Windfall tax for major companies to be introduced in Russia
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31.05.2022
UNTIL CHANGING THE CODE OF ADMINISTRATIVE OFFENCES OF THE RUSSIAN FEDERATION, THE STATUTE OF LIMITATIONS FOR HOLDING LIABLE MUST BE COUNTED ONLY FROM THE DATE OF COMMITTING AN OFFENCE
The Constitutional Court of the Russian Federation adopted a resolution on calculation of the period during which an administrative penalty may be imposed on an offending person.
Until the relevant amendments made into the Code of Administrative Offences of the Russian Federation, the statute of limitations for holding liable in accordance with Part 1 of Art. 4.5 must be calculated starting from the date when the administrative offence is committed.
30.05.2022
THE MINISTRY OF LABOUR HAS REDEFINED WHICH FOREIGN QUALIFIED SPECIALISTS CAN OBTAIN RUSSIAN CITIZENSHIP UNDER A SIMPLIFIED PROCEDURE
The Ministry of Labour has updated the list of professions of foreigners who are qualified specialists eligible for admission to Russian citizenship in a simplified procedure.
The new list includes more than 170 specialties and is formed in the following areas of activity: medicine, pharmaceuticals, education, geology and exploration of mineral resources, nuclear energy, journalism, construction, agriculture, etc.
Foreigners living in our country who have worked in Russia in a profession included in the list for at least one year can obtain Russian citizenship in a simplified procedure without complying with the condition of a 5-year period of residence in the country.
27.05.2022
PROCEDURE FOR SETTLEMENTS IN ROUBLES WITH FOREIGN TRADING PARTNERS WILL BE DETERMINED BY A SPECIAL INTERDEPARTMENTAL WORKING GROUP
An interdepartmental working group has been created to develop new mechanisms in the area of currency regulation and international settlements. It should develop a plan for the formation of an infrastructure for Russia's settlements with partners from friendly and unfriendly countries, in roubles or national currencies of these states.
26.05.2022
GOVERNMENT CANCELLED IMPORT DUTIES ON EQUIPMENT AND COMPONENTS FOR THE CORE INVESTMENT PROJECTS
Technological equipment, components and spare parts thereof, as well as raw materials and materials for the implementation of investment projects in sectors important for the economy can be imported into the country without paying customs duties.
25.05.2022
GOVERNMENT HAS TEMPORARILY SIMPLIFIED THE RULES FOR THE IMPORT OF SMARTPHONES, TABLETS, LAPTOPS AND MICROCIRCUITS INTO RUSSIA
For 2022, the features of the import into Russia of encryption (cryptographic) means and goods containing these means from a special list have been established. Such devices, in particular, include smartphones, tablets, laptops, computers, microcircuits, walkie-talkies.
24.05.2022
NEW STATE STANDARDS FOR FIRE SAFETY TO BE PUT INTO EFFECT ON JULY 1, 2024
A notification on the approval of standards in the area of fire safety and emergency situations and introduction them into effect on July 1, 2024 has posted on the official website of the Federal Agency on Technical Regulation and Metrology.
23.05.2022
RULES FOR THE OPERATION OF THE DIGITAL PLATFORM "WORKING IN RUSSIA" CAME INTO FORCE
In pursuance of Law No. 219-FZ, the Government of the Russian Federation approved the rules for the operation of a unified digital platform.
The unified digital platform (trudvsem.ru) is a federal state information system. To gain access to the unified digital platform, you must go through the registration procedure.
Through the unified digital platform, employers can implement the following functions.
1. To carry out electronic document management in relations with employees.
2. To post information about yourself and vacancies.
3. To post information necessary for the implementation of activities for vocational rehabilitation and promotion of employment of disabled people, information on the decision to liquidate the organisation or terminate the activities of the individual entrepreneur, reduce the number or staff of employees, etc.
20.05.2022
NEW MANDATORY RESERVE REQUIREMENTS FOR CREDIT INSTITUTIONS COME INTO EFFECT ON MAY 1, 2022
From May 1, 2022, mandatory reserve ratios and their averaging coefficients will be established for banks with universal or basic licences and for non-bank credit organisations.
The ratios shall be applied starting from the regulation of the amount of reserves for May 2022.
The averaging coefficients are also determined when adjusting the size of reserves with recalculation on reserves deposited in the account for accounting reserves. Starting from the averaging period from June 15 to July 12, 2022, banks calculate the average value of reserves with a coefficient of 0.9, non-profit organisations - with a coefficient of 1.
19.05.2022
CONSUMERS MUST BE PROTECTED FROM UNREASONABLE COLLECTION OF PERSONAL DATA
The Law provides for an extra consumer protection.
First, sellers are prohibited from refusing to enter into, perform, modify or terminate a contract due to a consumer's refusal to provide their personal data (except for the cases when obligation to provide such data is provided for by the legislation).
Secondly, a list of unacceptable terms of a contract that infringe on consumer’s rights is established. These include, in particular, the following conditions:
- limiting the right of the consumer to freely choose the territorial jurisdiction of disputes;
- providing additional services for a fee without the consent of the consumer;
- restricting the consumer's right to choose the method and form of payment for goods;
- reducing the amount of the legal penalty;
- establishing a mandatory pre-trial procedure for resolving disputes, if it is not provided for by law.
18.05.2022
RUSSIAN LLC WILL PAY INCOMINGS TO FOREIGNERS IN ROUBLES
A temporary procedure is established for fulfillment of obligations to pay profits of LLCs, business partnerships, production cooperatives to foreign participants originating from the hostile countries.
Payments may be obtained through “C” type accounts in rouble equivalent at the rate of the Central Bank as of the day of payment. This rule is general. The RF Central Bank may provide exceptions for certain banks and non-credit financial organisations, while the Ministry of Finance may provide such exceptions for other residents.
17.05.2022
THE RF GOVERNMENT WILL SUPPORT INVESTORS IMPLEMENTING PROJECTS IN THE AREA OF WASTE MANAGEMENT
The rules for compensating banks for lost income in 2022 on soft loans for investment projects in the area of waste management are approved. This refers to projects financed by the Russian environmental operator in 2021-2022 but no later than November 1, 2022. Project screenings will be carried out by the Ministry of Natural Resources. The corresponding announcement will be published on the website of the Ministry no later than July 1 and then quarterly (if necessary).
16.05.2022
IN RUSSIA, THE RIGHTS OF FATHERS TO MATERNITY CAPITAL HAVE BEEN EXPANDED
The right to maternity capital shall be extended to fathers (adoptive parents) raising a second, third child or subsequent children born since January 1, 2007, as well as the first child born since January 1, 2020, who have citizenship of the Russian Federation, in the event of the death of a woman who did not have citizenship of the Russian Federation, who gave birth to these children, or the declaration of her death.
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.
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