Windfall tax for major companies to be introduced in Russia
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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.
15.04.2022
FOREIGN SOFTWARE AT CORE OBJECTS OF CRITICAL INFORMATION INFRASTRUCTURE WILL BE PROHIBITED
From March 31, 2022, customers (except for organisations with municipal participation) are prohibited from purchasing foreign software for use at significant facilities of the critical information infrastructure of the Russian Federation, as well as services for the use of such software without the consent of the authorised body.
From January 1, 2025, state authorities and customers are prohibited from using foreign software at significant critical information infrastructure facilities.
A change-over to the privileged use of domestic radio-electronic products and telecommunications equipment at significant critical information infrastructure facilities shall be envisaged.
14.04.2022
THE LIMIT OF DUTY-FREE IMPORTATION INTO THE EAEU OF GOODS PURCHASED BY INDIVIDUALS IN FOREIGN ONLINE STORES HAS BEEN TEMPORARILY INCREASED TO 1,000 EUROS
The cost rate has been temporarily increased from 200 to 1000 euros, within which goods for personal use, delivered by the carrier or sent in international mail, can be imported into the territory of the EAEU without paying customs duties and taxes.
13.04.2022
ON APRIL 1, 2022, THE RULES FOR DEFERMENT FROM MILITARY SERVICE FOR IT SPECIALISTS CAME INTO FORCE
Russian citizens employed in certified IT companies are entitled to deferment from military service until they reach the age of 27 (for the period of work in such companies).
12.04.2022
THE RF PRESIDENT SIGNED A DECREE ON RETALIATORY VISA MEASURES RELATED WITH HOSTILE ACTIONS OF SOME FOREIGN STATES
According to the Decree, certain clauses of visa facilitation agreements with the European Union, Norway, Denmark, Iceland, Switzerland and Liechtenstein (concerning official delegations members and journalists, members of national and regional governments and parliaments, constitutional and supreme courts, holders of diplomatic passports) are suspended.
11.04.2022
CHILDREN'S TOURIST CASHBACK PROGRAM STARTED ON MARCH 31, 2022
Vouchers purchased under the children's tourist cashback program must be paid for between March 31 and August 31, 2022, inclusive.
The list of regions participating in the program includes all constituent entities of the Russian Federation.
08.04.2022
BANK OF RUSSIA KEPT THE KEY RATE AT 20% PER ANNUM
The Board of Directors of the Central Bank of the Russian Federation has decided not to change the key rate. It is fixed at the level of 20% per annum.
07.04.2022
BANK OF RUSSIA ADJUSTED THE CURRENCY RESTRICTIONS
The Board of Directors of the Bank of Russia is entitled to limit the amount of foreign currency purchases by non-residents on the Russian market, as well as to set the amount within which individual transactions are possible.
In this regard, it is established that purchasing foreign currency at the domestic market of Russia by non-residents that are legal entities of hostile states shall be carried out in the zero amount for the US dollars or another foreign currency.
06.04.2022
RUSSIAN GOVERNMENT DETERMINED THE PROCEDURE FOR DEFERMENT FROM MILITARY SERVICE FOR SPECIALISTS OF IT COMPANIES
This means the following: young people under 27 that have higher education and are employed by IT companies for at least a year, will be able to defer from military service. These rules also apply to specialists with less than one year experience, but provided they graduated from a university at least a year before the date of employment.
05.04.2022
EMPLOYERS WILL BE GRANTED SUBSIDIES FOR EMPLOYMENT OF YOUNG PEOPLE
Organisations, including non-profit organisations, as well as individual entrepreneurs that will employ unemployed young people in 2022, will be able to reckon upon state support under this program.
It is referred to employment, in particular, citizens under the age of 30. Among them are graduates of colleges and universities without work experience, young people without secondary vocational or higher education, disabled people, orphans, etc.
04.04.2022
IT IS NECESSARY TO INFORM THE EMPLOYMENT SERVICE ABOUT ALL VACANCIES, AND NOT JUST ABOUT VACANCIES CREATED FOR THE DISABLED PEOPLE
According to Item 3 of Article 25 of the Law on Employment, employers must submit monthly information to the employment service authorities on the availability of jobs and vacant positions, created or allocated jobs for the employment of persons with disabilities in accordance with the established quota for hiring persons with disabilities, including information on local regulations containing information about these workplaces, meeting the quota for hiring disabled people.
01.04.2022
FROM APRIL 1, 2022, THE BANK OF RUSSIA UPDATES THE MANDATORY RESERVE REQUIREMENTS
From April 1, 2022, the Central Bank updates the mandatory reserve requirements and ratios for calculating the reserve liabilities of credit institutions.
Reserve ratios for banks with a universal license and non-bank credit institutions are fixed as 2%, for banks with a basic licence - as 1% for liabilities in roubles and 2% for liabilities in foreign currency.
The former mandatory reserve requirements are no longer valid from April 1, 2022. When regulating the amount of required reserves for March, the previous rules and ratios shall be applied.
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