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04.10.2024
CURRENCY RISK: CREDIT RATING LEVELS FOR CREDIT INSTITUTIONS’ COUNTERPARTIES TO FORWARD TRANSACTIONS ARE DETERMINED

In order to apply open positions of credit institutions for currency risk, the Bank of Russia has established credit rating levels for credit institutions’ counterparties to forward transactions.

03.10.2024
TRANSFERS OF FUNDS ABROAD BY RUSSIAN CITIZENS AND NON-RESIDENT INDIVIDUALS: THE BANK OF RUSSIA HAS EXTENDED RESTRICTIONS FOR ANOTHER 6 MONTHS

Russian citizens and non-resident individuals from friendly countries will still be able to transfer monthly no more than 1 million US dollars or equivalent amounts in another foreign currency to any accounts opened with foreign banks. 

The limits on transfers through money transfer systems are also in force - this means no more than 10 thousand US dollars or equivalent amounts in another foreign currency per month. 
Non-resident individuals employed in Russia can transfer funds abroad in an amount of their salary. Representatives of both friendly and unfriendly countries are entitled to do this. 
The ban on transferring funds abroad is still valid for non-resident individuals from unfriendly countries, that are not employed in Russia, as well as for legal entities from such countries. This restriction does not apply to foreign companies being under the control of Russian legal entities or individuals.
02.10.2024
TRANSFERS OF FUNDS ABROAD BY NON-RESIDENTS FROM UNFRIENDLY COUNTRIES FROM BROKERS’ AND TRUSTEES’ ACCOUNTS: RESTRICTIONS ARE EXTENDED FOR ANOTHER 6 MONTHS

From October 1, 2024, transfers funds abroad by non-residents from unfriendly countries from Russian brokers’ and trustees’ accounts are suspended for another six months.

01.10.2024
FEDERAL ANTIMONOPOLY SERVICE NOW HAS MORE REASONS FOR UNSCHEDULED INSPECTIONS OF ADVERTISERS

One more reason has been introduced for an unscheduled inspection within the framework of state advertising control. This concerns TV advertising containing an indication of the advantages of the advertised product over goods made by other manufacturers or sellers, by an advertiser that has already distributed false advertising within the previous 2 years.

30.09.2024
RESTRICTING ACCESS TO MIRROR SITES OF BLOCKED WEBSITES WITH PIRATED CONTENTS: WHAT’S NEW FROM OCTOBER 1, 2024

On October 1, 2024, the June amendments to the Law on Information, Information Technology and Information Protection come into force, aimed at optimising the procedure for restricting access to copies of "pirated" websites that have already been blocked due to repeated and illegal posting of information containing items of copyright and (or) related rights, or information necessary to obtain them using information and telecommunications networks, including the Internet. 

From October 1, 2024, Roskomnadzor will authorised to make such reasoned decisions. 
The changes also include the obligation to stop displaying "mirror" websites in the search engine, which is applicable both to all search engine operators operating in the Russian Internet segment and to search engine operators distributing advertising whose intended audience are consumers located on the territory of the Russian Federation. 
Moreover, starting from October 1, 2024, all search engine operators operating in the Russian segment of the Internet (regardless of their distribution of advertising to Russian consumers) will be subject to the requirement to ensure the "right to be forgotten" on the network (this means that operators must remove, at the request of an individual, links to unwanted details of such individual).
27.09.2024
THE CENTRAL BANK OF THE RUSSIAN FEDERATION RAISED THE KEY RATE TO 19%

On September 13, 2024, the Bank of Russia decided to raise the key rate by 100 bps to 19% per annum. 

By the end of 2024, inflation will likely exceed the range of 6.5-7%. Further monetary tightening is needed to ensure inflation returns to the 4-4.5% target in 2025. The Bank of Russia allows for the possibility of further increase in the key rate.
26.09.2024
CURRENCY SWAP RATES HAVE CHANGED

From September 16, 2024, new interest rates have been set for currency swap transactions for the sale of yuan for roubles with the subsequent purchase. For yuan - at the rate of O/N SHIBOR, increased by 12 percentage points. For roubles - in the amount of the key rate of the Bank of Russia, reduced by one percentage point.

25.09.2024
CASES HAVE BEEN ESTABLISHED WHEN RESIDENTS WHO ARE PARTICIPANTS OF AN INTERNATIONAL GROUP OF COMPANIES MAY NOT REPORT TO THE TAX AUTHORITIES ABOUT THE ACCOUNTS OF NON-RESIDENTS

If residents are part of the same international group of companies with non-residents, they must submit notifications to the tax authorities about opening (closing) accounts (deposits) and about changing the details of accounts (deposits) of non-residents abroad. 

It is stated that this rule does not apply if: more than 50% of the group's assets are located abroad; the resident does not participate in the capital or does not control non-residents in any other way; non-residents do not participate in the capital of the resident or do not control its activities in any other way.
24.09.2024
REGISTRATION OF DRUGS NOT LOCALISED IN RUSSIA WILL BE ACCELERATED

It is planned to introduce accelerated state registration of drugs, the production of international nonproprietary  names of which is not localised in Russia.

23.09.2024
THE PROCEDURE FOR CONNECTING TO THE REGISTRY OF PROHIBITED SITES WILL CHANGE

It is planned to adjust the procedure for connecting to the information system containing the list of prohibited sites, interaction with the Federal Service for Supervision of Communications, Information Technology, and Mass Media (Roskomnadzor) when providing access to the system, processing and using information. 

From October 1, 2024, all search engine operators that have received a request from Roskomnadzor will have to connect to the system, regardless of whether they distribute advertising on the Internet that is aimed at attracting the attention of Russian consumers or not.
20.09.2024
INTELLECTUAL PROPERTY: HOLDERS OF EXCLUSIVE RIGHTS CAN CONTACT THE FEDERAL SERVICE FOR INTELLECTUAL PROPERTY TO PREVENT IT FROM PUBLISHING INFORMATION ABOUT THEM

Until the end of 2025, the Federal Service for Intellectual Property will not publish information about individuals in the official bulletin at the request of them. It is about: 

- persons who have filed an application for state registration of an invention, utility model, industrial design, trademark, computer program, database, or integrated circuit topology; 
- on the holders of exclusive rights to the specified results of intellectual activity and means of individualization; 
- the parties to the agreement on the disposal of exclusive rights.
19.09.2024
RESTRICTIONS ON FOREIGN CURRENCY CASH WITHDRAWALS EXTENDED UNTIL MARCH 9, 2025

The Bank of Russia maintains restrictions on cash currency due to current sanctions. For citizens whose foreign currency account or deposit was opened before March 9, 2022, a limit on currency withdrawal in the amount of the balance of funds remains, but not more than 10 thousand US dollars or the equivalent in euros, if such an opportunity has not been implemented earlier. Remaining funds can still be withdrawn in roubles. 

For banks, the ban on charging citizens a commission for issuing currency from accounts or deposits has been extended for 6 months. 
Currency transfers without opening an account and through electronic wallets shall be issued in roubles. 
For non-resident legal entities, cash issuance in US dollars, euros, pounds sterling, Japanese yen is not allowed until March 9, 2025; there are no restrictions for other currencies.
18.09.2024
OPEN API: BASIC PRINCIPLES AND IMPLEMENTATION STAGES

 The website of the Central Bank of the Russian Federation has published the basic principles and stages of implementation of Open Program Interfaces (Open APIs). They will allow companies to exchange information on a client more quickly with their consent, provide them with beneficial personalised services, and also give a person the opportunity to manage their data at a high-quality level. 

Open APIs will be implemented gradually. From 2026, their use will become mandatory for major banks, brokers and insurance companies, and from 2027 - for microfinance organisations, depositories, operators of information systems in which digital financial assets are issued, and financial platforms. These market participants will have to meet the criteria established by the Central Bank of the Russian Federation. Later, the practice will spread to other financial institutions, and then to non-financial organisations.
17.09.2024
FEDERAL SERVICE FOR SUPERVISION OF COMMUNICATIONS, INFORMATION TECHNOLOGY, AND MASS MEDIA (ROSKOMNADZOR) WILL DETERMINE THE COMPOSITION OF THE INFORMATION PROVIDED ABOUT THE INTERNET ADVERTISING IDENTIFIER

It is planned to establish access to what information about the Internet advertising identifier held by Roskomnadzor is provided to the advertiser, advertising distributor, operators of advertising systems and advertising data, and the operator of social advertising. 

The radio frequency service will receive access to the Unified Identification and Authentication System to ensure the functioning of the information system, which contains information about advertising.
16.09.2024
MINISTRY OF INDUSTRY AND TRADE HAS ADJUSTED THE LIST OF GOODS FOR PARALLEL IMPORTS

In connection with the expansion of domestic brands, a number of brands in the light industry have been excluded from the list of goods permitted for parallel import. Amendments will come into effect in six months. 

A number of brands that have resumed deliveries to Russia have also been removed from the list. 
At the same time, the list has been supplemented with brands that have stopped deliveries. For example, KIA and Hyundai brands are included.
13.09.2024
CENTRAL BANK OF THE RUSSIAN FEDERATION HAS MADE CHANGES TO THE S-TYPE ACCOUNT PATTERN

The pattern of special S-type custody account has been defined. Money transferred from a special custody account opened with the same depository or erroneously debited from a special S-type custody account, as well as refundable amounts of taxes previously paid from this account, can be credited to it.

Funds may be debited from such an account to transfer money as payments on financial instruments to bank accounts; pay taxes in fulfilment of the depository's duties as a tax agent; return funds erroneously credited to a special S-type custody account. 
In addition, the list of operations for crediting and debiting funds using an S-type bank account opened for a non-resident, as well as an S-type custody account and an S-type custody sub-account, has been expanded.
12.09.2024
FEDERAL TAX SERVICE INFORMS ON A NEW PROCEDURE FOR MAKING CHANGES TO INFORMATION ABOUT THE HEADS OF ORGANISATIONS IN THE UNIFIED STATE REGISTER OF LEGAL ENTITIES

Participants of limited liability companies (LLCs) (except for credit and non-credit financial, specialised LLCs) are now required to contact a notary when electing a new head (general director) to certify the fact of such a decision. The notary will sign the application for making changes to the Unified State Register of Legal Entities (previously, this was done by the new director) and independently send it electronically to the registration authority. 

In relation to legal entities of other organisational and legal forms, when electing (appointing) a head, the notary will independently send an application for making changes to the Unified State Register of Legal Entities after certifying the authenticity of the applicant's signature within the framework of one notarial act. This will reduce the time and financial costs of applicants. The exception is credit and non-profit organisations registered through the Central Bank of the Russian Federation and the Ministry of Justice.
11.09.2024
LEGISLATION ON ELECTRONIC SIGNATURES: REFORMATS COMPLETED

From September 1, 2024, qualified certificates of employees of legal entities and individual businessmen obtained from commercial certification centers have ceased to be valid. 

Now, when interacting electronically, a representative must use a qualified certificate for an individual and simultaneously submit a machine-readable power of attorney (MRA). It can be formed for free through public provided by the Federal Tax Service.
10.09.2024
ADMINISTRATIVE LIABILITY FOR FAILURE TO PAY FOR TRAVEL ON TOLL ROADS: CHANGES FROM SEPTEMBER 1, 2024

From September 1, 2024, offences related to failure to comply with the procedure for paying tolls for travel on toll roads of regional, intermunicipal and local significance, private roads are removed from the scope of Article 12.21.4 of the Code of Administrative Offences of the Russian Federation. The mentioned Article is now applied in as much as it concerns violations of the payment procedure committed in connection with travel on federally significant toll roads. 

A purpose of the amendments is to create conditions that allow constituent entities of the Russian Federation to independently establish administrative liability for this category of violations. 
For example, the corresponding changes have already been made to the Code of the City of Moscow on Administrative Offences. From September 1, 2024, it was supplemented with a new article establishing a fine of 3,000 roubles for citizens, and 10,000 roubles for legal entities.
09.09.2024
STUDENT ID CAN BE PRESENTED ON A SMARTPHONE SCREEN AS A QR CODE

Student IDs and record books are available through Gosuslugi web-portal. They can be downloaded in the "Education" section and presented by showing a QR code on a smartphone screen. 

Electronic documents can be used to purchase a discounted travel pass, when visiting museums, performances and concerts, to enter the territory of a college or university, and to track academic performance. Electronic IDs are valid on par with paper ones and do not replace them.

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