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

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30.10.2024
THE GOVERNMENT HAS IMPOSED A BAN ON THE PRODUCTION AND USE OF THREE TYPES OF PET PACKAGING FROM SEPTEMBER 1, 2025

A list of types of products (goods) has been established, the production and use of which are not permitted due to the fact that waste from their use cannot be processed and (or) utilized, or their processing and (or) utilisation is difficult.

The list includes multilayer PET bottles, PET packaging with a PVC label, with the exception of a shrink sleeve, as well as PET bottles for the food industry of all colours, with the exception of colourless, blue, green, brown and white.
29.10.2024
COUNCIL OF MINISTERS HAS ADOPTED A DECISION CONCERNING THE FILING BY CITIZENS OF APPLICATIONS FOR THE ESTABLISHMENT OF A SELF-PROHIBITION ON THE ISSUANCE OF CONSUMER LOANS AND ITS LIFTING

From March 1, 2025, citizens will be able to establish a self-prohibition on the issuance of consumer loans. From this date, the corresponding amendments to the Law on Credit Histories and the Law on Consumer Credit (Loan), adopted in February of this year, will come into force.

28.10.2024
UNIFIED DIGITAL PLATFORM ‘WORK IN RUSSIA’: HOW PERSONAL FILES OF CITIZENS AND EMPLOYERS’ REGISTRATION FILES WILL BE MANAGED

The Rules for the formation, maintenance and storage of a citizen's personal file and an employer's registration file on the Unified Digital Platform in the Sphere of Employment and Labour Relations "Work in Russia" have been proposed. 

The personal file of a citizen contains information received or generated when providing the citizen with state support measures in the area of employment of the population. It is generated automatically on the platform based on the information included in the citizen’s application (appeal) for receiving government support measures. 
The employer's registration file includes information obtained by employment service agencies when interacting with the employer.
25.10.2024
ONE OF THE REQUIREMENTS FOR MANDATORY SALE OF FOREIGN CURRENCY EARNINGS BY MAJOR EXPORTERS HAS BEEN RELAXED

By April 30, 2025, the largest Russian exporters are obliged to:

- credit to their accounts in authorised banks a portion of the foreign currency received under foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the performance of work for non-residents, the provision of services to non-residents, the transfer of information and intellectual property, including exclusive rights to them, to non-residents (the limit of currency subject to crediting has been reduced to 40% from July 21, 2024);
- sell part of this proceeds on the domestic currency market of the Russian Federation. Currently, this is 90% of the credited amount within a period not exceeding 14 days from the date of crediting, but in the amount of not less than 50% of the funds received under foreign trade agreements, within a period not exceeding 30 days from the date of receipt of the said funds.
24.10.2024
AMENDMENTS HAVE BEEN MADE TO THE LAW ON PROTECTION OF COMPETITION

In particular, the provisions of the Law on the Protection of Competition concerning the recognition of the price of a product as monopolistically high or monopolistically low have been clarified.. In particular, the need for comparison with prices in markets outside the Russian Federation when determining monopolistically high or monopolistically low prices is eliminated.

It is also specified that the antimonopoly authority sends a warning about the inadmissibility of violating antimonopoly legislation to an official of an economic entity not only in the case of a public statement by such an entity about planned behaviour on the commodity market that could lead to a violation of antimonopoly legislation, but also in the case of the availability of reliable information about the planned behaviour on the commodity market, if such behaviour could lead to a violation of antimonopoly legislation.
23.10.2024
A NUMBER OF RUSSIAN FOOD COMPANIES HAVE COME UNDER STATE CONTROL

Securities and shares in the authorised (share) capital of a number of Russian legal entities have been transferred to the temporary management of the Federal Property Management Agency. In particular, the following have come under state control: JSC and LLC "Glavprodukt", LLC "BALTIC CANNERY", LLC "Glavprodukt-patent", LLC "United Industrial Company", LLC "United Cannery Plants".

22.10.2024
FROM OCTOBER 14, 2024, PENALTIES FOR DRIVING A CAR WITH MODIFIED OR HIDDEN STATE REGISTRATION PLATES TO BE TIGHTENED

Actions related to driving a vehicle with state registration plates equipped with devices that prevent identification of state registration plates or allow them to be modified or hidden are currently determined as a separate offence, for the commission of which the penalty will be deprivation of the right to drive vehicles for a period of one year to one and a half years with confiscation of the said devices (the devices are subject to destruction).

21.10.2024
AUTHORISATION-BASED PROCEDURE FOR IMPORTING AIR CONDITIONERS AND REFRIGERATORS: CLARIFICATIONS CONCERNING ITS APPLICABILITY ARE PROVIDED

With respect to products included into List D of Section 1.1 of the List of goods for which an authorisation-based procedure for importing onto the EAEU customs territory has been established, regardless of whether such products contain mono-substances from List F or mixtures thereof, the authorisation-based procedure shall apply for importing onto the territory of Russia, established for ozone-depleting substances and products containing them

18.10.2024
ACCOUNT ACTIVITY ON FOREIGN ACCOUNTS OF NON-RESIDENTS: REPORTING FORMAT HAS BEEN DEVELOPED FOR RESIDENTS INCLUDED INTO INTERNATIONAL GROUPS OF COMPANIES

A format has been developed for flow statements with respect to funds and other financial assets of a non-resident included into the same international group of companies as a resident, on an account (deposit) opened in a bank or another financial market institution located abroad, and on transfers without opening an account using electronic means of payment provided by foreign payment service providers.

17.10.2024
ON TAX BENEFITS FOR SMALL TECHNOLOGY COMPANIES

The Ministry of Finance has provided clarification regarding tax benefits for small technology companies. Thus, from January 1, 2025, it will be possible to apply coefficient 2 to research and development expenses regardless of whether the relevant work is included in the established list.

16.10.2024
THE MINISTRY OF DIGITAL DEVELOPMENT PROPOSES TO BLOCK ANONYMOUS SPAM CALLS TO PROTECT SUBSCRIBERS

Companies making calls to mobile network subscribers, especially mass calls, will be required to inform their operator who they are and why they are calling. This data will be automatically transferred from operator to operator, and the source of the call will be identified on the subscriber's phone. In this case, the subscriber will have the right to refuse mass calls or select only those companies from which he/she is ready to receive calls. If the company does not provide the required information, the call will be blocked.

15.10.2024
THE DECISION OF THE GOVERNMENT OF THE RUSSIAN FEDERATION ON THE STAGGERING OF DAYS OFF IN 2025 HAS BEEN PUBLISHED

Decision of the Government of the Russian Federation No. 1335 of October 4, 2024 on the Staggering of Days Off in 2025

 
The Russian Ministry of Labour's proposals for the staggering of days off in 2025 have been approved, as a result of which Russians can expect the following long weekends:
- from December 29, 2024 till January 8, 2025;
- from May 1 till May 4;
- from May 8 till May 11;
- from June 12 till June 14;
- from November 2 till November 4.
The next New Year holidays will start on December 31, 2025.
14.10.2024
PAYMENT FOR UNUSED TIME OFF UPON DISMISSAL: A LAW HAS BEEN SIGNED

A law on compensation for time off for work on weekends and holidays upon dismissal of an employee has been signed. From March 1, 2025, new provisions will appear in the Labour Code of the Russian Federation, providing for the following: 

- a day off for work on weekends and holidays, at the employee's request, can be used within one year from the day of work on a weekend or non-working holiday, or added to the annual vacation provided within the specified period.
11.10.2024
SPECIAL RECORDING PROCEDURE FOR CERTAIN SECURITIES WILL BE IN EFFECT UNTIL THE END OF 2025

Until December 31, 2025, the Board of Directors of the Central Bank is authorised to determine the type, category (kind) of securities, when recording the rights to which the nominal holder must take the following actions in S-type securities accounts:

- for opening a personal S-type account in the register of securities owners;
- for crediting securities to this account.
A nominal holder of securities, who records the rights to securities in the S-type securities accounts of his/her depositors, shall perform the above actions in the procedure and within the timeframes established by the decision of the Board of Directors of the Central Bank. The regulator will also determine the personal account pattern, requirements for the activities of the register holder, the nominal holder of securities and the central depository.
10.10.2024
RULES FOR REMOVING AN ORGANISATION FROM THE REGISTER OF THE FINANCIAL OMBUDSMAN HAVE BEEN CLARIFIED

The procedure for removing from the register financial organisations obliged to organise interaction with the financial ombudsman for the rights of consumers of financial services has been adjusted. 

In particular, it was clarified that the interaction of the Bank of Russia with a financial institution when it is removed from the register is carried out through a personal account, a link to which is posted on the official website of the regulator.
09.10.2024
LAW ON TOURISM ACTIVITIES WILL BE CLARIFIED IN TERMS OF HOTEL CLASSIFICATION

It is planned to classify all accommodation facilities that provide temporary accommodation services to tourists, and not just hotels. Exceptions include children's camps, rural tourism on farms, and accommodation facilities for religious organisations. 

A register of classified objects will be created, which will include accommodation facilities, ski slopes and beaches. Accommodation facilities will be included in it with classification based on self-assessment followed by expert assessment.
08.10.2024
SOCIAL FUND OF RUSSIA: NEW REGISTRATION NUMBERS FOR POLICYHOLDERS

Regional branches of the Social Fund of Russia report that the transition to the Unified Social Digital Platform is in process. Due to this, policyholders will be assigned new registration numbers, which must be indicated in the reports filed with the SFR starting from November 1, 2024. Reports are be supposed to be accepted with both old and new SFR registration numbers until October 31, 2024. 

A new SFR registration number can be found on the official SFR website from October 1, 2024. 
Moreover, information on a new SFR registration number will be reflected in the excerpts from the Unified State Register of Legal Entities/Unified State Register of Individual Entrepreneurs.
07.10.2024
RECYCLING FEE TO INCREASE SIGNIFICANTLY FROM OCTOBER 1, 2024

The recycling fee will increase significantly from October 1, 2024 for wheeled vehicles and trailers and from 2025 - for special equipment. 

Moreover, from 2025 and until 2030, annual indexation is envisaged. The indexation will affect new and used cars, that are imported by legal entities. However, it will not apply to individuals importing cars with an engine capacity of up to 3 litres for personal use.
04.10.2024
CURRENCY RISK: CREDIT RATING LEVELS FOR CREDIT INSTITUTIONS’ COUNTERPARTIES TO FORWARD TRANSACTIONS ARE DETERMINED

In order to apply open positions of credit institutions for currency risk, the Bank of Russia has established credit rating levels for credit institutions’ counterparties to forward transactions.

03.10.2024
TRANSFERS OF FUNDS ABROAD BY RUSSIAN CITIZENS AND NON-RESIDENT INDIVIDUALS: THE BANK OF RUSSIA HAS EXTENDED RESTRICTIONS FOR ANOTHER 6 MONTHS

Russian citizens and non-resident individuals from friendly countries will still be able to transfer monthly no more than 1 million US dollars or equivalent amounts in another foreign currency to any accounts opened with foreign banks. 

The limits on transfers through money transfer systems are also in force - this means no more than 10 thousand US dollars or equivalent amounts in another foreign currency per month. 
Non-resident individuals employed in Russia can transfer funds abroad in an amount of their salary. Representatives of both friendly and unfriendly countries are entitled to do this. 
The ban on transferring funds abroad is still valid for non-resident individuals from unfriendly countries, that are not employed in Russia, as well as for legal entities from such countries. This restriction does not apply to foreign companies being under the control of Russian legal entities or individuals.
02.10.2024
TRANSFERS OF FUNDS ABROAD BY NON-RESIDENTS FROM UNFRIENDLY COUNTRIES FROM BROKERS’ AND TRUSTEES’ ACCOUNTS: RESTRICTIONS ARE EXTENDED FOR ANOTHER 6 MONTHS

From October 1, 2024, transfers funds abroad by non-residents from unfriendly countries from Russian brokers’ and trustees’ accounts are suspended for another six months.

01.10.2024
FEDERAL ANTIMONOPOLY SERVICE NOW HAS MORE REASONS FOR UNSCHEDULED INSPECTIONS OF ADVERTISERS

One more reason has been introduced for an unscheduled inspection within the framework of state advertising control. This concerns TV advertising containing an indication of the advantages of the advertised product over goods made by other manufacturers or sellers, by an advertiser that has already distributed false advertising within the previous 2 years.

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