Russian assets confiscated in the United States will be compensated for by American assets located in Russia

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14.06.2024
THE GOVERNMENT COMMISSION FOR CONTROL OVER FOREIGN INVESTMENT WILL GIVE PERMITS NOT TO SELL FOREIGN CURRENCY WHEN PAYING FOR THE CONTRACT IN ROUBLES BY MORE THAN HALF

The rules for issuing permits of the Government Commission for Control over Foreign Investment have been adjusted. Amendments relate to permits not to sell currency.

Exporters and their subsidiaries may request permission from the Government Commission not to sell foreign currency if foreign trade contracts are paid for more than 50% in roubles.
Subsidiaries of exporters may apply for permission not to sell foreign currency in the amount aimed at meeting currency requirements. Previously, only exporters had this right.
The Commission has gotten the right to extend the period established by the Government for crediting currency to the accounts of exporters and their subsidiaries in authorised banks under foreign trade agreements.
These provisions are in effect until April 30, 2025 inclusive.
13.06.2024
RUSSIA RATIFIES THE CIS FREE TRADE AND INVESTMENT AGREEMENT

The agreement was signed by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. It will ensure the sustainable development of the CIS free trade zone in services and goods.

In particular, in accordance with the obligations assumed by Uzbekistan, Russian service providers are guaranteed access to such sectors as business, communications, construction and related engineering services, educational, environmental, financial, health, cultural, sports, transport services, as well as services related to tourism and travelling.

Tajikistan has additionally accepted obligations to provide services by payment system operators, as well as to conduct notarial activities.

In addition, Uzbekistan and Tajikistan accept obligations regarding market access and national treatment with respect to the establishment of companies, branches and representative offices in sectors of the economy not related to services (industry, agriculture). In these sectors, the states provide Russian investors with market access conditions no worse than those provided for by their current legislation as of the date of signing the agreement.

 

12.06.2024
RUSSIA AND CHINA WILL JOINTLY CREATE THE INTERNATIONAL SCIENTIFIC LUNAR STATION

The State Duma adopted a law on ratification of the Russian-Chinese intergovernmental agreement on cooperation in the area of creating an International Scientific Lunar Station.

The mission of the lunar station is to conduct multidisciplinary and multi-purpose research work, including 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 a human presence 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..
11.06.2024
ACCOUNTS IN FOREIGN BANKS: NEW FORMS OF NOTIFICATIONS HAVE BEEN APPROVED

Residents are required to notify tax authorities about the opening (closing) of accounts (deposits) with foreign banks and financial companies and about changes in their details. New forms and formats have been approved for such notifications.

Upon the termination of a permit to open an account with a foreign bank, the resident is entitled to continue transactions on such account. However, the resident must notify the tax office of such account. The notification form has also been updated.
10.06.2024
RF MINISTRY OF PUBLIC HEALTH HAS UPDATED THE COMPOSITION OF THE CAR FIRST AID KIT

From September 1, 2024 to September 1, 2030, a new composition of the car first aid kit to be applicable. It will include, among other items, the following: a mouthpiece, CPR covering, disposable and reusable elastic non-latex bandages, a rescue blanket, dressing scissors and surgical scissors.

Old first aid kits can be used until their expiration date, however, no later than December 31, 2027.
07.06.2024
RUSSIAN ASSETS CONFISCATED IN THE UNITED STATES ARE COMPENSATED BY AMERICAN ASSETS LOCATED IN RUSSIA

The President instructed the RF Government to establish a special procedure for compensation for damage caused to the Russian Federation or the Central Bank of the Russian Federation in the event of unjustified deprivation of Russian property rightholders by decision of the US authorities.

In accordance with this procedure, the Russian rightholder has the right to apply to court (in compliance with Russian rules of jurisdiction) with an application to establish the fact of unjustified deprivation of his/her rights to property and compensation for damage. The court shall request a list of American property that can be used to compensate for damages from the Government Commission for Control of Foreign Investments in the Russian Federation. This may be US persons or the United States movable and immovable property located in the territory of the Russian Federation, or securities owned by them, or shares in Russian companies, or property rights.
By court decision, rights to American property shall be terminated, and it shall be transferred to the Russian rightholder in order to compensate for damage.
06.06.2024
REGISTRATION OF A COMPANY WILL BE REFUSED, IF A MANAGER IS BANKRUPT

For three years after completion of the procedure for the sale of property in relation to a citizen or the termination of bankruptcy proceedings within such procedure, the person cannot hold positions in the management bodies of the organisation or otherwise participate in the management of the company. If these requirements are violated, refusal of state registration is allowed.

A court ruling declaring a citizen insolvent (bankrupt) is not the basis for entering information on the person into the register of disqualified persons. Administrative liability for managing a company by a disqualified person applies only to the person that has been given an administrative penalty in the form of disqualification.
05.06.2024
FINANCIAL MONITORING AND CURRENCY CONTROL SERVICE TO BE FORMED BASED ON A DECISION OF THE BANK OF RUSSIA

It is decided to create a Financial Monitoring and Currency Control Service hosted by the Department and regional divisions of financial monitoring and currency control of the Bank of Russia. The new service likely consists of seven centers. Their tasks will include control and supervision over compliance by non-credit financial institutions with the requirements of anti-money laundering and currency legislation on a cross-territorial basis.

04.06.2024
RESIDENTS BEING PART OF THE SAME INTERNATIONAL GROUP OF COMPANIES WITH NON-RESIDENTS MUST REPORT ON FUNDS FLOW ON ACCOUNTS IN FOREIGN BANKS

Residents must report on flow of funds and other financial assets through foreign bank accounts and transfers without opening an account using electronic means of payment from foreign payment service providers. The report form has been updated. Rules have been established for filing reports by residents belonging to the same international group of companies as non-residents.

03.06.2024
FROM JUNE 1, 2024, NON-PROFIT ORGANISATIONS WILL BE EXEMPT FROM THE OBLIGATION TO HAVE A SEAL

From June 1, 2024, the corresponding provision of the Law on Non-Profit Organisations will come into force in a new version, according to which this issue is resolved by the organisation on a voluntary basis. At the same time, it is stipulated that if there is a seal, information about this should be contained in the charter of the non-profit organisation.

However, the innovation about the obligation to have a seal does not apply to all non-profit organisations.
In particular, state and municipal institutions will still be required to have a seal after this date.
31.05.2024
A LICENSING PROCEDURE IS PROVIDED FOR THE ACQUISITION OF EXCLUSIVE RIGHTS TO THE RESULTS OF INTELLECTUAL ACTIVITY FROM PERSONS OF UNFRIENDLY COUNTRIES

The President established a temporary procedure for residents to acquire exclusive rights to the results of intellectual activity or means of individualization from persons of unfriendly countries.

To carry out such transactions, a permit from the Government Commission for Control of Foreign Investments in the Russian Federation will be required. Remuneration and other payments under the transaction will be transferred to a special O-type rouble account in an authorised bank, which is opened by the acquirer in the name of the rightholder or foreign creditor. The established procedure does not apply to the acquisition of rights to works of science, literature or art, results of performing activities, phonograms, messages from broadcasting or cable broadcasting organisations, as well as transactions worth no more than 15 million roubles.
30.05.2024
THE CENTRAL BANK OF THE RUSSIAN FEDERATION HAS RESOLVED ISSUES OF CONTROL OVER THE TRANSITION OF BANKS TO DOMESTIC SOFTWARE

According to amendments to the Law on the Bank of Russia, the regulator must control the transition of credit institutions to domestic software. In this regard, the Central Bank of the Russian Federation has established a monitoring procedure for:

- implementation of action plans of credit institutions for the transition to the primary use of Russian software, domestic radio-electronic products and telecommunications equipment at significant facilities of critical information infrastructure;
- procurement of such foreign products, as well as services necessary for their use at the specified facilities.
29.05.2024
REPORTS ON FOREIGN ACCOUNTS AND FOREIGN ELECTRONIC WALLETS: INDIVIDUALS MUST SUBMIT BY JUNE 3, 2024

The Federal Tax Service reminds that June 3, 2024 is deadline for resident individuals to file reports for 2023 with tax authorities on the flow of funds and other financial assets in foreign accounts, as well as foreign electronic wallets.

Individuals resided abroad for a cumulative period of more than 183 days in 2023 are not required to file 2023 reports.
It is also not required to submit reports on foreign accounts opened on the territory of the EAEU or in countries participating in the automatic exchange of financial information, but only in cases where credits or debits to the account or the balance of funds as of the end of the reporting year do not exceed 600 thousand roubles (or an equivalent amount in foreign currency).
28.05.2024
NON-CREDIT FINANCIAL ORGANISATIONS: CHANGES IN ACCOUNTING RECORDS

Forms for submitting accounting (financial) statements to the Bank of Russia have been adjusted for certain non-credit financial organisations, credit rating agencies and credit history bureaus.

The changes concern, in particular, reflection of intangible assets and capital investments, digital financial assets, long-term savings agreements, as well as income from providing consulting and information services.
27.05.2024
RESIDENTS ARE PROHIBITED FROM SELLING AIRCRAFT AND SHIPS TO FOREIGN COMPANIES FROM UNFRIENDLY COUNTRIES

Permits to sell real estate to foreign companies from unfriendly states does not apply with respect to aircraft, ships, and inland navigation vessels.

24.05.2024
IN 2024, THE DEADLINE FOR INDIVIDUALS TO SUBMIT REPORTS ON FOREIGN ACCOUNTS AND FOREIGN ELECTRONIC WALLETS IS JUNE 3, 2024
June 3, 2024 is deadline for resident individuals to submit reports to the tax authorities for 2023 on movement of money and other financial assets in foreign accounts, as well as in foreign electronic wallets.
June 1st and 2nd are days off, the deadline for submitting reports to be transferred to the next business day - the 3rd of June.

 

23.05.2024
THE PROCEDURE FOR MIGRATION REGISTRATION OF FOREIGNERS HAS BEEN CLARIFIED

Migration registration of foreigners includes registration at the place of residence and registration at the place of stay.

Only foreigners who have a temporary residence permit, including for the purposes of education, or who have a residence permit can register at their place of residence. Foreigners who have not received the specified documents are subject to registration at the place of stay.
To register at the place of stay, foreigners must present an identity document and a migration card.
As a rule, the host party is Russian citizens who provide accommodation for foreigners, as well as companies that hire foreign labour.
22.05.2024
THE FEATURES OF STATE REGISTRATION AND PRELIMINARY INFORMATION SEARCH OF INVENTIONS OR UTILITY MODELS IN THE AREA OF INFORMATION TECHNOLOGY HAVE BEEN ESTABLISHED

The Ministry of Economic Development has prepared amendments on issues of state registration, as well as conducting a preliminary information search for an invention or utility model.

Requirements for disclosing the essence of a utility model and invention in the area of information technology have been determined.
The procedure for checking compliance with the conditions of patentability and checking the inventive step of an invention in the area of information technology has been established.
21.05.2024
CLASSIFICATION OF HOTELS, SKI SLOPES AND BEACHES: IMPROVING THE ACCREDITATION PROCEDURE

It is planned to adjust the rules for accreditation of organisations responsible for classifying beaches, hotels and ski slopes.

Accreditation certificates will be generated electronically. The requirements will be adjusted for specialists to obtain accreditation in the field of classification of 4 and 5 star hotels. Applications for accreditation will need to be submitted through the public services web-portal or FSIS in the field of accreditation.

20.05.2024
ACADEMIC DEGREES: MUTUALLY RECOGNISED IN THE EAEU MEMBER STATES

On May 2, 2024, the Agreement on the mutual recognition of documents on academic degrees in the EAEU countries came into force.

Now national documents on the academic degree of nationals of the countries of the Eurasian five are recognised automatically without national recognition procedures for work in another state of the Union, with the exception of cases when holders of such documents apply for allowances and benefits for an academic degree established in the country of employment.

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