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

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29.11.2024
THE BAN ON PAYING FOR A SHARE IN THE PROPERTY OF A NON-RESIDENT COMPANY WITHOUT PERMISSION FROM THE CENTRAL BANK HAS BEEN EXTENDED

The ban on the following transactions without permission from the Central Bank has been extended until the end of 2025: 

- payment by a resident of a share, contribution, or stake in the property (authorised or contributed capital, or share fund of a cooperative) of a non-resident legal entity; 
- a contribution by a resident to a non-resident within the framework of the implementation of a simple partnership agreement with investment in the form of capital investments (joint activity agreement).
28.11.2024
FOREIGN TRADE CONTRACTS, IN SETTLEMENTS UNDER WHICH DIGITAL RIGHTS ARE USED, ARE SUBJECT TO REGISTRATION WITH AUTHORISED BANKS

The Bank of Russia has adjusted the instructions on the procedure for residents and non-residents to submit supporting documents and information to authorised banks when carrying out foreign exchange transactions. 

The instructions do not apply to branches of foreign banks, except in cases where they perform the functions of authorised banks. 
The deadline for a resident to submit documents and information to an authorised bank when depositing cash received from a non-resident in the context of foreign trade activities into an account in such a bank has been determined. 
It is envisaged that foreign trade contracts, in settlements under which digital rights are used, will be registered with authorised banks. For such contracts, the registration approach has been retained: for import contracts - from 3 million roubles, for export contracts - from 10 million roubles.
27.11.2024
PROCEDURE FOR THE BANK OF RUSSIA TO CONDUCT INSPECTIONS OF SUPERVISED ENTITIES HAS BEEN IMPROVED

Requirements for a 5-year inspection period and for organising repeat inspections do not apply to the assessment of the application of bank risk management methods and quantitative risk assessment models. 

The Bank of Russia may involve employees of the Deposit Insurance Agency in the inspections of funds on issues of recording long-term savings accounts. 
The list of circumstances in connection with which a decision may be made to postpone the start of an inspection or to suspend it has been expanded.
26.11.2024
LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAS BEEN EXPANDED

Russian Standard Vodka LLC, Rust Russia JSC, TPS AVIA HOLDING LTD and Ural Locomotives LLC have been additionally classified as economically significant organisations. 

Special features for regulating corporate relations in economically significant organisations are established at the legislative level. A mechanism has been introduced to exclude foreign holdings from the ownership chain.
25.11.2024
VAT EXEMPTIONS FOR HOTELS MAY BE EXTENDED

The President of the Russian Federation has ordered to extend the possibility of applying the zero VAT rate for services related to the provision of temporary accommodation in hotels and other accommodation facilities until December 31, 2030 inclusive. For now, this rate is valid until June 30, 2027.

22.11.2024
REPORTS TO ROSFINMONITORING ON REFUSAL TO CONDUCT TRANSACTIONS - THE PROCEDURE HAS BEEN ADJUSTED

Amendments have been made to the legislation, according to which foreign and international companies, the founders or participants of which are governmental agencies of foreign states, may be recognised as undesirable for Russia. 

The relevant changes have been made to the rules for submitting information by credit and non-credit financial organisations to Rosfinmonitoring on the facts of refusal to conduct transactions, one of the parties to which is an undesirable foreign or international company. Now, it is not necessary to report about non-governmental status of such company.
21.11.2024
ENERGY CONSUMPTION TO BE LIMITED FOR RUSSIANS ENGAGED IN MINING

A limit has been set on energy consumption when mining digital currency (including when participating in a mining pool) by Russian citizens that are not individual businessmen and are not included into the register. It is set as 6,000 kilowatt-hours per month. Concomitant changes have been made to the pricing principles in the area of regulating prices (tariffs) in the electric power industry.

20.11.2024
PROCEDURE FOR MAKING A DECISION ON INCLUDING A RUSSIAN BUSINESS ENTITY INTO THE LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAS BEEN UPDATED

Amendments have been made to the legislation affecting economically significant organisations (ESOs). In particular, the increased 5 percent threshold for share ownership has been extended, allowing their holders to request documents from companies that are under anti-Russian sanctions or have the right not to disclose information on their activities, as well as to challenge their transactions or actions. 

The rules for classifying companies as ESOs have been clarified. In addition, ESOs include defence industry complex (DIC) organisations if their revenue for the most recently completed reporting year exceeds 10 billion roubles.
19.11.2024
FROM Q1 2025 - NEW FORMS AND RULES FOR FILLING IN LEDGERS USED IN VAT SETTLEMENTS

The forms and rules for filling in purchase ledgers book used in VAT settlements have been adjusted. The changes are related to the specifics of trading on the EAEU marketplaces introduced from July 1, 2024, as well as to the introduction of VAT at special rates for taxpayers taxable under the simplified system from January 1, 2025.

Amendments have also been made to the rules for filling in purchase ledgers and the additional sheet thereof due to the fact that Russian companies and individual entrepreneurs selling goods to individuals through electronic trading platforms, the place of sale of which is recognised as the territory of the Russian Federation, are recognised as tax agents for VAT.
18.11.2024
"ANTI-MONEY LAUNDERING" LEGISLATION FOR ENTITIES PROVIDING ACCOUNTING SERVICES - SOME REQUIREMENTS HAVE BEEN ADJUSTED

The Russian Ministry of Finance commented upon the clarification of the requirements in the field of countering the legalisation (laundering) of proceeds from crime and the financing of terrorism for entities providing accounting services. 

Persons engaged in entrepreneurial activity in the field of accounting services are participants in the national "anti-money laundering" system. These changes apply to legal relations that arose from December 30, 2024. 
The Ministry of Finance also informed about the adjusting of the requirements for heads of accounting departments of clearing organisations, trade organisers, entities of the insurance business; as well as about the change of a number of legislative provisions concerning the appointment and dismissal of chief accountants and their deputies, the involvement of external specialists for accounting in insurance companies.
15.11.2024
THE MINISTRY OF FINANCE HAS CLARIFIED WHICH TRANSACTIONS WITH LIMITED LIABILITY COMPANIES DO NOT REQUIRE PERMITS FROM THE GOVERNMENT COMMISSION FOR CONTROL OVER FOREIGN INVESTMENTS

The special procedure for transactions with shares of limited liability companies under permits from the Government Commission for Control over Foreign Investments does not apply to transactions (operations) that do not entail the establishment, change or termination of the rights of ownership, use and (or) disposal of shares in the authorised capital of limited liability companies or other rights that allow determining the terms for managing limited liability companies and (or) the terms for their implementation of entrepreneurial activities.

14.11.2024
CONDITIONS FOR COMPANIES FROM UNFRIENDLY COUNTRIES TO LEAVE RUSSIA HAVE BEEN TIGHTENED

New terms of sale of Russian assets by foreign persons from unfriendly countries have been approved. 

The minimum discount amount has been increased from 50% to 60% of the market value of the relevant assets. The minimum voluntary contribution to the federal budget has been increased from 15% to 35% of the market value. It must be paid in accordance with the schedule within two years from the date of the transaction. 
Transactions with assets with a market value of over 50 billion roubles will require the consent of the President of the Russian Federation.
13.11.2024
THE FEDERAL TAX SERVICE’S WEBSITE NOW HAS A ‘MININGREGISTRY’

Entering information into these registers is necessary due to the requirements of the Law on Digital Financial Assets and Digital Currency.

This law provides that Russian legal entities and individual entrepreneurs have the right to engage in digital currency mining from the moment they are included in the relevant register, and mining infrastructure operators have the right to carry out their activities from the moment they are included in the register of such operators.
Information entered into the registers is not subject to publication in the media or posting on the Internet.
12.11.2024
NEW REQUIREMENTS FOR IMPORT OF EQUIPMENT CONTAINING FREONS WERE NOT INTRODUCED

The Ministry of Natural Resources reports that no new regulations have been introduced in the country for the handling of equipment containing hydrofluorocarbon refrigerants (or freons). Only certain gases (18 substances) and mixtures are regulated, for which, in most cases, more environmentally friendly substitutes exist. Equipment containing these substances is not subject to this regulation.

The phased reduction of freon production and consumption in Russia began in 2021. And until 2024 it was only 5% of the baseline. From 2025, the reduction will be another 30%. And by 2029, the use of refrigerants should be reduced by 70%.
11.11.2024
A FORM FOR REGISTERING OWNERS OF SOCIAL MEDIA CHANNELS WITH AN AUDIENCE OF OVER 10,000 USERS HAS OPENED ON PORTAL OF GOVERNMENT SERVICES

The Ministry of Digital Development reports that the registration of owners of channels and pages in social networks with more than 10 thousand subscribers has been launched on the public services portal. After voluntary identification, channels/pages will be included in a special list by the Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor).

Registration is available for both individuals and legal entities and individual entrepreneurs, citizens of Russia and foreigners with a verified account.
After inclusion in the list, the owner of the channel/page must place in its description a unique link to the entry in the Roskomnadzor’s registry. This will allow other users and advertisers to check whether the public page is actually in the list.
08.11.2024
BANK OF RUSSIA HAS INCREASED THE KEY RATE UP TO 21%

On October 25, 2024, the Bank of Russia decided to raise the key rate by 200 basic points up to 21% per annum. 

Inflation is significantly higher than it was forecasted by the Bank of Russia in July. Further tightening of monetary policy is required to ensure that inflation returns to the target of 4.5-5% in 2025. Moreover, the Central Bank of the Russian Federation allows for the possibility of further raising the key rate.
07.11.2024
NEW PARAMETERS FOR CURRENCY SWAPS ARE IN EFFECT SINCE OCTOBER 28, 2024

On October 28, 2024, new interest rates were put into operation respect to currency swap transactions for the sale of yuan for roubles with their subsequent purchase (in yuan for roubles to calculate the swap difference). The rates are set at the Bank of Russia's key rate.

06.11.2024
CITIZENS WILL BE ABLE TO RECEIVE QUALIFIED CERTIFICATES OF ELECTRONIC SIGNATURE VERIFICATION KEYS IN ARMENIA, KAZAKHSTAN, KYRGYZSTAN OR UZBEKISTAN

From November 1, 2024 to December 31, 2025, it was decided to conduct an experiment to implement the possibility of obtaining qualified certificates of keys for verifying electronic signatures by Russian citizens abroad. 

The experiment will take place in Armenia, Kazakhstan, Kyrgyzstan and Uzbekistan.
05.11.2024
FEDERAL SERVICE FOR TECHNOLOGY AND EXPORT CONTROL HAS ESTABLISHED REQUIREMENTS FOR PROTECTING INFORMATION FROM DDOS ATTACKS

Requirements have been established for the protection of information included in the state information system and information systems of significant objects of critical information infrastructure from threats of the "denial of service" type. 

For example, companies whose facilities are part of the critical information infrastructure will have to store information about attacks for three years and expand data transmission channels to handle double the volume of traffic, and create a list of permitted network addresses in the event of threats being implemented.
04.11.2024
STATE REGISTRATION OF INVENTIONS: AMENDMENTS ARE APPROVED

When checking the novelty and inventive step of an invention related to the use of a product or method for a specific purpose, only features characterising the purpose shall be taken into account. 

For such inventions, a formula to be used that includes only an indication of the use of a product or method for a specific purpose.
01.11.2024
ISSUERS WHOSE SECURITIES ISSUES TO BE REGISTERED WITH THE CENTRAL OFFICE OF THE BANK OF RUSSIA - THE LIST HAS BEEN UPDATED

A new list of issuers whose securities issues are registered by the Corporate Relations Department has been established. It also monitors compliance with the legislation on joint-stock companies and securities. The new list includes 635 companies. 

The Order does not apply to documents for state registration of securities issues that are sent to the Bank of Russia before September 30, 2024.

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