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12.07.2024
THE BAN ON OIL SUPPLIES UNDER CONTRACTS WITH PRICE CEILINGS HAS BEEN EXTENDED

The ban on supplies of Russian oil and petroleum products to foreign parties, if the contract for these supplies involves the use of a mechanism for fixing the maximum price, has been extended until the end of 2024.

The ban was introduced in response to the establishment of a price ceiling on Russian oil and petroleum products by unfriendly countries. It does not apply to supplies of Russian oil under contracts in pursuance of international agreements with friendly countries.
11.07.2024
THE LIST OF ISSUERS WHOSE SECURITIES ISSUES ARE REGISTERED IN THE CENTRAL OFFICE OF THE BANK OF RUSSIA HAS BEEN UPDATED

The Bank of Russia has compiled a new list of issuers whose securities issues are registered by the Corporate Relations Department. It also monitors compliance with legislation on joint stock companies and securities. The list includes 632 organisations.

The Order does not apply to documents for state registration of securities issues that are sent to the Bank of Russia before June 6, 2024.
10.07.2024
THE REGISTRATION PERIOD HAS BEEN SHORTENED WHEN THE COMPOSITION OF PARTICIPANTS IN AN LLC CHANGES

The Federal Tax Service reports that state registration of changes in the composition of participants in limited liability companies for notarial transactions now takes no more than a day.

This became possible thanks to the optimization of technological processes when receiving electronic documents for registration from notaries.
Together with the Federal Notarial Chamber, fast registration technology has been developed, which allows to quickly update information about business owners in the Unified State Register of Legal Entities.
Exceptions are cases that require additional analysis, in which registration is carried out within the generally established time limits.
09.07.2024
THE PROCEDURE FOR DISCLOSING INFORMATION IN THE ACCOUNTING STATEMENTS OF CERTAIN NON-CREDIT FINANCIAL ORGANISATIONS WILL CHANGE

It is planned to adjust the procedure for disclosing information in the accounting statements of operators of investment and financial platforms, operators of information systems in which digital financial assets are issued, and operators of the exchange of such assets.

The main amendments are related to the introduction of digital roubles and the approval of the federal accounting standard 4/2023 Accounting (Financial) Reporting".
08.07.2024
AGRICULTURAL PRODUCERS AND FARMERS WILL BE ALLOWED TO ENGAGE IN RURAL TOURISM

On June 18, 2024, the State Duma immediately passed the law on rural tourism in the second and third readings.

Agricultural producers will be allowed, in addition to agricultural production, to carry out activities in the field of rural tourism and other activities that ensure sustainable development of rural areas.
Members of an individual farm will be able to temporarily accommodate tourists in residential buildings when providing services in the field of rural tourism.
Farmers will be allowed to sell their own agricultural products in premises that are part of the farms property, or in non-stationary retail facilities that are on a plot of land used to carry out their activities.
05.07.2024
PERMITS TO RUSSIAN EXPORTERS TO USE FOREIGN CURRENCY TO SATISFY THE DEMANDS OF NON-RESIDENTS: APPLICATION FORM IS APPROVED

The Governmental Commission for Control of Foreign Investments approved the form of application for issuance of permits to Russian exporters that are obliged to sell foreign currency, as well as to their subsidiaries. This concerns directing funds under foreign trade contracts to satisfy demands. Information is provided on the agreement under which there are obligations of the resident to the non-resident, and also the amount of funds in foreign currency and roubles held by the applicant in accounts in Russian and foreign banks.

04.07.2024
PROCEDURE FOR REGISTERING PAYMENT ACCEPTANCE OPERATORS WITH ROSFINMONITORING HAS BEEN CLARIFIED

The Government has adjusted the rules for registering with Rosfinmonitoring organisations that carry out transactions with money or other property, and individual businessmen acting in a sector for which controlling (supervisory) bodies are not provided.

It has been established that until September 30, 2025, the territorial body of the department shall refuse to register, and also independently decide to deregister a payment acceptance operator, if information on it is not available in the Central Banks register of operators.
From October 1, 2025, payment acceptance operators will no longer be registered with the territorial body of Rosfinmonitoring, but come under the supervision of the Bank of Russia.
03.07.2024
SENDING NOTIFICATIONS TO THE MINISTRY OF INTERNAL AFFAIRS ABOUT FOREIGNERS CARRYING OUT LABOUR ACTIVITIES IN RUSSIA: THE PROCEDURE WILL CHANGE

The procedure is adjusted in terms of sending by employers and customers of work (services) the following notifications:

- on fulfillment of obligations to pay wages (remuneration) to foreigners - highly qualified specialists;
- on concluding with a foreign citizen an employment agreement or civil contract, as well as on termination of such contract.
Notifications can be sent through the Federal State Unitary Enterprise of the Ministry of Internal Affairs or another authorised organisation.
02.07.2024
GOVERNMENTAL AGENCIES AND STRATEGIC COMPANIES WILL BE PROHIBITED FROM USING CYBERSECURITY SERVICES FROM UNFRIENDLY NATIONS

Measures to ensure the states information security to be expanded. Starting from January 1, 2025, governmental agencies, state-owned companies, strategic enterprises and also core institutions will be prohibited both from using information security products (tools, facilities etc.) from unfriendly nations, as well as from using their servers (services, works etc.) to ensure information security.

Moreover, the Federal Security Service is now entitled to establish requirements for the state system centres engaged in detecting, preventing and eliminating the consequences of cyberattacks on the RF data resources, determine the procedure for certifying such centres and monitoring the activities of certified centers.
01.07.2024
AGREEMENTS ON ACTIVITIES IN THE SPECIAL ECONOMIC ZONES: SAMPLE FORMS ARE UPDATED

To obtain SEZ resident status, instead of a business plan, you need an investment project passport. In this regard, the approximate forms of agreements have been adjusted with respect to industrial & production, technology & innovation, tourism & recreational activities, as well as activities in special economic zones located in ports. A number of other provisions of the agreements have also been clarified.

28.06.2024
CURRENCY PAID FOR RUSSIAN GAS AND RECEIVED FROM BUYERS FROM UNFRIENDLY COUNTRIES WILL BE SOLD ON THE OVER-THE-COUNTER MARKET

In connection with the termination (suspension) of organised trading in foreign currency on the Moscow Exchange MICEX - RTS, the Bank of Russia has established a new procedure for the sale of foreign currency received from buyers of Russian gas from unfriendly countries.

On behalf of a foreign buyer, Gazprombank JSC will sell foreign currency received in a special K-type currency account on the over-the-counter foreign exchange market.
27.06.2024
MORNING TRADING ON THE MOSCOW EXCHANGE IS TEMPORARILY CANCELLED

From June 14, 2024, the Bank of Russia temporarily does not hold trading sessions until 9:50 Moscow time on the foreign exchange market and precious metals market, as well as on the derivatives market of Moscow Exchange public joint stock company.

26.06.2024
PROCEDURE FOR PERFORMING TRANSACTIONS IN DOLLARS OR EUROS IN CONNECTION WITH SANCTIONS AGAINST THE MOSCOW EXCHANGE HAS BEEN CLARIFIED

Due to the introduction of restrictive measures by the United States regarding the Moscow Exchange, exchange trading and settlements of deliverable instruments in dollars and euros are suspended. Trading on all other exchange segments and on exchange instruments in roubles and other currencies is carried out as usual. Transactions with dollars and euros will continue to be carried out on the over-the-counter market.

To determine the official exchange rates of the dollar and euro to the rouble, the Bank of Russia uses bank reports and information received from digital over-the-counter trading platforms.
Companies and individuals can continue to buy and sell dollars and euros through Russian banks. All funds in dollars and euros in the accounts and deposits of individuals and companies are safe. For deposits and accounts of individuals and organisations in dollars and euros, the previous regime for issuing funds established by the Bank of Russia is maintained.
25.06.2024
INCREASING CREDITOR REQUIREMENTS AND OTHER AMENDMENTS TO THE LAW ON BANKRUPTCY

A number of amendments have been made to the Law on Bankruptcy aimed at improving the procedure for consideration of this category of cases by arbitration courts.

The amendments provide, in particular, for increasing the amount of creditors' claims from 300,000 to 2,000,000 roubles, which, as a general rule, is necessary to initiate bankruptcy proceedings for a legal entity. For certain categories of business entities for which increased threshold values have been established (agricultural organisations, strategic enterprises and natural monopolies), their amount will increase to 3,000,000 roubles. These amendments take into account the level of inflation over the past years and the increased cost of legal expenses in bankruptcy cases. In addition, they are designed to counteract abuses that occur in practice on the part of affiliated creditors.
A number of procedural amendments have also been made.
24.06.2024
RUSSIA AND CHINA WILL JOINTLY CREATE AN INTERNATIONAL SCIENTIFIC LUNAR STATION

The Russian-Chinese intergovernmental agreement on cooperation in the area of creating an International Scientific Lunar Station has been ratified.

The task of the lunar station is to conduct multidisciplinary and multi-purpose research work, including the exploration and use of the Moon, fundamental research experiments and technology testing, with the possibility of long-term unmanned operation of the station with the prospect of ensuring the presence of man on the Moon.
The agreement defines areas and forms of cooperation, the procedure for financing, fixes a phased plan for the implementation of the project, regulates tax and customs issues, issues of export control, and intellectual property protection.
21.06.2024
BANK OF RUSSIA: THE KEY RATE IS KEPT AT 16 PER CENT

On June 7, 2024, the Bank of Russia decided to keep the key rate at 16% per annum.

The Central Bank of the Russian Federation allows for the possibility of raising the key rate at the next meeting. At the same time, for inflation to return to the target, a significantly longer period of maintaining tight monetary conditions in the economy will be required than previously predicted. According to the Bank of Russia's forecast, annual inflation will return to target in 2025 and will be close to 4% thereafter.
20.06.2024
NEW FORMS OF NOTIFICATIONS ON OPENING AND CLOSING ACCOUNTS ABROAD HAVE BEEN ESTABLISHED

New forms of notifications for opening and closing accounts abroad will apply from July 1, 2024. Resident companies must notify the tax authorities about the opening (closing) and changes in the details of accounts abroad of non-resident organisations with which they are part of the same international group of companies. Resident organisations do not notify about the opening of such accounts if these requirements are fulfilled by the parent company of an international group of companies or a member of such a group that is entrusted with the corresponding responsibility.

19.06.2024
LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAS BEEN EXPANDED

The list of economically significant organisations now includes additionally the Nevsky Shipyard, Trading Company Megapolis, joint stock company and Highland Gold international joint stock company.

18.06.2024
DOUBLE TAXATION TREATIES: CURRENT STATUS

The Russian Ministry of Finance has updated information on international agreements of the Russian Federation on the avoidance of double taxation. Compared to previous lists, 2 new indices have been added thereto: Suspension/denunciation of the treaty and Position of the treaty partner on the issue of suspension/response notes.

The point is that presidential Decree No. 585 of August 8, 2023 has suspended the validity of certain provisions of international treaties of the Russian Federation on taxation issues. From December 30, 2023, this decision was formalised by Federal Law No. 598-FZ.
17.06.2024
BEER, DAIRY PRODUCTS, PACKAGED WATER AND SOFT DRINKS: LABELLING RULES TO BE ADJUSTED FROM SEPTEMBER 1, 2024

The following will be updated:

- Rules for labelling beer, drinks made from beer, and certain types of low-alcohol drinks;
- Rules for labelling dairy products;
- Rules for labelling packaged water;
- Rules for labelling certain types of soft drinks, including those containing juice, and also juices themselves.

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