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The rest of funds can still be withdrawn in roubles.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.