such account should be transferred to a similar organisation determined by the Central Bank.
13.02.2025
PROCEDURE FOR NOTIFICATION OF NON-RESIDENTS' FOREIGN ACCOUNTS - CLARIFICATIONS ARE PROVIDED FOR ORGANISATIONS INCLUDED INTO A GROUP OF COMPANIES

From July 1, 2024, Russian companies included in the same international group of companies (IGC) with non-residents must notify tax authorities of non-residents' accounts in foreign banks and file reports on the flow of funds. These requirements do not apply if they are fulfilled by the parent company of the IGC or a participant in the IGC, and also if more than 50% of the group's assets are located abroad, the resident does not participate in the capital or does not control non-residents in any other way, and non-residents do not participate in the capital of the resident or do not control its activities in any other way. 

The requirements for submitting notifications about opening accounts (deposits) apply only to accounts (deposits) opened from July 1, 2024. The requirements for submitting notifications about closing accounts (deposits) and about changing account (deposit) details apply to all accounts (deposits) that are closed or details of which are changed from July 1, 2024.
12.02.2025
PROGRAM FOR CREATING SHAREHOLDER VALUE OF PUBLIC JOINT STOCK COMPANIES WILL HELP INCREASE THE INVESTMENT ATTRACTIVENESS OF ISSUERS

A program for creating shareholder value of public joint stock companies has been adopted. Its main characteristics are given. The short-term goal is to support the best market practices of issuers by preserving the values of corporate culture, the long-term goal is to increase the investment attractiveness of issuers to increase their shareholder value. 

The subjects, expected economic effects, and objectives of the program have been identified. The procedure for forming the list of participants has been established. The implementation deadlines and success criteria have been established.
11.02.2025
REQUIREMENTS FOR LABELLING OF CERTAIN TYPES OF CANNED PRODUCTS IN THE EAEU HAVE BEEN DEFINED

The EAEU member states must independently establish the date of introduction and the procedure for labelling certain types of canned products on their territory, notifying the EEC of such date no later than 6 months before it occurs.

The concept of canned goods has been established. A list of goods subject to labelling is provided. Requirements for identification means have been established. The need to mark the remaining goods and the period of time for unmarked goods to remain in circulation are determined by the legislation of the member state. Products with a net weight of 30 g or less and food for kids under one year of age are not marked.
10.02.2025
REPORTS ON THE RECEIPT OF DIGITAL CURRENCY CAN BE SUBMITTED VIA PERSONAL ACCOUNTS

A new function has appeared in the taxpayer's personal accounts. Using the online service, you can send information about receiving digital currency to the tax authority. Taxpayers who are engaged in digital currency mining must report to the authorised body on the mined currency no later than the 20th day of the month following the month in which the digital currency was received. 

The new functionality will be available when logging into personal accounts using a certified electronic signature. Individual entrepreneurs and legal entities will be able to submit information if they are included in the Register of Miners and Operators.
07.02.2025
FINANCIAL MARKET DEVELOPMENT FOR 2025-2027: GUIDELINES HAVE BEEN DEFINED

The priority task is to develop long-term savings and investment instruments for citizens. 

It is planned to improve the mechanism of individual investment accounts and long-term savings programs, as well as to develop sales channels for citizens of standard securities market instruments with a low level of risk.
The Bank of Russia intends to use the instrument of macroprudential surcharges on foreign currency loans. Surcharges can be established, including for foreign currency loans of exporters. 
It envisages the development of the capital market, increasing financial accessibility, introducing new digital and payment technologies, and developing international payments and settlements.
06.02.2025
RULES FOR CONDUCTING CONTROL MEASURES IN RELATION TO FINANCIAL COMPANIES HAVE BEEN UPDATED

The Bank of Russia has updated the procedure for conducting control measures in relation to supervised organisations. It applies to branches of foreign banks. The responsibilities of companies to be fulfilled following the results of the audit have been clarified.

05.02.2025
PROCEDURE FOR CONDUCTING CASH TRANSACTIONS WITH CASH CURRENCY HAS BEEN UPDATED

The issues of conducting cash transactions with foreign currency in authorised banks in Russia have been re-regulated. The actions of cashiers, requirements for accepting and issuing currency, for working with questionable banknotes, etc., have been clarified.

04.02.2025
PROCEDURE FOR THE WORK OF THE COMMISSION FOR REVIEWING CASES OF HARM CAUSED BY ARTIFICIAL INTELLIGENCE TECHNOLOGIES HAS BEEN REGULATED

Insurance of damage caused to life, health or property of other persons within the framework of the experimental legal regime in the area of digital innovations became mandatory from January 5, 2025. If, during the implementation of the regime, as a result of the use of solutions developed using artificial intelligence technologies, harm is caused to the life, health or property of a person or the property of a legal entity, then the regulatory body must create a commission to establish the circumstances under which such harm was caused. 

In this regard, the procedure for forming a commission, the rules for considering cases of harm, the procedure for preparing conclusions and the form of the conclusion have been approved. 
The conclusion may serve as the basis for a decision by the authorised body to suspend the status of a subject of the experimental legal regime.
03.02.2025
PROCEDURE FOR PROVIDING INFORMATION FROM THE REGISTER OF CRYPTOCURRENCY MINERS HAS BEEN CLARIFIED

In Russia, registers of persons mining digital currency and operators of mining infrastructure have been created. A notification of the entry of information into them serves as confirmation. No other documents should be attached to it. 

The information entered into the registers shall not be published. It is provided to government agencies, courts, the Central Bank, territorial grid organisations and the system operator of electric power systems through the Interdepartmental electronic interaction system (SMEV). Confirmation of the presence of information in the registers is a response from the Federal Tax Service sent to a request from an authorised body using the Interdepartmental electronic interaction system.
31.01.2025
THE MINISTRY OF FINANCE HAS CLARIFIED THE PROCEDURE FOR TAXATION OF INCOME OF A FOREIGN ORGANISATION FROM THE USE OF A COPYRIGHT OBJECT IN THE EVENT OF SUSPENSION OF AN INTERNATIONAL TREATY

A foreign organisation receiving income from sources in Russia is recognised as a payer of income tax; the tax is calculated and withheld by the tax agent. Such income includes income from the use of rights to intellectual property in Russia. 

Until the end of 2025, tax will not be calculated or withheld at reduced rates in the event of income payments to foreign organisations from countries with which international tax treaties have been suspended.
30.01.2025
THERE IS A SEPARATE LAW DEVOTED TO TECHNOLOGY POLICY

The technological policy has been regulated to achieve technological sovereignty, create conditions for accelerated development and implementation of technological innovations to solve socio-economic problems, as well as ensure the competitiveness of domestic high-tech products and the efficiency of their production through the development and implementation of technological innovations.

29.01.2025
THE MINISTRY OF FINANCE HAS INDICATED IN WHICH CASES PERMITS FROM THE SUBCOMMITTEE OF THE GOVERNMENT COMMISSION FOR CONTROL OVER FOREIGN INVESTMENTS WILL NOT BE REQUIRED FOR TRANSACTIONS WITH SHARES IN LIMITED LIABILITY COMPANIES

If transactions entailing the establishment, change or termination of rights of ownership, use and (or) disposal of shares in the authorised capital of limited liability companies (except for credit and non-credit financial institutions) are concluded between a resident who is not under the control of a person of an unfriendly state and a person not from such a country, then it is not necessary to obtain a permit from the Subcommittee of the Government Commission for Control over Foreign Investments.

28.01.2025
THE EAEU HAS INTRODUCED A NEW PROCEDURE FOR REGISTERING MEDICINES AT THE INITIATIVE OF THE RESPONSIBLE AUTHORITY

A new option is provided for the registering of a drug at the initiative of the authorised agency of a EAEU member state. 

The authorised agency will be entitled to register a drug if it and its analogues are not registered in this EAEU state, the state does not have an established procedure for registering such drug, and it is registered in a reference state. Written consent of the holder of the registration certificate will be required. 
Recognition at the initiative of the authorised agency of the results of registration of a drug registered in the reference state will be carried out on the basis of the registration dossier data, the current version of the expert assessment report in the reference state, and also taking into account open publicly available information in the drug.
27.01.2025
OPEN TRADES - HOW WILL THE CENTRAL DEPOSITORY AND CENTRAL COUNTERPARTIES ACCOUNT FOR FOREIGN EXCHANGE EXPOSURES?

 From January 1, 2025, new rules for accounting for open trades in foreign exchange exposure (net foreign currency exchange position) are established for credit institutions being a central depository and also for non-bank credit institutions that are central counterparties. 

Net foreign currency exchange positions to be calculated in order to limit risks, as well as to assess the impact of risks on the amounts of base equity, core assets & net worth. The amounts (limits) of net foreign exchange positions are established to be observed daily.
24.01.2025
SECURITIES AND SHARES IN THE AUTHORISED CAPITAL OF RUSSIAN LEGAL ENTITIES FOR WHICH TEMPORARY MANAGEMENT IS INTRODUCED: LISTS HAVE BEEN EXPANDED

In the event that Russia, Russian legal entities or individuals are deprived of the right to own property in unfriendly countries, property rights, restrictions on such rights, or threats of such deprivation (restriction), temporary management to be introduced with respect to the assets of persons and entities from unfriendly countries. 

The list of assets for which temporary management is introduced has been expanded. A number of securities and shares in the authorised capital of certain organisations are included.
23.01.2025
INFORMATION THAT FINANCIAL COMPANIES MAY NOT DISCLOSE IN 2025: THE COMPOSITION HAS BEEN DETERMINED

The composition of information is defined that may not be disclosed in 2025 by the following entities:

- credit institutions and foreign banks operating in Russia through branches, non-credit financial companies, credit bureaus, credit rating agencies, audit organisations, entities of the national payment system; 
- mutual insurance companies and the Bank of Russia. 
However, the obligation to provide information to the Bank of Russia has not been cancelled.
22.01.2025
BUSINESSES ARE EXEMPTED FROM ANNUAL CONFIRMATION OF TYPES OF ECONOMIC ACTIVITY

Entities and entrepreneurs will no longer need to annually confirm their types of economic activity. They will have to notify the Federal State Statistics Service about changes in the main type of activity, as well as about changes in the share of more than 20% of at least one type of activity. The Federal State Statistics Service will send this information to the Federal Tax Service. The Unified State Register of Legal Entities and the Unified State Register of Individual Entrepreneurs will become the only sources of data on types of economic activity. They will contain information on the shares of activities.

21.01.2025
FROM SEPTEMBER 2026, MARKETPLACES WILL BE REQUIRED TO POST LINKS TO PRODUCT QUALITY CERTIFICATES

Amendments have been made to the Law on the Protection of Consumer Rights, establishing the obligation of the seller (owner of the aggregator) to inform the buyer of a link to the entry in the register of issued certificates of conformity and registered declarations. This link will be placed on the product card. If the products being sold are not subject to mandatory confirmation of conformity, the owner of the aggregator must provide the seller with the technical ability to provide this information in the product description, and the consumer must be able to read it. The specified requirements do not apply to used goods and cases where the purchase and sale agreement is concluded in a retail facility where consumers are provided with the opportunity to familiarize themselves with information on mandatory confirmation of conformity of goods.

20.01.2025
TOBACCO-FREE HEATING MIXTURE ARE EQUATED TO NICOTINE-CONTAINING PRODUCTS

Amendments have been made to the Law on the Protection of Citizens' Health from the Effects of Second-Hand Tobacco Smoke, the Consequences of Consuming Tobacco or Nicotine-Containing Products, according to which tobacco-free heating mixtures should be classified as a nicotine-containing product. The concept of such mixture has been introduced.

17.01.2025
PAYING FOR GAS SUPPLIES ABROAD IN ROUBLES: THE RULES HAVE BEEN ADJUSTED

The decree on the special procedure for fulfilling obligations to Russian gas suppliers by foreign buyers has been adjusted. It is established that until April 1, 2025, the payment obligation is considered duly fulfilled if funds in roubles are credited to a rouble account opened by a Russian supplier with a Russian credit institution.

16.01.2025
A NUMBER OF CONCESSIONS FOR FINANCIAL COMPANIES ARE PLANNED TO BE EXTENDED UNTIL 2025

The Bank of Russia plans to extend a number of concessions for financial companies until 2025. Thus, professional participants in the securities market, NPFs, management companies and infrastructure organisations operating in the financial market will have the right not to disclose a number of data specified in individual decisions of the Central Bank of the Russian Federation. This, for example, information about debtors, creditors, risks and transactions, the disclosure of which will lead or may lead to the imposition of sanctions. 

Temporary requirements will be applied to the activities of managers in terms of opening type ‘C’ bank accounts for trust management and type ‘C’ depository accounts of trust administrator.
15.01.2025
DIGITAL INNOVATIONS: A REGISTER OF RESULTS OF INTELLECTUAL ACTIVITY CREATED USING ARTIFICIAL INTELLIGENCE WILL APPEAR

The procedure for maintaining a register of results of intellectual activity created, including using artificial intelligence technologies, in the implementation of the experimental legal regime in the field of digital innovations has been determined. The register should be maintained by an entity of the experimental legal regime in electronic form. A recommended sample is provided. Removal of information from the register is not allowed.

14.01.2025
A COPYRIGHT HOLDER FROM AN UNFRIENDLY COUNTRY HAS THE RIGHT TO PROTECT A TRADEMARK IN RUSSIA

A foreign company collected compensation from a businessman for offering counterfeit goods using the plaintiff's trademarks. The defendant's arguments on the exhaustion of exclusive rights due to the expiration of their validity period were rejected. According to an extract from the international register of WIPO trademarks, the term of their legal protection, including in Russia, has been extended until 2031. 

The arguments about the plaintiff's origin from an unfriendly country were also not accepted. This circumstance does not exempt from liability for violating the exclusive rights of foreign copyright holders. The Presidential Decree on sanctions in connection with restrictive measures mostly concerns foreign exchange transactions and does not regulate relations in the field of intellectual property.
13.01.2025
FEDERAL TAX SERVICE & FEDERAL NOTARY CHAMBER HAVE LAUNCHED AN EXCHANGE OF INFORMATION ON THE NOTARIAL CANCELLATION OF MACHINE-READABLE POWERS OF ATTORNEY

From now, data on the notarial cancellation of a machine-readable powers of attorney are automatically transferred to the Digital Distributed Register Platform (DDRP) of the Federal Tax Service after registration in the register of notarial acts. As before, any power of attorney, including a machine-readable one, can be cancelled by contacting a notary office. 

The power of attorney verification service on the Federal Notary Chamber (FNP) portal provides for opportunity to get quickly information on the cancellation of a notarial machine-readable powers of attorney. Information on notarial cancellation of powers of attorney in simple written form is also published there. However, now data on notarial cancellation of the machine-readable powers of attorney shall be automatically transmitted to the Digital Distributed Register Platform of the Federal Tax Service and shall be also displayed there when checking the status of the power of attorney. Thus, users have additional opportunities to check the validity of machine-readable powers of attorney and prevent actions on cancelled powers of attorney.
10.01.2025
BANK OF RUSSIA HAS DECIDED TO KEEP THE KEY RATE AT 21%

On December 20, 2024, the Bank of Russia decided to keep the key rate at 21% per annum. 

There has been a more significant tightening of monetary conditions than previously expected. The Central Bank of the Russian Federation will assess the advisability of raising the key rate taking into account the further dynamics of lending and inflation. According to the Bank of Russia's forecast, annual inflation will fall to 4% in 2026.
09.01.2025
RUSSIAN EXPORTERS WILL BE ABLE TO AVOID DEPOSITING FOREIGN CURRENCY EARNINGS INTO AUTHORISED BANKS

The rules for the issuing of permits of the Government Commission for Control over Foreign Investments have been adjusted. 

Now the said commission will be able to permit Russian exporters and their subsidiaries not to credit foreign currency received in accordance with the terms of foreign trade agreements to their accounts in authorised banks. These provisions will be in effect until April 30, 2025 inclusive. 
In addition, Russian exporters and (or) their subsidiaries now have the right to send foreign currency from their accounts in foreign banks to pay the obligations of Russian importers under foreign trade agreements (contracts) concluded with non-residents within three days from the date of crediting the Russian currency to their accounts in authorised banks from the accounts of Russian importers. 
In this case, Russian importers must ensure the import of goods into the territory of the Russian Federation or the crediting of foreign currency transferred by Russian exporters and (or) their subsidiaries to their accounts in authorised or foreign banks for non-imported (non-received) goods within a period not exceeding 180 days from the date of fulfilment of such obligations.
08.01.2025
NEW VAT DECLARATION FORM HAS BEEN APPROVED

Starting from the report for the first quarter of 2025, a new form, format and procedure for filling out the VAT declaration will be introduced, as well as formats for information from the purchase and sales books (additional sheets to them), information on issued and received invoices from invoice registers.

The approval of the new form is due to the fact that large-scale VAT amendments were introduced into the Tax Code of the Russian Federation in 2024. In particular, from 2025, VAT will have to be paid by those who use the simplified tax system. New tax rates of 5% and 7% have been introduced for them, as well as exemption from taxpayer obligations for incomes up to 60 million roubles. In addition, a mechanism has been created for collecting VAT based on the country of destination of the goods when trading through electronic platforms, the lists of non-taxable transactions, transactions taxed at a rate of 10%, etc., have been adjusted.
07.01.2025
LISTS OF COUNTRIES PARTICIPATING IN THE EXCHANGE OF TAX INFORMATION WITH THE RUSSIAN FEDERATION, AS WELL AS THOSE NOT PROVIDING SUCH EXCHANGE, HAVE BEEN UPDATED

New lists of states (territories) have been approved:

- states (territories) with which automatic exchange of financial information is carried out. The list includes 63 countries and 12 territories.. It includes Armenia, Cameroon, Rwanda and Jamaica, as well as the territory of Niue.. The 26 EU member states that unilaterally stopped the automatic exchange of financial information with Russia have been removed;
- states (territories) with whose competent authorities automatic exchange of country reports is carried out. EU countries that have unilaterally stopped the exchange are removed. Albania, Cameroon, Dominican Republic, Mauritania, Papua New Guinea, the territories of Montserrat and the Faeroe Islands have been added;
- states (territories) that do not provide for the exchange of information for tax purposes with the Russian Federation. It now includes 117 countries and 14 territories..
It is instructive to recall that the profit of a controlled foreign company is exempt from taxation if the permanent location of such a controlled foreign company is a state with which the Russian Federation has an international agreement on taxation issues, with the exception of states that do not ensure the exchange of information for tax purposes with Russia.
06.01.2025
STARTING NEXT YEAR, NON-PROFIT ORGANISATIONS WILL HAVE TO POST THEIR CHARTERS ON THE MINISTRY OF JUSTICE'S INFORMATION RESOURCE

According to the amendments, non-profit organisations (except for political parties) must post their charter within 30 days from the date of their state registration. The text of the charter shall be uploaded through the personal account of the non-profit organisation on the department's website. Similarly, it will be necessary to post a new wording of the charter if amendments are made to it.

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