Counter-Sanctions: promptly on measures to support Russian citizens and business, currency regulation, air traffic and amenability.
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13.05.2022
THE KEY RATE HAS BEEN REDUCED TO 14% PER ANNUM
On April 29, 2022, the Bank of Russia decided to reduce the key rate by 300 bps to 14% per annum.
 
12.05.2022
IMPORT SUBSTITUTION POLICY: THERE IS A METHOD FOR DETERMINING THE LIST OF COMPONENTS REQUIRED FOR INDUSTRY
The Agency for Technological Development receives a subsidy to support projects for the development of design documentation for components for industries. This concerns products manufacturing of which in Russia is limited or completely unavaileble, and the development of such production is necessary for import substitution.
 
11.05.2022
PRESIDENTIAL DECREE ON ADDITIONAL MEASURES TO ENSURE THE INFORMATION SECURITY OF THE RUSSIAN FEDERATION
With a view of providing security of information resources, the heads of executive authorities at various levels, as well as state funds and corporations of strategic enterprises and joint-stock companies that are subjects of the critically significant information infrastructure of the Russian Federation are charged with the following:
a) entrust the deputy head of an agency (organisation) with the authority to ensure the information security of the agency (organisation), including detection, prevention and elimination of consequences of computer attacks and response to computer incidents;
b) create a structural subdivision in an agency (organisation) that ensures fulfillment of the tasks set.
 
10.05.2022
BANKS ARE BANNED FROM TRANSFERRING CUSTOMER INFORMATION TO FOREIGN COUNTRIES
Credit institutions are prohibited from providing the competent authorities of foreign states (including the judiciary) with the information requested by such authorities about customers and transactions performed by them, beneficiaries and beneficial owners, except as otherwise provided by the Federal Law on the Peculiarities of Financial Transactions with Foreign Citizens and Legal Entities.
 
09.05.2022
THE BETTER HALF OF THE RUSSIAN AIRCRAFT REPORTED TO BE ALREADY RE-REGISTERED IN THE DOMESTIC STATE REGISTER
Transfer of aircraft to the State Register of Civil Aircraft of Russia is carried out in strict accordance with national legislation and the Chicago Convention.
However, the state registration of aircraft is not limited solely to the airworthiness of aircraft. It also defines responsibility of the state of registration for compliance with the international flight rules and standards for training of aviation personnel.
 
06.05.2022
THE BANK OF RUSSIA EXTENDED MEASURES TO EASE FOREIGN EXCHANGE CONTROLS FOR ALL EXPORTERS
The Bank of Russia, in the context of the stabilization of the situation in the foreign exchange market, decided to further soften the requirements for the mandatory sale of foreign currency by exporters.
All exporters are entitled to carry out the mandatory sale of foreign currency credited starting from April 19, 2022 to their accounts in authorised banks, no later than 60 working days from the date of its crediting to transit currency accounts in authorised banks.
 
05.05.2022
ISSUES OF INSURANCE OF IMPORT LOANS AGAINST BUSINESS AND POLITICAL RISKS HAVE BEEN SETTLED
Russian EXIAR Insurance Agency has the right to insure import loans against business and (or) political risks of importers, their foreign counterparties in relevant transactions, Russian and foreign credit institutions lending to transactions, as well as other organisations providing financial support to the above-mentioned persons.
The Government of the Russian Federation has regulated the issues of such insurance, as well as reinsurance. Events related to business or political risks are listed.
 
04.05.2022
LAW ON ANTI-SANCTION MEASURES IN THE AREA OF TRANSPORTATION IS SIGNED
In particular, the amendments allow heavy vehicles carrying out international road transport to travel on roads without a special permit, if the mass of such a vehicle (with or without cargo) does not exceed by more than 10% the permissible mass of the vehicle (previously, the value 2%).
The possibility of multiple use of containers for internal transportation across the territory of Russia imported into the Russian Federation before April 15, 2022 and thereafter on railway vehicles, sea vessels or inland waterway vessels under the customs procedure of temporary importation has also been established. Such multiple use of containers will be possible within the validity period of temporary importation.
In the area of regular bus transportation, it is planned to reduce the period for consideration of carriers' applications for changing interregional routes from 45 to 10 days.
 
03.05.2022
IT COMPANIES WILL BE ABLE TO EXTEND THE DEADLINES FOR IMPLEMENTATION OF PROJECTS TO CREATE DIGITAL PLATFORMS FOR PRODUCTION OF HIGH-TECH INDUSTRIAL PRODUCTS
The RF Government has adjusted the rules for allocating subsidies for the creation of digital platforms for the production of high-tech industrial products.
The requirements for Russian IT companies received subsidies have been clarified.
If it is impossible to achieve a result in 2022 due to the imposed sanctions, companies can extend the implementation of projects for two years without applying penalties.
 
02.05.2022
THE BANK OF RUSSIA CHANGED THE PROCEDURE FOR CALCULATING OFFICIAL FOREIGN EXCHANGE RATES
To ensure continuous operation of the economic entities on the territory of the Russian Federation, the Bank of Russia is setting the official rates of foreign currencies against the rouble as of 15:30 Moscow time.
 
29.04.2022
RUSSIAN ISSUERS MUST LEAVE FOREIGN EXCHANGES
The Russian President signed a law introducing a ban on placement and arrangement of circulation of shares issued by Russian issuers abroad by placing, in accordance with foreign legislation, securities of foreign issuers certifying the rights to such shares.
 
28.04.2022
RUSSIAN ISSUERS ARE ENTITLED TO APPLY, UNTIL MAY 5, 2022, FOR A PERMIT TO CONTINUE CIRCULATION OF FOREIGN DEPOSITORY RECEIPTS FOR THEIR SHARES
On April 27, 2022, a rule comes into force, providing that Russian issuers, depositary receipts for whose shares are traded on foreign exchanges, must ensure termination of the corresponding depositary programs.
Issuers must take the ne
cessary actions for this until May 5, 2022 inclusive. In this regard, the Bank of Russia reminds that before the expiration of the specified period, issuers are entitled to apply for a permit to continue the circulation of depository receipts as per the procedure established by the Government of the Russian Federation.
 
27.04.2022
THE BANK OF RUSSIA INFORMS OF ADDITIONAL MEASURES TO SUPPORT THE FINANCIAL SECTOR
Increased risk ratios will not be applied, when calculating the mandatory ratios of banks, to credit claims arising as a result of the financing by banks, before January 1, 2023, of transactions related to the repurchase of shares by Russian residents from non-residents, if there is the relevant permission obtained from the Government Commission for Control over foreign investment.
Transactions aimed at financing acquisition of shares in financial companies will not be deducted from the capital of credit institutions. There will be an opportunity to postpone formation of reserves for possible losses with respect to assets blocked amid sanctions.
 
26.04.2022
FROM SEPTEMBER 2022 - A NEW PROCEDURE FOR LICENSING PHARMACEUTICAL ACTIVITIES
From September 1, 2022, the rules for licensing pharmaceutical activities will change.
However, licensing authorities will remain the same.
The requirements for applicants to have production facilities and equipment, as well as a person responsible for maintaining the quality system for storage and transportation of medicines will be significantly detailed.
At the same time, the requirement that the head of the licensee must have special pharmaceutical education and work experience will be cancelled.
 
25.04.2022
EXPIRING DRIVER'S LICENSES WILL BE EXTENDED FOR THREE YEARS, INCLUDING THOSE FOR COMMERCIAL DRIVERS
The Government of the Russian Federation has extended the validity of Russian national driving licenses for three years. This concerns driving licenses the validity of which expires (or has already expired) between January 1, 2022 and December 31, 2023.
 
22.04.2022
KEY RATE FROM APRIL 11, 2022 - 17% PER ANNUM
The Bank of Russia decided to reduce the key rate by 300 bps from April 11, 2022. up to 17% per annum.
 
21.04.2022
FROM APRIL 18, 2022, BANKS WILL RESUME THE SALE OF CASH CURRENCY TO INDIVIDUALS
Citizens who had opened foreign currency accounts or deposits before March 9, 2022 and who did not choose the established limit for receiving cash currency, from April 11, 2022, will be able to receive not only dollars but also euros in cash. The total limit is USD 10,000 or its equivalent in euros and is valid until September 9. Funds over the limit can still be received in roubles.
 
20.04.2022
A FINANCIAL INSTITUTION MUST NOT NOTIFY THE BANK OF RUSSIA OF THE APPOINTMENT OF CERTAIN OFFICIALS
The Direction containing the qualification requirements for persons appointed to certain positions in a number of financial institutions does not provide for the obligation of the financial institution to submit to the Bank of Russia documents confirming the appointment/dismissal (including temporarily) of persons in the relevant positions.
 
19.04.2022
DRIVING LICENCES EXPIRING IN 2022-2023 WILL BE EXTENDED FOR 3 YEARS
The RF Government has extended the validity period of Russian national driving licences for three years. This concerns driving licences validity of which expires (or has already expired) between January 1, 2022 and December 31, 2023.
Such extending of the validity period does not require making additional changes to licences.
 
18.04.2022
RUSSIA WILL PROVIDE SUBSIDIES FOR WASTE RECYCLING
Starting from 2023, funds received in the federal budget from the environmental fee will be partly re-directed to subsidies to companies and individual businessmen that manufacture goods from recycled waste.
 

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