30.05.2025

VALUES OF THE ASSETS OF FINANCIAL COMPANIES, ABOVE WHICH THE CONSENT OF THE ANTIMONOPOLY AUTHORITY IS REQUIRED FOR A NUMBER OF TRANSACTIONS, HAVE BEEN CLARIFIED

The asset values above which the preliminary consent of the antimonopoly authority is required for certain transactions and other actions of such organisations have been redefined for financial organisations supervised by the Central Bank.

The introduction of an additional mechanism for monitoring economic concentration transactions carried out by large financial companies in relation to other financial organisations of the same type has been taken into account.

29.05.2025

FROM MARCH 2026, IT IS PLANNED TO INTRODUCE LICENSING FOR WHOLESALE AND RETAIL TRADE IN TOBACCO AND NICOTINE-CONTAINING PRODUCTS

The Ministry of Finance of the Russian Federation has prepared amendments to laws aimed at introducing licensing of the following activities in the area of production and circulation of tobacco products, nicotine-containing products and raw materials for their production:

- purchase, storage and supply of tobacco products, nicotine-containing products, raw materials and nicotine raw materials;

- retail sale of tobacco products and nicotine-containing products;

- retail delivery trade of tobacco products and nicotine-containing products.

Licensing requirements are provided. For example, according to the draft law, one of the requirements is the presence of a retail facility (shop or pavilion) with an area of at least five square metres in ownership, economic management, operational management or lease (for a period of more than one year).

28.05.2025

ON REAL ESTATE TRANSACTIONS THAT ARE EXEMPT FROM THE BAN ON TRANSACTIONS WITH PERSONS FROM UNFRIENDLY COUNTRIES

Residents are allowed to carry out (execute) transactions (operations) that entail the emergence of ownership of real estate (except for aircraft and sea vessels, inland waterway vessels) acquired by foreign legal entities associated with unfriendly states, and (or) legal entities that are under the control of such foreign persons, regardless of their place of registration or place of their predominant business activities.

However, residents can buy real estate and sell it to residents - Russian legal entities in which foreign persons from unfriendly countries participate (the share of participation for public JSC - no more than 50% minus 1 share; for non-public JSC - no more than 25% minus 1 share; for LLC - no more than 25% minus 1 vote).

27.05.2025

NON-CREDIT FINANCIAL ORGANISATIONS, CREDIT RATING AGENCIES, AND CREDIT BUREAUS MUST PREPARE FINANCIAL STATEMENTS IN ACCORDANCE WITH CENTRAL BANK REQUIREMENTS AND IFRS REQUIREMENTS

Starting from 2025, new requirements of the Bank of Russia regarding accounting (financial) reporting have come into force for certain non-credit financial organisations, credit rating agencies, and credit bureaus.

Since the Bank of Russia's requirements in the field of accounting and reporting are based on IFRS principles, organisations required to prepare financial statements in accordance with IFRS should develop their accounting policies and prepare accounting (financial) statements simultaneously in accordance with both the Bank of Russia's requirements and IFRS requirements to obtain an audit opinion.

26.05.2025

CABINET OF MINISTERS HAS UPDATED THE LIST OF ANIMALS THAT CANNOT BE KEPT AT HOME

A new list of animals prohibited from being kept will come into effect from September 1, 2025. In general, it does not change and includes poisonous snakes, large monitor lizards, snapping turtles with a shell over 30 cm, crocodiles, hyenas, elephants, primates, bears, wolves, seals, certain species of aquatic animals and birds.

23.05.2025

UPDATED PROGRAM FOR THE DEVELOPMENT OF FEDERAL ACCOUNTING STANDARDS (FSBU) FOR 2022–2026

Amendments have been made to the program for the development of federal accounting standards for 2022–2026, as approved by Order of the Ministry of Finance of the Russian Federation No. 23n of February 22, 2022.

In particular, the revised draft postpones the mandatory application date for the standards "Revenue" and "Expenses" to 2027. The introduction of the standards "Non-Profit Activities," "Debt Costs," and "Financial Instruments" has been delayed to later dates. Furthermore, changes are planned for FSBU 4/2023 "Accounting (Financial) Reporting" and PBU 18/02, with their implementation scheduled for 2028.

22.05.2025

REPORTING ON FOREIGN ACCOUNTS FOR 2024: DEADLINE IS JUNE 2, 2025

Individual residents must submit reports on their foreign accounts and foreign electronic wallets for 2024 by June 2, 2025.

Submission methods:

- electronically through the taxpayer's personal account on the Federal Tax Service (FNS) website.

- in paper form, either in person, through a representative with a proper power of attorney, or via registered mail.

Exemptions:

- individuals that resided abroad for more than 183 days in 2024 are not required to submit reports for 2024.

- reports are not required for accounts opened in Eurasian Economic Union (EAEU) countries or in countries participating in the automatic exchange of financial information, provided that the amount credited or debited from such an account during the year does not exceed 600,000 roubles (or the equivalent in foreign currency), or the year-end balance on such account does not exceed 600,000 roubles (or the equivalent in foreign currency).

21.05.2025

THE BANK OF RUSSIA HAS CLARIFIED THE RULES ON OFFSETTING OBLIGATIONS UNDER NON-RESOURCE FOREIGN TRADE CONTRACTS

The requirement to repatriate export revenues has been lifted for exporters under non-resource foreign trade contracts.

The President of the Russian Federation has established a temporary procedure for fulfilling obligations on foreign currency accounts (deposits) and Eurobonds. Russian companies (with the exception of certain Russian exporters) are allowed not to comply with the requirement to repatriate funds, to offset their claims against non-residents and obligations to them under foreign trade agreements, or to replace the obligations of non-residents with new obligations, except in cases determined by the Government of the Russian Federation in agreement with the Bank of Russia.

If at least one of the offsetting obligations falls under special regulation, then the offset must be carried out in compliance with the special (temporary) procedure. In all other cases, offsets are carried out without restrictions.

20.05.2025

THE PROCEDURE FOR SELLING REAL ESTATE TO COMPANIES CONTROLLED BY FOREIGN PERSONS FROM UNFRIENDLY COUNTRIES HAS BEEN CLARIFIED

Residents are allowed to sell real estate (except for aircraft, sea vessels, and inland waterway vessels) to foreign legal entities from unfriendly countries and legal entities that are under the control of foreign persons from these countries, regardless of their place of registration and predominant activity. This also applies to the sale of real estate to a legal entity that is under the control of foreign persons from unfriendly countries, regardless of their place of registration and predominant activity, alienated by a resident who is not under the control of these foreign persons.

19.05.2025

RUSSIA HAS DECIDED TO CREATE ANOTHER SCIENTIFIC AND TECHNOLOGICAL CENTRE

It was decided to create a scientific and technological centre "Phystech Valley" in Dolgoprudny (Moscow Region) under the patronage of the Moscow Institute of Physics and Technology. Areas of activity include AI, genetics, robotics, microelectronics, quantum technologies, unmanned transport technologies, and biomedical technologies. The operating procedure of the centre has been determined.

16.05.2025

A LIST OF CURRENCIES FOR PAYMENT OF THE AUTHORISED CAPITAL OF A BANK, INSURER OR NON-STATE PENSION FUND HAS BEEN COMPILED

A list of types of foreign currency that can be contributed as payment for the authorised capital of a credit institution, insurance organisation or non-state pension fund has been established. These are the Armenian dram, Belarussian rouble, Brazilian real, UAE dirham, Egyptian pound, Indian rupee, Indonesian rupee, South African rand, Kyrgyzstan som, Kazakhstan tenge and yuan.

15.05.2025

ON THE PAYMENT OF DIVIDENDS BY PUBLIC JOINT STOCK COMPANIES WITH STATE PARTICIPATION

It was previously established that when forming the position of a shareholder that is the Russian Federation in credit institutions, at least 50% of profits should be allocated for the payment of dividends, taking into account income and expenses related to the recognition (restoration) of losses from impairment of fixed assets and intangible assets, with their write-off (except for write-offs related to sale), with changes in the fair value of financial assets and foreign exchange differences.

Now this also applies to public joint stock companies. The share of direct participation of the Russian Federation in the authorised capital of which does not exceed 25% of the total number of votes attributable to voting shares, the securities of which are included in the quotation list of the first (highest) level of the bidding process organiser.

14.05.2025

EXTENSION OF LEGALISATION PERIOD FOR FOREIGN CITIZENS IN RUSSIA

The period during which foreign citizens can legalise their stay in the Russian Federation without leaving the country has been extended until September 10, 2025.

The corresponding amendments have been made to Presidential Decree No. 1126 of December 30, 2024, which provides that foreigners whose details are to be included into the register of controlled persons (i.e., those staying in the Russian Federation without legal grounds) must regularise their legal status in the Russian Federation within the established period (without leaving the Russian Federation and regardless of the declared purpose of entry into the Russian Federation), or voluntarily leave the country.

13.05.2025

FEDERAL TAX SERVICE TO CHANGE THE TIN STRUCTURE AND THE PROCEDURE FOR ITS ASSIGNMENT

The procedure for assigning, using, and adjusting the Taxpayer Identification Number (TIN) is planned to be updated.

A TIN will be assigned to organisations upon their registration with a tax authority at the location of a Russian legal entity upon creation, including through reorganisation or registration in accordance with the Law on International Companies and International Funds; and to foreign organisations upon their initial registration with a tax authority based on the grounds established by the Tax Code of the Russian Federation. A registration reason code will also be assigned to organisations.

TINs for individuals will be assigned upon their initial registration with a tax authority.

The structure of the TIN will be adjusted. The first 4 digits will consist of a two-digit region code of the tax office and a two-digit index determined by the Federal Tax Service.

Citizens will be able to indicate the number from the Unified Population Register instead of the TIN. The rule requiring a TIN stamp in a passport will be abolished.

12.05.2025

THE CABINET OF MINISTERS WILL ADJUST THE RULES FOR LABELLING CERTAIN TYPES OF NON-ALCOHOLIC BEVERAGES AND JUICES

It is proposed to adjust the rules for labelling certain types of non-alcoholic beverages, including those with juice, and juices with identification means. Certain provisions of the rules concerning the provision of data on itemised traceability of excisable goods to the monitoring information system are planned to be abolished.

09.05.2025

BANK OF RUSSIA KEEPS KEY RATE AT 21% PER ANNUM, AS EXPECTED

The Board of Directors of the Central Bank of Russia has once again kept the key interest rate at 21.00% per annum. The rate has been at this level since October 28, 2024.

The Central Bank explains its decision by stating that the current inflationary pressure, including sustained factors, continues to decrease, although it remains high. Domestic demand growth still significantly outpaces the capacity to expand the supply of goods and services. At the same time, according to operational data, the economy has started to gradually return to a balanced growth trajectory.

08.05.2025

FOREIGN CITIZENS AND STATELESS PERSONS - QUALIFIED SPECIALISTS, ELIGIBLE FOR SIMPLIFIED RESIDENCY PERMIT PROCESS: LIST OF PROFESSIONS IS APPROVED

From April 27, 2025, a list of professions (specialties, positions) for foreign citizens and stateless persons - qualified specialists, eligible to obtain a residence permit in Russia without obtaining a temporary residence permit, has come into force.

The list includes professions such as: big data analyst (in the fields of industry, astrophysics, genetics), engineer for implementing new equipment and technology, quantum engineer-programmer, programmer (in the field of unmanned vehicles), metal ship hull assembler (in shipbuilding), and others, totalling 29 specialties.

It is important to note that before applying for a residence permit, an individual must have continuously worked for at least one year in Russia in a profession (specialty, position) included in the list. During this period, the employer must have made insurance contributions to the Russian Pension and Social Insurance Fund on behalf of the foreign citizen.

07.05.2025

THE TOURIST TAX DECLARATION IS SUBMITTED FOR THE FIRST TIME ON APRIL 25, 2025

The tourist tax return for the first quarter of 2025 must be submitted no later than April 25, 2025.

The declaration is submitted by organisations and individuals providing services for the provision of temporary accommodation in places of accommodation included in the relevant register (on the website of the Federal Service for Accreditation), subject to the introduction of a tourist tax on the territory of the municipality.

Such declaration is submitted to the tax authority at the location of the place of accommodation. The largest taxpayers send it to the tax authorities at the place of registration as the largest taxpayer.

06.05.2025

THE STATE PROGRAM FOR ENVIRONMENTAL PROTECTION HAS BEEN CLARIFIED

The Government of the Russian Federation has adjusted the goals and directions for implementing the state program "Environmental Protection". New objectives have been set, such as construction of at least 400 solid municipal waste management facilities and 8 eco-industrial parks; creation of tourism infrastructure in specially protected natural areas (visit centres, scientific, educational and demonstration facilities); assistance in training personnel and specialists in the area of nature conservation; improving the meteorological safety for citizens; construction of the research expedition vessel "Ivan Frolov" to support the activities of the Russian Antarctic Expedition and etc.

05.05.2025

IT HAS BECOME EASIER TO COORDINATE ACTIVITIES IN THE NATIONAL PARK

From March 1, 2026, the procedure for coordinating economic and other activities of organisations and citizens in the territories of national parks and their protected zones has been simplified.

02.05.2025

IT IS PLANNED TO ESTABLISH TERMS FOR THE RETURN OF BUSINESS FROM UNFRIENDLY COUNTRIES TO RUSSIA

It is planned to establish the procedure for coordinating transactions (operations) as a result of which persons from unfriendly countries acquire ownership, possession or use of real estate for entrepreneurial activity in Russia, the right to directly or indirectly dispose of shares (shares in authorised capital) of business entities, as well as other rights that make it possible to determine the terms for managing business entities or the terms for conducting their business.

It was instructed to establish the specifics of the exercise of rights by foreign investors to repurchase shares (shares in authorised capitals) of business entities alienated by them after February 22, 2022, on non-market terms, ensuring the protection of the rights and legitimate interests of Russian citizens and companies that are owners of these shares (shares in authorised capitals).

It is planned to compile a list of persons from unfriendly countries who have ceased (reduced) their business activities in Russia after February 22, 2022. It will contain information on the terms of termination (reduction) of the business, shareholders (participants) of such entities and their beneficial owners.