A special recording procedure for certain securities will be in effect until the end of 2025

Learn more

Garant – Free Online Demo

Legal information system for your company.
Simply click on the button «Start working» and the system Legislation of Russia in English will be available for unlimited time.

News

04.12.2024
DEPOSIT INSURANCE: THE STATUS OF FUNDS IN TRANSIT CURRENCY ACCOUNTS HAS BEEN CLARIFIED

Funds placed in the bank on the basis of a bank deposit agreement or account are subject to insurance in the deposit insurance system. 

A transit currency account is opened by the bank simultaneously with a current currency account in compliance with regulatory requirements without taking into account the client’s will to identify foreign currency receipts in favour of residents and for the purpose of recording for currency transactions. Such a currency account is not a bank account.
Thus, funds located in transit currency accounts are not subject to insurance protection. They are not included in form 0409345 "Data on Daily Balances of Insured Funds Placed in Deposits". The specified funds become insured from the moment they are credited to the current currency account.
03.12.2024
RUSSIA TO IMPROVE ACCOUNTING SYSTEM

The Russian Government has defined the guidelines of state policy in the field of accounting, financial reporting and auditing activities until 2030. It is expected to develop the system of accounting and financial reporting standards, expand the functionality of the State Register of Accountants and Financial Reporting (GIRBO) and improve the economic model of audit organisations. 

By 2030, the adoption of a basic set of federal accounting standards should be completed. This set should include, among other things, accounting standards for income, expenses, biological assets, financial assets and liabilities.
02.12.2024
FINES FOR CHILDFREE PROPAGANDA

Administrative liability is provided for public actions aimed at promoting the refusal to have children, if these actions do not include elements of a criminal offence. 

Punishment will be similar to that established for the propaganda of non-traditional sexual relations and (or) preferences or gender reassignment. For example, citizens will be fined from 50 thousand to 100 thousand roubles.
However, there will be no fine for the propaganda of monasticism, the vow of celibacy and refusal to have children associated with such monasticism or celibacy, if this is based on the internal regulations of religious organisations.
29.11.2024
THE BAN ON PAYING FOR A SHARE IN THE PROPERTY OF A NON-RESIDENT COMPANY WITHOUT PERMISSION FROM THE CENTRAL BANK HAS BEEN EXTENDED

The ban on the following transactions without permission from the Central Bank has been extended until the end of 2025: 

- payment by a resident of a share, contribution, or stake in the property (authorised or contributed capital, or share fund of a cooperative) of a non-resident legal entity; 
- a contribution by a resident to a non-resident within the framework of the implementation of a simple partnership agreement with investment in the form of capital investments (joint activity agreement).
28.11.2024
FOREIGN TRADE CONTRACTS, IN SETTLEMENTS UNDER WHICH DIGITAL RIGHTS ARE USED, ARE SUBJECT TO REGISTRATION WITH AUTHORISED BANKS

The Bank of Russia has adjusted the instructions on the procedure for residents and non-residents to submit supporting documents and information to authorised banks when carrying out foreign exchange transactions. 

The instructions do not apply to branches of foreign banks, except in cases where they perform the functions of authorised banks. 
The deadline for a resident to submit documents and information to an authorised bank when depositing cash received from a non-resident in the context of foreign trade activities into an account in such a bank has been determined. 
It is envisaged that foreign trade contracts, in settlements under which digital rights are used, will be registered with authorised banks. For such contracts, the registration approach has been retained: for import contracts - from 3 million roubles, for export contracts - from 10 million roubles.
27.11.2024
PROCEDURE FOR THE BANK OF RUSSIA TO CONDUCT INSPECTIONS OF SUPERVISED ENTITIES HAS BEEN IMPROVED

Requirements for a 5-year inspection period and for organising repeat inspections do not apply to the assessment of the application of bank risk management methods and quantitative risk assessment models. 

The Bank of Russia may involve employees of the Deposit Insurance Agency in the inspections of funds on issues of recording long-term savings accounts. 
The list of circumstances in connection with which a decision may be made to postpone the start of an inspection or to suspend it has been expanded.
26.11.2024
LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAS BEEN EXPANDED

Russian Standard Vodka LLC, Rust Russia JSC, TPS AVIA HOLDING LTD and Ural Locomotives LLC have been additionally classified as economically significant organisations. 

Special features for regulating corporate relations in economically significant organisations are established at the legislative level. A mechanism has been introduced to exclude foreign holdings from the ownership chain.
25.11.2024
VAT EXEMPTIONS FOR HOTELS MAY BE EXTENDED

The President of the Russian Federation has ordered to extend the possibility of applying the zero VAT rate for services related to the provision of temporary accommodation in hotels and other accommodation facilities until December 31, 2030 inclusive. For now, this rate is valid until June 30, 2027.

22.11.2024
REPORTS TO ROSFINMONITORING ON REFUSAL TO CONDUCT TRANSACTIONS - THE PROCEDURE HAS BEEN ADJUSTED

Amendments have been made to the legislation, according to which foreign and international companies, the founders or participants of which are governmental agencies of foreign states, may be recognised as undesirable for Russia. 

The relevant changes have been made to the rules for submitting information by credit and non-credit financial organisations to Rosfinmonitoring on the facts of refusal to conduct transactions, one of the parties to which is an undesirable foreign or international company. Now, it is not necessary to report about non-governmental status of such company.
21.11.2024
ENERGY CONSUMPTION TO BE LIMITED FOR RUSSIANS ENGAGED IN MINING

A limit has been set on energy consumption when mining digital currency (including when participating in a mining pool) by Russian citizens that are not individual businessmen and are not included into the register. It is set as 6,000 kilowatt-hours per month. Concomitant changes have been made to the pricing principles in the area of regulating prices (tariffs) in the electric power industry.

20.11.2024
PROCEDURE FOR MAKING A DECISION ON INCLUDING A RUSSIAN BUSINESS ENTITY INTO THE LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAS BEEN UPDATED

Amendments have been made to the legislation affecting economically significant organisations (ESOs). In particular, the increased 5 percent threshold for share ownership has been extended, allowing their holders to request documents from companies that are under anti-Russian sanctions or have the right not to disclose information on their activities, as well as to challenge their transactions or actions. 

The rules for classifying companies as ESOs have been clarified. In addition, ESOs include defence industry complex (DIC) organisations if their revenue for the most recently completed reporting year exceeds 10 billion roubles.
19.11.2024
FROM Q1 2025 - NEW FORMS AND RULES FOR FILLING IN LEDGERS USED IN VAT SETTLEMENTS

The forms and rules for filling in purchase ledgers book used in VAT settlements have been adjusted. The changes are related to the specifics of trading on the EAEU marketplaces introduced from July 1, 2024, as well as to the introduction of VAT at special rates for taxpayers taxable under the simplified system from January 1, 2025.

Amendments have also been made to the rules for filling in purchase ledgers and the additional sheet thereof due to the fact that Russian companies and individual entrepreneurs selling goods to individuals through electronic trading platforms, the place of sale of which is recognised as the territory of the Russian Federation, are recognised as tax agents for VAT.
18.11.2024
"ANTI-MONEY LAUNDERING" LEGISLATION FOR ENTITIES PROVIDING ACCOUNTING SERVICES - SOME REQUIREMENTS HAVE BEEN ADJUSTED

The Russian Ministry of Finance commented upon the clarification of the requirements in the field of countering the legalisation (laundering) of proceeds from crime and the financing of terrorism for entities providing accounting services. 

Persons engaged in entrepreneurial activity in the field of accounting services are participants in the national "anti-money laundering" system. These changes apply to legal relations that arose from December 30, 2024. 
The Ministry of Finance also informed about the adjusting of the requirements for heads of accounting departments of clearing organisations, trade organisers, entities of the insurance business; as well as about the change of a number of legislative provisions concerning the appointment and dismissal of chief accountants and their deputies, the involvement of external specialists for accounting in insurance companies.
15.11.2024
THE MINISTRY OF FINANCE HAS CLARIFIED WHICH TRANSACTIONS WITH LIMITED LIABILITY COMPANIES DO NOT REQUIRE PERMITS FROM THE GOVERNMENT COMMISSION FOR CONTROL OVER FOREIGN INVESTMENTS

The special procedure for transactions with shares of limited liability companies under permits from the Government Commission for Control over Foreign Investments does not apply to transactions (operations) that do not entail the establishment, change or termination of the rights of ownership, use and (or) disposal of shares in the authorised capital of limited liability companies or other rights that allow determining the terms for managing limited liability companies and (or) the terms for their implementation of entrepreneurial activities.

14.11.2024
CONDITIONS FOR COMPANIES FROM UNFRIENDLY COUNTRIES TO LEAVE RUSSIA HAVE BEEN TIGHTENED

New terms of sale of Russian assets by foreign persons from unfriendly countries have been approved. 

The minimum discount amount has been increased from 50% to 60% of the market value of the relevant assets. The minimum voluntary contribution to the federal budget has been increased from 15% to 35% of the market value. It must be paid in accordance with the schedule within two years from the date of the transaction. 
Transactions with assets with a market value of over 50 billion roubles will require the consent of the President of the Russian Federation.
13.11.2024
THE FEDERAL TAX SERVICE’S WEBSITE NOW HAS A ‘MININGREGISTRY’

Entering information into these registers is necessary due to the requirements of the Law on Digital Financial Assets and Digital Currency.

This law provides that Russian legal entities and individual entrepreneurs have the right to engage in digital currency mining from the moment they are included in the relevant register, and mining infrastructure operators have the right to carry out their activities from the moment they are included in the register of such operators.
Information entered into the registers is not subject to publication in the media or posting on the Internet.
12.11.2024
NEW REQUIREMENTS FOR IMPORT OF EQUIPMENT CONTAINING FREONS WERE NOT INTRODUCED

The Ministry of Natural Resources reports that no new regulations have been introduced in the country for the handling of equipment containing hydrofluorocarbon refrigerants (or freons). Only certain gases (18 substances) and mixtures are regulated, for which, in most cases, more environmentally friendly substitutes exist. Equipment containing these substances is not subject to this regulation.

The phased reduction of freon production and consumption in Russia began in 2021. And until 2024 it was only 5% of the baseline. From 2025, the reduction will be another 30%. And by 2029, the use of refrigerants should be reduced by 70%.
11.11.2024
A FORM FOR REGISTERING OWNERS OF SOCIAL MEDIA CHANNELS WITH AN AUDIENCE OF OVER 10,000 USERS HAS OPENED ON PORTAL OF GOVERNMENT SERVICES

The Ministry of Digital Development reports that the registration of owners of channels and pages in social networks with more than 10 thousand subscribers has been launched on the public services portal. After voluntary identification, channels/pages will be included in a special list by the Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor).

Registration is available for both individuals and legal entities and individual entrepreneurs, citizens of Russia and foreigners with a verified account.
After inclusion in the list, the owner of the channel/page must place in its description a unique link to the entry in the Roskomnadzor’s registry. This will allow other users and advertisers to check whether the public page is actually in the list.
08.11.2024
BANK OF RUSSIA HAS INCREASED THE KEY RATE UP TO 21%

On October 25, 2024, the Bank of Russia decided to raise the key rate by 200 basic points up to 21% per annum. 

Inflation is significantly higher than it was forecasted by the Bank of Russia in July. Further tightening of monetary policy is required to ensure that inflation returns to the target of 4.5-5% in 2025. Moreover, the Central Bank of the Russian Federation allows for the possibility of further raising the key rate.
07.11.2024
NEW PARAMETERS FOR CURRENCY SWAPS ARE IN EFFECT SINCE OCTOBER 28, 2024

On October 28, 2024, new interest rates were put into operation respect to currency swap transactions for the sale of yuan for roubles with their subsequent purchase (in yuan for roubles to calculate the swap difference). The rates are set at the Bank of Russia's key rate.

06.11.2024
CITIZENS WILL BE ABLE TO RECEIVE QUALIFIED CERTIFICATES OF ELECTRONIC SIGNATURE VERIFICATION KEYS IN ARMENIA, KAZAKHSTAN, KYRGYZSTAN OR UZBEKISTAN

From November 1, 2024 to December 31, 2025, it was decided to conduct an experiment to implement the possibility of obtaining qualified certificates of keys for verifying electronic signatures by Russian citizens abroad. 

The experiment will take place in Armenia, Kazakhstan, Kyrgyzstan and Uzbekistan.
05.11.2024
FEDERAL SERVICE FOR TECHNOLOGY AND EXPORT CONTROL HAS ESTABLISHED REQUIREMENTS FOR PROTECTING INFORMATION FROM DDOS ATTACKS

Requirements have been established for the protection of information included in the state information system and information systems of significant objects of critical information infrastructure from threats of the "denial of service" type. 

For example, companies whose facilities are part of the critical information infrastructure will have to store information about attacks for three years and expand data transmission channels to handle double the volume of traffic, and create a list of permitted network addresses in the event of threats being implemented.
04.11.2024
STATE REGISTRATION OF INVENTIONS: AMENDMENTS ARE APPROVED

When checking the novelty and inventive step of an invention related to the use of a product or method for a specific purpose, only features characterising the purpose shall be taken into account. 

For such inventions, a formula to be used that includes only an indication of the use of a product or method for a specific purpose.
01.11.2024
ISSUERS WHOSE SECURITIES ISSUES TO BE REGISTERED WITH THE CENTRAL OFFICE OF THE BANK OF RUSSIA - THE LIST HAS BEEN UPDATED

A new list of issuers whose securities issues are registered by the Corporate Relations Department has been established. It also monitors compliance with the legislation on joint-stock companies and securities. The new list includes 635 companies. 

The Order does not apply to documents for state registration of securities issues that are sent to the Bank of Russia before September 30, 2024.
31.10.2024
BANKS WILL FASTER INCLUDE FRAUDSTERS' DETAILS THAT CAME FROM THE REGULATOR'S DATABASE IN THEIR SYSTEMS FOR COMBATING SUSPICIOUS TRANSACTIONS

From October 22, 2024, for major banks, as well as credit institutions that are significant in the payment services market, this period will be 2 hours, and from January 1, 2025 - 1 hour. For other banks, the period is 3 hours. This will allow to reduce the number of new transfers to fraudsters' accounts. 

Moreover, the Bank of Russia clarified the requirements for the procedure for banks to provide information on possible fraudulent transactions, including for information exchange with law enforcement agencies. Now, when the regulator requests, the bank should establish whether the transaction was carried out with or without the client’s voluntary consent, and within one business day, respond to the Bank of Russia whether it recognises such transfer as fraudulent.
30.10.2024
THE GOVERNMENT HAS IMPOSED A BAN ON THE PRODUCTION AND USE OF THREE TYPES OF PET PACKAGING FROM SEPTEMBER 1, 2025

A list of types of products (goods) has been established, the production and use of which are not permitted due to the fact that waste from their use cannot be processed and (or) utilized, or their processing and (or) utilisation is difficult.

The list includes multilayer PET bottles, PET packaging with a PVC label, with the exception of a shrink sleeve, as well as PET bottles for the food industry of all colours, with the exception of colourless, blue, green, brown and white.
29.10.2024
COUNCIL OF MINISTERS HAS ADOPTED A DECISION CONCERNING THE FILING BY CITIZENS OF APPLICATIONS FOR THE ESTABLISHMENT OF A SELF-PROHIBITION ON THE ISSUANCE OF CONSUMER LOANS AND ITS LIFTING

From March 1, 2025, citizens will be able to establish a self-prohibition on the issuance of consumer loans. From this date, the corresponding amendments to the Law on Credit Histories and the Law on Consumer Credit (Loan), adopted in February of this year, will come into force.

28.10.2024
UNIFIED DIGITAL PLATFORM ‘WORK IN RUSSIA’: HOW PERSONAL FILES OF CITIZENS AND EMPLOYERS’ REGISTRATION FILES WILL BE MANAGED

The Rules for the formation, maintenance and storage of a citizen's personal file and an employer's registration file on the Unified Digital Platform in the Sphere of Employment and Labour Relations "Work in Russia" have been proposed. 

The personal file of a citizen contains information received or generated when providing the citizen with state support measures in the area of employment of the population. It is generated automatically on the platform based on the information included in the citizen’s application (appeal) for receiving government support measures. 
The employer's registration file includes information obtained by employment service agencies when interacting with the employer.
25.10.2024
ONE OF THE REQUIREMENTS FOR MANDATORY SALE OF FOREIGN CURRENCY EARNINGS BY MAJOR EXPORTERS HAS BEEN RELAXED

By April 30, 2025, the largest Russian exporters are obliged to:

- credit to their accounts in authorised banks a portion of the foreign currency received under foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the performance of work for non-residents, the provision of services to non-residents, the transfer of information and intellectual property, including exclusive rights to them, to non-residents (the limit of currency subject to crediting has been reduced to 40% from July 21, 2024);
- sell part of this proceeds on the domestic currency market of the Russian Federation. Currently, this is 90% of the credited amount within a period not exceeding 14 days from the date of crediting, but in the amount of not less than 50% of the funds received under foreign trade agreements, within a period not exceeding 30 days from the date of receipt of the said funds.
24.10.2024
AMENDMENTS HAVE BEEN MADE TO THE LAW ON PROTECTION OF COMPETITION

In particular, the provisions of the Law on the Protection of Competition concerning the recognition of the price of a product as monopolistically high or monopolistically low have been clarified.. In particular, the need for comparison with prices in markets outside the Russian Federation when determining monopolistically high or monopolistically low prices is eliminated.

It is also specified that the antimonopoly authority sends a warning about the inadmissibility of violating antimonopoly legislation to an official of an economic entity not only in the case of a public statement by such an entity about planned behaviour on the commodity market that could lead to a violation of antimonopoly legislation, but also in the case of the availability of reliable information about the planned behaviour on the commodity market, if such behaviour could lead to a violation of antimonopoly legislation.
23.10.2024
A NUMBER OF RUSSIAN FOOD COMPANIES HAVE COME UNDER STATE CONTROL

Securities and shares in the authorised (share) capital of a number of Russian legal entities have been transferred to the temporary management of the Federal Property Management Agency. In particular, the following have come under state control: JSC and LLC "Glavprodukt", LLC "BALTIC CANNERY", LLC "Glavprodukt-patent", LLC "United Industrial Company", LLC "United Cannery Plants".

22.10.2024
FROM OCTOBER 14, 2024, PENALTIES FOR DRIVING A CAR WITH MODIFIED OR HIDDEN STATE REGISTRATION PLATES TO BE TIGHTENED

Actions related to driving a vehicle with state registration plates equipped with devices that prevent identification of state registration plates or allow them to be modified or hidden are currently determined as a separate offence, for the commission of which the penalty will be deprivation of the right to drive vehicles for a period of one year to one and a half years with confiscation of the said devices (the devices are subject to destruction).

21.10.2024
AUTHORISATION-BASED PROCEDURE FOR IMPORTING AIR CONDITIONERS AND REFRIGERATORS: CLARIFICATIONS CONCERNING ITS APPLICABILITY ARE PROVIDED

With respect to products included into List D of Section 1.1 of the List of goods for which an authorisation-based procedure for importing onto the EAEU customs territory has been established, regardless of whether such products contain mono-substances from List F or mixtures thereof, the authorisation-based procedure shall apply for importing onto the territory of Russia, established for ozone-depleting substances and products containing them

18.10.2024
ACCOUNT ACTIVITY ON FOREIGN ACCOUNTS OF NON-RESIDENTS: REPORTING FORMAT HAS BEEN DEVELOPED FOR RESIDENTS INCLUDED INTO INTERNATIONAL GROUPS OF COMPANIES

A format has been developed for flow statements with respect to funds and other financial assets of a non-resident included into the same international group of companies as a resident, on an account (deposit) opened in a bank or another financial market institution located abroad, and on transfers without opening an account using electronic means of payment provided by foreign payment service providers.

17.10.2024
ON TAX BENEFITS FOR SMALL TECHNOLOGY COMPANIES

The Ministry of Finance has provided clarification regarding tax benefits for small technology companies. Thus, from January 1, 2025, it will be possible to apply coefficient 2 to research and development expenses regardless of whether the relevant work is included in the established list.

16.10.2024
THE MINISTRY OF DIGITAL DEVELOPMENT PROPOSES TO BLOCK ANONYMOUS SPAM CALLS TO PROTECT SUBSCRIBERS

Companies making calls to mobile network subscribers, especially mass calls, will be required to inform their operator who they are and why they are calling. This data will be automatically transferred from operator to operator, and the source of the call will be identified on the subscriber's phone. In this case, the subscriber will have the right to refuse mass calls or select only those companies from which he/she is ready to receive calls. If the company does not provide the required information, the call will be blocked.

15.10.2024
THE DECISION OF THE GOVERNMENT OF THE RUSSIAN FEDERATION ON THE STAGGERING OF DAYS OFF IN 2025 HAS BEEN PUBLISHED

Decision of the Government of the Russian Federation No. 1335 of October 4, 2024 on the Staggering of Days Off in 2025

 
The Russian Ministry of Labour's proposals for the staggering of days off in 2025 have been approved, as a result of which Russians can expect the following long weekends:
- from December 29, 2024 till January 8, 2025;
- from May 1 till May 4;
- from May 8 till May 11;
- from June 12 till June 14;
- from November 2 till November 4.
The next New Year holidays will start on December 31, 2025.
14.10.2024
PAYMENT FOR UNUSED TIME OFF UPON DISMISSAL: A LAW HAS BEEN SIGNED

A law on compensation for time off for work on weekends and holidays upon dismissal of an employee has been signed. From March 1, 2025, new provisions will appear in the Labour Code of the Russian Federation, providing for the following: 

- a day off for work on weekends and holidays, at the employee's request, can be used within one year from the day of work on a weekend or non-working holiday, or added to the annual vacation provided within the specified period.
11.10.2024
SPECIAL RECORDING PROCEDURE FOR CERTAIN SECURITIES WILL BE IN EFFECT UNTIL THE END OF 2025

Until December 31, 2025, the Board of Directors of the Central Bank is authorised to determine the type, category (kind) of securities, when recording the rights to which the nominal holder must take the following actions in S-type securities accounts:

- for opening a personal S-type account in the register of securities owners;
- for crediting securities to this account.
A nominal holder of securities, who records the rights to securities in the S-type securities accounts of his/her depositors, shall perform the above actions in the procedure and within the timeframes established by the decision of the Board of Directors of the Central Bank. The regulator will also determine the personal account pattern, requirements for the activities of the register holder, the nominal holder of securities and the central depository.
10.10.2024
RULES FOR REMOVING AN ORGANISATION FROM THE REGISTER OF THE FINANCIAL OMBUDSMAN HAVE BEEN CLARIFIED

The procedure for removing from the register financial organisations obliged to organise interaction with the financial ombudsman for the rights of consumers of financial services has been adjusted. 

In particular, it was clarified that the interaction of the Bank of Russia with a financial institution when it is removed from the register is carried out through a personal account, a link to which is posted on the official website of the regulator.
09.10.2024
LAW ON TOURISM ACTIVITIES WILL BE CLARIFIED IN TERMS OF HOTEL CLASSIFICATION

It is planned to classify all accommodation facilities that provide temporary accommodation services to tourists, and not just hotels. Exceptions include children's camps, rural tourism on farms, and accommodation facilities for religious organisations. 

A register of classified objects will be created, which will include accommodation facilities, ski slopes and beaches. Accommodation facilities will be included in it with classification based on self-assessment followed by expert assessment.
08.10.2024
SOCIAL FUND OF RUSSIA: NEW REGISTRATION NUMBERS FOR POLICYHOLDERS

Regional branches of the Social Fund of Russia report that the transition to the Unified Social Digital Platform is in process. Due to this, policyholders will be assigned new registration numbers, which must be indicated in the reports filed with the SFR starting from November 1, 2024. Reports are be supposed to be accepted with both old and new SFR registration numbers until October 31, 2024. 

A new SFR registration number can be found on the official SFR website from October 1, 2024. 
Moreover, information on a new SFR registration number will be reflected in the excerpts from the Unified State Register of Legal Entities/Unified State Register of Individual Entrepreneurs.
07.10.2024
RECYCLING FEE TO INCREASE SIGNIFICANTLY FROM OCTOBER 1, 2024

The recycling fee will increase significantly from October 1, 2024 for wheeled vehicles and trailers and from 2025 - for special equipment. 

Moreover, from 2025 and until 2030, annual indexation is envisaged. The indexation will affect new and used cars, that are imported by legal entities. However, it will not apply to individuals importing cars with an engine capacity of up to 3 litres for personal use.
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.
06.09.2024
THE PROCEDURE FOR ISSUING QUALIFIED CERTIFICATES OF DIGITAL SIGNATURES TO FINANCIAL MARKET PARTICIPANTS HAS BEEN UPDATED

The Certification Authority of the Bank of Russia issues qualified certificates of digital signatures, including to all subjects of the national payment system, persons who provide services in the financial market, self-regulatory organisations in the financial market and self-regulatory organisations in the provision of services in the financial market. In this regard, the procedure for creating and issuing certificates to financial market participants has been updated. The application and documents can be submitted on paper or electronic media, or in the form of an electronic document. The certificate will be issued on paper or electronic media, or in the form of an electronic document.

05.09.2024
INFORMATION ON THE SEIZURE OF A SHARE IN AN LLC TO BE REFLECTED IN THE UNIFIED STATE REGISTER OF LEGAL ENTITIES

Amendments to the Law on state registration of legal entities and individual entrepreneurs come into force on September 1, 2024.

The amendments provide for reflection in the Unified State Register of Legal Entities of information on the seizure imposed by a court or a bailiff on a share in the authorised capital of a limited liability company.
04.09.2024
ADVISABLE TECHNOLOGIES: FROM AUGUST 30, 2024, A NEW RISK RATIO FOR STATE CONTROL IN THE FIELD OF PERSONAL DATA PROCESSING WILL APPEAR

The revealing by Roskomnadzor within a calendar year of two or more facts of failure to comply with the rules for application of advisable technologies posted on an information resource, or information related to the application of such recommendation technologies received at the request of Roskomnadzor, will be considered as risk index in the following cases: 

- when providing the specified information by a controlled person that is an owner of a website and (or) a website page on the Internet, or 
- when Roskomnadzor carries out assessment of the compliance of the application of advisable technologies within the framework of access provided by the controlled person to the software and hardware of advisable technologies.
03.09.2024
CORPORATE SIM CARDS CAN ONLY BE ISSUED TO EMPLOYEES

From January 1, 2025, legal entities and individual entrepreneurs who have entered into an agreement for the provision of mobile radiotelephone communication services will be able to provide the opportunity to use communication services within the framework of this agreement (issue corporate SIM cards) only to individuals who work for them under an employment contract or a paid civil law contract. There is currently no such restriction.

02.09.2024
PROCEDURE FOR STATE ACCREDITATION HAS BEEN SIMPLIFIED FOR STARTUP COMPANIES - SMALL TECHNOLOGY IT COMPANIES

Startup companies with a minimum revenue indicator, included in the register of small technology companies, created less than three years ago, can now receive state accreditation, without taking into account the criterion for the share of revenue from IT activities of more than 30% of total revenue.

30.08.2024
SUSPENSION OF CORPORATE RIGHTS OF FOREIGN LEGAL ENTITIES TO ECONOMICALLY SIGNIFICANT ORGANISATIONS: RULES FOR ISSUING A STATEMENT ARE DEVELOPED

Powers of the Governmental Commission for Control over Foreign Investments in the Russian Federation to be expanded. The Commission, among other things, will issue statements on the existence of circumstances under which exercising corporate rights with respect to an economically significant organisation by a foreign legal entity that is not a foreign holding company is suspended. The procedure for issuing such statements will be established.

29.08.2024
FROM SEPTEMBER 1, 2025, PERSONAL DATA OPERATORS WILL HAVE A NEW OBLIGATION - TO TRANSFER, AT THE REQUEST OF THE MINISTRY OF DIGITAL DEVELOPMENT, COMMUNICATIONS AND MASS MEDIA, DEPERSONALIZED PERSONAL DATA TO THE STATE INFORMATION SYSTEM

The Law on Personal Data has been supplemented with new provisions providing for the provision of anonymised personal data to the state information system of the ministry by personal data operators at the request of the Ministry of Digital Development, Communications and Mass Media, which will be determined by the Government of the Russian Federation.

As previously explained by the Ministry of Digital Development, Communications and Mass Media, the implementation of the novels will contribute to the development of technologies. At the same time, the introduced norms exclude the possibility of identifying such data to a specific subject of personal data. The department's statement emphasizes that no one - neither the state nor business - will be able to find out specific information about a person.
28.08.2024
FROM OCTOBER 1, 2024 - UPDATED INVOICES TO BE APPLIED
The invoice form has been adjusted - column 14 has appeared in it, in which the cost of goods subject to traceability should be reflected (excluding VAT). Column 14 should be filled in in the case of the sale of goods subject to traceability (GST), including as part of a set (kit), as well as in the case of transfer of GST as part of the work performed. It is also provided that when drawing up a paper invoice for goods that are not subject to traceability, work that does not transfer GST, services and property rights, columns 12 - 14 are not generated.
 
27.08.2024
FINES FOR VIOLATION OF THE RULES FOR PROVIDING ENVIRONMENTAL INFORMATION HAVE BEEN INCREASED
The procedure for initiating administrative cases by the state environmental supervision body has also been clarified:
- for violation of the procedure for submitting reports on the disposal of waste from the use of goods or a declaration on the quantity of goods released into circulation subject to disposal;
- for failure to pay for negative impact on the environment;
- for non-payment of environmental fees by manufacturers or importers who do not ensure independent waste disposal.
Such cases may be initiated without conducting control (supervisory) measures if there is sufficient data indicating the presence of an administrative offence.
 
26.08.2024
FROM SEPTEMBER 1, 2025, TRANSPORTATION IN DIRECT MIXED TRAFFIC TO BE REGULATED BY A SEPARATE LAW
Relations arising in the course of organisation and implementation of transportation in direct mixed traffic, that is, the transportation of goods, passengers, hand luggage, baggage, over-the-counter luggage by different transport under a single transport document, will be regulated by a separate law. However, in the part not regulated by the mentioned law, when carrying out transportation in direct mixed traffic with respect to each mode of transport participating in such transportation, the provisions of the relevant legislative and other regulatory legal acts in the field of transport should apply.
 
23.08.2024
BANKRUPTCY PROCEDURES FOR INSURANCE COMPANIES, BANKS AND NON-GOVERNMENTAL PENSION FUNDS HAVE BEEN IMPROVED

Bankruptcy procedures for banks, insurance companies and non-governmental pension funds, for which the Deposit Insurance Agency is the bankruptcy commissioner, have been adjusted. We are talking about the fulfilment of the obligations of a financial company at the expense of funds provided by their founders (participants) or a third party in bankruptcy proceedings. Such features are introduced for insurers and non-governmental pension funds, and these features are changed for banks.

22.08.2024
MINING TO BE PROVIDED FOR IN LEGISLATION

Concepts of mining and mining pool, as well as requirements for them will be legally enshrined. Requirements for operators of the mining infrastructure are established, as well as procedure for circulation of digital currency in Russia. 

Advertising of cryptocurrencies and their offer to an unlimited number of people will be prohibited in Russia. Rosfinmonitoring will maintain a list of address identifiers for which there is reason to believe that transactions are carried out for the purpose of laundering criminal proceeds or financing terrorism, or are associated with another criminal offence. 
Specifics will be regulated for the cases of limiting electricity consumption in the event that the Government bans mining in certain regions or territories. 
It will be prohibited to combine mining with electricity transmission, operational dispatch control, production or purchase and sale of electricity.
21.08.2024
FROM SEPTEMBER 1, 2024, THE PROCEDURE FOR ENTERING DATA ON CHANGE OF THE HEAD OF THE ORGANISATION INTO THE UNIFIED STATE REGISTER OF LEGAL ENTITIES WILL BE ADJUSTED

From September 1, 2024, amendments come into effect according to which if an LLC decides to elect a new head (CEO), this must be certified by a notary. The notary will sign and send in electronic form an application for making changes into the Unified State Register of Legal Entities to a registration authority. 

When electing (appointing) the head of a company of another organisational and legal form, an application shall be submitted by a notary that certified the authenticity of the applicant's signature on the application, as part of a single notarial act. 
The exception is credit and non-profit organisations that are registered through the Bank of Russia and the Ministry of Justice.
20.08.2024
BANK OF RUSSIA AND PARTICIPANTS IN THE DIGITAL INNOVATION REGIME IN THE FINANCIAL MARKET WILL INTERACT THROUGH A PERSONAL ACCOUNT

It is planned to determine the only way for participants in the experimental legal regime in the area of digital innovations in the financial market to interact with the Bank of Russia - through a personal account, the link to which is posted on the regulator’s website.

19.08.2024
PARTICIPANTS IN THE VOLUNTARY RESETTLEMENT PROGRAM FOR COMPATRIOTS CAN OBTAIN A RESIDENCE PERMIT IN A SIMPLIFIED PROCEDURE

Participants in the program for the voluntary resettlement of compatriots to Russia can obtain a residence permit without a temporary residence permit. An application for its issuance can be submitted to the diplomatic mission or consulate of Russia in the country in which the application for participation in the program was submitted. The territorial body of the Ministry of Internal Affairs for the region selected for resettlement will issue a residence permit after fingerprinting, photographing and submission of medical documents. A residence permit will be cancelled upon loss of the program participant status.

16.08.2024
BANK OF RUSSIA: ON A NEW STAGE OF REGULATION OF CRYPTOCURRENCIES AND DIGITAL RIGHTS
Russian exporters and importers will be able to use cryptocurrencies under an experimental legal regime for cross-border settlements under foreign trade agreements. Such a law was adopted by the State Duma. 
The program of the experimental legal regime will be approved by the Bank of Russia in agreement with the interested departments. A special procedure for settlements using cryptocurrencies will be provided, and the range of participants and the validity period will be limited. 
In addition, a law was adopted on the possibility of circulating foreign digital rights in Russia and Russian digital rights abroad. The procedure and conditions for cryptocurrency mining have been established.
 
15.08.2024
BANK OF RUSSIA HAS UPDATED THE REPORTING RULES FOR NON-CREDIT FINANCIAL INSTITUTIONS
New rules for compiling and submitting reports to the Central Bank have been established for non-credit financial institutions. They will replace the 2022 rules. 
The specified organisations still include consumer credit cooperatives (including agricultural cooperatives), microfinance organisations, insurance companies, mutual insurance societies, insurance brokers, pawnshops, investment platform operators, investment fund management companies, mutual funds and non-governmental pension funds. The reporting of foreign insurance companies is separately stipulated.
14.08.2024
WHETHER AN INTERNATIONAL COMPANY CREATED BY INCORPORATION IS A CURRENCY RESIDENT - OPINION OF THE MINISTRY OF FINANCE
According to the Ministry of Finance, an international company, if registered through incorporation, should be classified a currency resident, since it is not a foreign legal entity.
 
13.08.2024
PAYMENT ACCEPTANCE OPERATORS SHOULD NOT INFORM ROSFINMONITORING ABOUT UNCONVENTIONAL TRANSACTIONS
Specifics of providing information to Rosfinmonitoring, as established in the "anti-money laundering" law, shall not apply to payment acceptance operators. Transactions revealed by the operators are excluded from the list of elements indicating the unconventional nature of transactions (deals). 
Functions of control (supervision) in the sphere of combating money laundering and financing terrorism in terms of payment acceptance operators are vested in the Bank of Russia.
 
12.08.2024
SOME RESIDENT PARTICIPANTS IN AN INTERNATIONAL GROUP OF COMPANIES MAY NOT PROVIDE INFORMATION ON NON-RESIDENTS’ ACCOUNTS TO TAX AUTHORITIES: RULES AND CASES TO BE ESTABLISHED
In accordance with a draft decision of the RF Government, in certain cases, residents included in the same international group of companies with non-residents will be released from an obligation to submit to the tax authorities at the place of their registration notifications about the opening (closing) of accounts (deposits) and about changes in the details of accounts (deposits) of such non-residents with banks or other financial market institutions located abroad. 
Three such cases to be established:
- if more than 50% of the assets of the international group of companies are located outside of Russia; 
- if a resident does not participate in the capital or otherwise control non-residents that are part of the same international group of companies;
- if aforementioned non-residents do not participate in the capital of the resident or otherwise control its activities.
 
09.08.2024
KEY RATE HAS BEEN INCREASED TO 18% PER ANNUM FROM JULY 29, 2024

The Bank of Russia's Board of Directors has decided to raise the key rate by 200 bps to 18.00% per annum. This is the first rate increase this year.

Inflation has accelerated, domestic demand growth continues to significantly outpace the ability to expand the supply of goods and services. The Bank of Russia will assess the advisability of further raising the key rate at its upcoming meetings. Inflation is forecast to increase to 6.5-7.0% in 2024. Annual inflation is expected to decline to 4.0-4.5% in 2025 and remain close to 4% thereafter.
08.08.2024
INTERNATIONAL COMPANIES CREATED BY INCORPORATION TO BE DEEMED CURRENCY RESIDENTS

The Federal Tax Service explains that an international company created through incorporation is a currency resident. Such a company is subject to all requirements of the Law on Currency Regulation and Currency Control, including the need to notify tax authorities about its foreign accounts (deposits), provide reports on them, and also about the execution of currency transactions.

07.08.2024
MANDATORY SOFTWARE PRE-INSTALLATION: LIST OF PROGRAMS FOR 2025 HAS BEEN COMPILED

A list of Russian programs that are mandatory for pre-installation in 2025 on smartphones, tablets, PCs, all-in-ones and Smart TVs has been approved. 

Pre-installation of 19 programs is provided for smartphones and tablets. Among them are a web-search engine, navigators, a mail service, programs for accessing social networks, a voice assistant, a messenger, the Mir payment service, State Services and the RuStore app store. 
A browser, office software and an antivirus agent to be pre-installed on computers and all-in-ones. 
For TVs with a digital control unit, 18 programs are assigned for pre-installation, including video services, programs for accessing the Internet and social networks.
06.08.2024
MINING TO BE PROVIDED FOR IN LEGISLATION

Concepts of mining and mining pool, as well as requirements for them will be legally enshrined. 

Requirements for the operator of the mining infrastructure will be established, and the procedure for circulation of digital currency in Russia will be determined. 
Advertising of cryptocurrencies and their offer to an unlimited number of people will be prohibited in Russia. Rosfinmonitoring will maintain a list of address identifiers for which there is reason to believe that transactions are carried out for the purpose of laundering criminal proceeds or financing terrorism, or are associated with another criminal offence. 
Specifics will be regulated for the cases of limiting electricity consumption in the event that the Government bans mining in certain regions or territories. 
It will be prohibited to combine mining with electricity transmission, operational dispatch control, production or purchase and sale of electricity.
05.08.2024
RULES FOR FORMING THE LIST OF VITAL AND ESSENTIAL DRUGS HAVE BEEN IMPROVED

Russian medicines and drugs, the manufacture of which is localized in Russia, will receive priority when included in the list of vital and essential drugs and the list of expensive drugs. A new approach has been established for the comprehensive assessment of drugs for inclusion in the specified lists. If the Health Ministry commission rejects the manufacturer's application, it will be able to submit a revised study containing more complete information about the characteristics of the drug.

02.08.2024
LAW ON STATE REGISTRATION OF REAL ESTATE: EXTRAJUDICIAL APPEAL AGAINST SUSPENDING REGISTRATION OF RIGHTS, STATE REGISTRATION TO BE ACCELERATED AND OTHER AMENDMENTS
Amendments have been made to the Law on state registration of real estate. The principal change is establishing the possibility of extrajudicial appeal of decisions on suspending of state registration of rights to real estate. 
Moreover, the amendments to the Law introduce a provision on collecting a state fee for implementation of state cadastral registration of real estate, and provide for the possibility of accelerated implementation of state cadastral registration and (or) state registration of rights.
 
01.08.2024
IT HAS BEEN CLARIFIED IN WHICH CASES MANUFACTURERS AND IMPORTERS ARE NOT OBLIGED TO ENSURE WASTE DISPOSAL
The Government of the Russian Federation has approved a list of goods and packaging, waste from the use of which are subject to disposal.
The Ministry of Natural Resources explained that manufacturers or importers of goods are not required to ensure the disposal of waste from the use of goods used as raw materials, materials, spare parts, or components in the production of goods included in the list, and in the production of vehicles for which a disposal fee is paid.
Information about such goods must be indicated in the report on the mass of goods, packaging produced in the territory of the Russian Federation or imported from the member states of the Eurasian Economic Union, including spoiled or defective goods, packaging, information on goods exported from the Russian Federation, packaging, reports on the mass of goods, packaging imported from third countries.
 
31.07.2024
DEADLINES FOR NOTIFYING THE BANK OF RUSSIA ABOUT THE APPOINTMENT OF THE MANAGEMENT OF FINANCIAL COMPANIES HAVE BEEN CLARIFIED
The period for notifying the Bank of Russia of the election (termination of powers) of a member of the board of directors (supervisory board) by credit institutions, professional participants in the securities market, non-state pension funds, managers, and microfinance companies has been increased from 3 to 7 days. Similarly, the period for notifying the insurance supervisory authority about the election (termination of powers) of a member of the board of directors (supervisory board) of insurance organisations has been increased.
For the same organisations, the period for notifying the Bank of Russia (the insurance supervision body for insurance organisations) about the dismissal of persons from most management positions (with the exception of the positions of sole executive body and chief accountant) has been increased from 1 to 3 days.
Qualification requirements have been established for persons performing the functions of deputy sole executive body, member of the collegial executive body of an insurance organisation, management company, non-state pension funds, microfinance company.
 
30.07.2024
LIST OF GOODS TO BE LABELLED HAS BEEN UPDATED
The updated list divides labelled goods into food and non-food. It includes products for which mandatory labelling will be introduced from September 1, 2024. This concerns non-alcoholic beer, canned goods, edible vegetable oils, certain types of rehabilitation equipment, bicycles, pet food and veterinary drugs. 
The list is also supplemented with some dietary supplements, medical gloves and antiseptics, mandatory labelling of which will begin on March 1, 2025.
 
29.07.2024
BACKBONE TERRITORIAL GRID COMPANIES TO APPEAR IN EACH REGION
Amendments to the Law on Electric Power Industry provide for creation of backbone territorial grid companies (in Russian shortly known as STSO) in each region. Criteria for classifying a company as STSO have been established. 
A "top-boiler" model is being introduced, according to which only STSOs will be able to provide electricity transmission services to consumers. The specifics of perform the activities and concluding contracts have been determined for such backbone companies. 
It is planned to introduce automatic remote control of the operating modes of power grid facilities and generation facilities from dispatch centers.
 
26.07.2024
FEDERAL SERVICE FOR INTELLECTUAL PROPERTY GAVE CLARIFICATIONS ON EUROPEAN SANCTIONS REGARDING INTELLECTUAL PROPERTY

The Council of the European Union adopted the 14th toolbox of sanctions affecting the intellectual property of Russian applicants and copyright holders. The European Union Intellectual Property Offices are prohibited from accepting applications for registration of intellectual property from Russian citizens, individuals and legal entities registered and residing in Russia. The ban also applies to applications submitted by foreigners together with Russians. 

EU offices do not have the ability to ignore Russian applications submitted through the World Intellectual Property Organisation (WIPO), and unfounded refusals can be challenged administratively or in court. In this regard, Russian individuals and companies are recommended to use the WIPO international registration systems to submit applications. The Patent Cooperation Treaty (PCT) - for inventions, Madrid System - for trademarks and service marks, the Hague system - for industrial designs, Lisbon System - for geographical indications and appellations of origin. An application for registration of intellectual property within the international WIPO systems must be submitted through the Federal Service for Intellectual Property.
25.07.2024
THRESHOLD FOR THE MANDATORY SALE OF FOREIGN CURRENCY EARNINGS BY MAJOR EXPORTERS HAS BEEN LOWERED AGAIN

Until April 30, 2025, the largest Russian exporters must credit at least 40% of foreign currency obtained under foreign trade contracts to their special accounts opened with the authorised banks (previously, the threshold was 60%). 

This concern exporters operating in the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, and also grain farming.
24.07.2024
THREE NEW GUIDES FOR TAX SUPERVISION ARE AVAILABLE!

Three new guides have been approved for tax monitoring: 

- the Business Process Stages Guide, 

- the Guide for Types of Transport and Transportation of Goods, 

- the Guide for Types of Mineral Resources. 

The guides are developed in order to ensure digitalisation & standardisation of information provided by organisations concerning stages of business processes, production, as well as logistics chains. 

The Business Process Stages Guide classifies the stages of business processes in production activities to transmit information on production and logistics chains, chains for providing services or performing work within a group of companies. The Guide for Types of Transport and Transportation of Goods is intended to transmit data on types of transport and transportation of goods used in the movement of minerals, processed products, and finished products. While the Guide for Types of Minerals describes the types of minerals used in production activities.

23.07.2024
RUSSIAN RULES FOR CONDUCTING CLINICAL TRIALS WILL BE LIFTED FROM SEPTEMBER

The Ministry of Health cancels the 2016 order approving the Rules of Good Clinical Practice from September 1, 2024. This is due to the fact that since 2024, clinical trials of medicinal products for human use are carried out in accordance with the rules of good clinical practice approved by the Eurasian Economic Commission.

In addition, from September 2024, the Ministry of Health will no longer have the authority to approve domestic rules of good clinical practice.
22.07.2024
NEW RULES FOR COLLECTING ENVIRONMENTAL FEES HAVE BEEN PROPOSED

For the period from January 1, 2025 to January 1, 2031, new rules for collecting environmental fees are planned to be introduced. They will concern manufacturers and importers (as they do now), as well as recyclers. 

From 1 January 2024, legislative amendments regarding the collection of fees and activities of recyclers are in effect. In this regard, it was necessary to approve the new rules.
19.07.2024
THE MINISTRY OF ECONOMIC DEVELOPMENT AND THE BANK OF RUSSIA SHOULD BE KEPT INFORMED OF ESO FOREIGN OWNERS

Economically significant organisations (ESO) must inform the Ministry of Economic Development about the fact of presence or absence of foreign persons that directly or indirectly own shares (stakes) in these organisations. If such organisations or their subsidiaries are credit or non-credit financial institutions, the information must be sent to the Bank of Russia. 

The Bank of Russia and the Ministry of Economic Development may share such information, upon the request, with a court, the Prosecutor General's Office, the Investigative Committee, the Ministry of Internal Affairs and the Federal Security Service of Russia, for review in connection with criminal or administrative cases pending in their proceedings. 
Owners with a stake of less than 5% do not need to be reported if the shares of economically significant organisations are admitted to trading on the stock exchange. 
The Bank of Russia and the Ministry of Economic Development, upon the request of economically significant organisations, are entitled to issue reports on the presence (absence) of foreign owners with a validity period of three months. Based on such reports, it is possible to draw up independent reports on compliance with the requirements by owners of economically significant organisations for submitting to authorities or other persons.
18.07.2024
INTERNATIONAL TAX REFORM - PILLAR TWO ‘MODEL RULES: AMENDMENTS TO IAS 12’

The RF Ministry of Finance has introduced the IFRS document "International Tax Reform - Pillar Two ‘Model Rules’ (Amendments to IAS 12)". 

The amendments to IFRS concern, inter alia, disclosure of information on deferred tax assets and liabilities related to income taxes. 
The specific features of applicability of the new IFRS provisions have also been established.
17.07.2024
POSSIBILITY OF CURRENCY EXCHANGE TO BE DETERMINED ACCORDING TO A NEW IFRS

Order of the RF Ministry of Finance No. 77n of June 4, 2024 endorsing the IFRS “Lack of Currency Exchange Options (Amendments to IFRS (IAS) 21)” has been put into effect in Russia. 

The document allows organisations to assess whether currency exchange is possible and to determine the current exchange rate by the way of calculation for the cases when exchange is not possible.

16.07.2024
SPECIFICS OF APPLYING A TEMPORARY PROCEDURE FOR FULFILLMENT OF OBLIGATIONS TO CERTAIN FOREIGN CREDITORS WHEN RETURNING MONEY TRANSFERRED AS CLEARING COLLATERAL

The Bank of Russia has issued clarifications on application of a presidential decree on the temporary procedure for fulfilling obligations to certain foreign creditors when a clearing organisation returns to clearing participants (their clients) money transferred as clearing collateral. 

In particular, it is stated that the obligations to return such money shall be fulfilled by the clearing organisation by crediting funds due to foreign creditors to their type ‘S’ bank accounts.
15.07.2024
CLASSIFICATION OF HOTELS, SKI SLOPES AND BEACHES: ACCREDITATION PROCEDURE HAS BEEN IMPROVED

The rules for accreditation of organisations that classify beaches, hotels and ski slopes have been adjusted. 

Accreditation certificates will be generated in electronic form. The requirements for specialists to obtain accreditation in the classification of 4- and 5-star hotels have been clarified. Applications for accreditation should be submitted through the web-portal of Public Services or through a federal agency responsible for accreditation. 
The resolution comes into force on March 1, 2025. Accreditation certificates issued before this date are valid until their expiration date, but no later than September 1, 2025.
12.07.2024
THE BAN ON OIL SUPPLIES UNDER CONTRACTS WITH PRICE CEILINGS HAS BEEN EXTENDED

The ban on supplies of Russian oil and petroleum products to foreign parties, if the contract for these supplies involves the use of a mechanism for fixing the maximum price, has been extended until the end of 2024.

The ban was introduced in response to the establishment of a “price ceiling” on Russian oil and petroleum products by unfriendly countries. It does not apply to supplies of Russian oil under contracts in pursuance of international agreements with friendly countries.
11.07.2024
THE LIST OF ISSUERS WHOSE SECURITIES ISSUES ARE REGISTERED IN THE CENTRAL OFFICE OF THE BANK OF RUSSIA HAS BEEN UPDATED

The Bank of Russia has compiled a new list of issuers whose securities issues are registered by the Corporate Relations Department. It also monitors compliance with legislation on joint stock companies and securities. The list includes 632 organisations. 

The Order does not apply to documents for state registration of securities issues that are sent to the Bank of Russia before June 6, 2024.
10.07.2024
THE REGISTRATION PERIOD HAS BEEN SHORTENED WHEN THE COMPOSITION OF PARTICIPANTS IN AN LLC CHANGES

The Federal Tax Service reports that state registration of changes in the composition of participants in limited liability companies for notarial transactions now takes no more than a day.

This became possible thanks to the optimization of technological processes when receiving electronic documents for registration from notaries.
Together with the Federal Notarial Chamber, fast registration technology has been developed, which allows to quickly update information about business owners in the Unified State Register of Legal Entities.
Exceptions are cases that require additional analysis, in which registration is carried out within the generally established time limits.
09.07.2024
THE PROCEDURE FOR DISCLOSING INFORMATION IN THE ACCOUNTING STATEMENTS OF CERTAIN NON-CREDIT FINANCIAL ORGANISATIONS WILL CHANGE

It is planned to adjust the procedure for disclosing information in the accounting statements of operators of investment and financial platforms, operators of information systems in which digital financial assets are issued, and operators of the exchange of such assets. 

The main amendments are related to the introduction of digital roubles and the approval of the federal accounting standard 4/2023 “Accounting (Financial) Reporting".
08.07.2024
AGRICULTURAL PRODUCERS AND FARMERS WILL BE ALLOWED TO ENGAGE IN RURAL TOURISM

On June 18, 2024, the State Duma immediately passed the law on rural tourism in the second and third readings. 

Agricultural producers will be allowed, in addition to agricultural production, to carry out activities in the field of rural tourism and other activities that ensure sustainable development of rural areas. 
Members of an individual farm will be able to temporarily accommodate tourists in residential buildings when providing services in the field of rural tourism. 
Farmers will be allowed to sell their own agricultural products in premises that are part of the farm’s property, or in non-stationary retail facilities that are on a plot of land used to carry out their activities.
05.07.2024
PERMITS TO RUSSIAN EXPORTERS TO USE FOREIGN CURRENCY TO SATISFY THE DEMANDS OF NON-RESIDENTS: APPLICATION FORM IS APPROVED

The Governmental Commission for Control of Foreign Investments approved the form of application for issuance of permits to Russian exporters that are obliged to sell foreign currency, as well as to their subsidiaries. This concerns directing funds under foreign trade contracts to satisfy demands. Information is provided on the agreement under which there are obligations of the resident to the non-resident, and also the amount of funds in foreign currency and roubles held by the applicant in accounts in Russian and foreign banks.

04.07.2024
PROCEDURE FOR REGISTERING PAYMENT ACCEPTANCE OPERATORS WITH ROSFINMONITORING HAS BEEN CLARIFIED

The Government has adjusted the rules for registering with Rosfinmonitoring organisations that carry out transactions with money or other property, and individual businessmen acting in a sector for which controlling (supervisory) bodies are not provided. 

It has been established that until September 30, 2025, the territorial body of the department shall refuse to register, and also independently decide to deregister a payment acceptance operator, if information on it is not available in the Central Bank’s register of operators. 
From October 1, 2025, payment acceptance operators will no longer be registered with the territorial body of Rosfinmonitoring, but come under the supervision of the Bank of Russia.
03.07.2024
SENDING NOTIFICATIONS TO THE MINISTRY OF INTERNAL AFFAIRS ABOUT FOREIGNERS CARRYING OUT LABOUR ACTIVITIES IN RUSSIA: THE PROCEDURE WILL CHANGE

The procedure is adjusted in terms of sending by employers and customers of work (services) the following notifications:

- on fulfillment of obligations to pay wages (remuneration) to foreigners - highly qualified specialists; 
- on concluding with a foreign citizen an employment agreement or civil contract, as well as on termination of such contract. 
Notifications can be sent through the Federal State Unitary Enterprise of the Ministry of Internal Affairs or another authorised organisation.
02.07.2024
GOVERNMENTAL AGENCIES AND STRATEGIC COMPANIES WILL BE PROHIBITED FROM USING CYBERSECURITY SERVICES FROM UNFRIENDLY NATIONS

Measures to ensure the state’s information security to be expanded. Starting from January 1, 2025, governmental agencies, state-owned companies, strategic enterprises and also core institutions will be prohibited both from using information security products (tools, facilities etc.) from unfriendly nations, as well as from using their servers (services, works etc.) to ensure information security. 

Moreover, the Federal Security Service is now entitled to establish requirements for the state system centres engaged in detecting, preventing and eliminating the consequences of cyberattacks on the RF data resources, determine the procedure for certifying such centres and monitoring the activities of certified centers.
01.07.2024
AGREEMENTS ON ACTIVITIES IN THE SPECIAL ECONOMIC ZONES: SAMPLE FORMS ARE UPDATED

To obtain SEZ resident status, instead of a business plan, you need an investment project passport. In this regard, the approximate forms of agreements have been adjusted with respect to industrial & production, technology & innovation, tourism & recreational activities, as well as activities in special economic zones located in ports. A number of other provisions of the agreements have also been clarified.

28.06.2024
CURRENCY PAID FOR RUSSIAN GAS AND RECEIVED FROM BUYERS FROM UNFRIENDLY COUNTRIES WILL BE SOLD ON THE OVER-THE-COUNTER MARKET

In connection with the termination (suspension) of organised trading in foreign currency on the Moscow Exchange MICEX - RTS, the Bank of Russia has established a new procedure for the sale of foreign currency received from buyers of Russian gas from unfriendly countries. 

On behalf of a foreign buyer, Gazprombank JSC will sell foreign currency received in a special K-type currency account on the over-the-counter foreign exchange market.
27.06.2024
MORNING TRADING ON THE MOSCOW EXCHANGE IS TEMPORARILY CANCELLED

From June 14, 2024, the Bank of Russia temporarily does not hold trading sessions until 9:50 Moscow time on the foreign exchange market and precious metals market, as well as on the derivatives market of Moscow Exchange public joint stock company.

26.06.2024
PROCEDURE FOR PERFORMING TRANSACTIONS IN DOLLARS OR EUROS IN CONNECTION WITH SANCTIONS AGAINST THE MOSCOW EXCHANGE HAS BEEN CLARIFIED

Due to the introduction of restrictive measures by the United States regarding the Moscow Exchange, exchange trading and settlements of deliverable instruments in dollars and euros are suspended. Trading on all other exchange segments and on exchange instruments in roubles and other currencies is carried out as usual. Transactions with dollars and euros will continue to be carried out on the over-the-counter market. 

To determine the official exchange rates of the dollar and euro to the rouble, the Bank of Russia uses bank reports and information received from digital over-the-counter trading platforms. 
Companies and individuals can continue to buy and sell dollars and euros through Russian banks. All funds in dollars and euros in the accounts and deposits of individuals and companies are safe. For deposits and accounts of individuals and organisations in dollars and euros, the previous regime for issuing funds established by the Bank of Russia is maintained.
25.06.2024
INCREASING CREDITOR REQUIREMENTS AND OTHER AMENDMENTS TO THE LAW ON BANKRUPTCY

A number of amendments have been made to the Law on Bankruptcy aimed at improving the procedure for consideration of this category of cases by arbitration courts.

The amendments provide, in particular, for increasing the amount of creditors' claims from 300,000 to 2,000,000 roubles, which, as a general rule, is necessary to initiate bankruptcy proceedings for a legal entity. For certain categories of business entities for which increased threshold values have been established (agricultural organisations, strategic enterprises and natural monopolies), their amount will increase to 3,000,000 roubles. These amendments take into account the level of inflation over the past years and the increased cost of legal expenses in bankruptcy cases. In addition, they are designed to counteract abuses that occur in practice on the part of affiliated creditors.
A number of procedural amendments have also been made.
24.06.2024
RUSSIA AND CHINA WILL JOINTLY CREATE AN INTERNATIONAL SCIENTIFIC LUNAR STATION

The Russian-Chinese intergovernmental agreement on cooperation in the area of creating an International Scientific Lunar Station has been ratified. 

The task of the lunar station is to conduct multidisciplinary and multi-purpose research work, including the 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 the presence of man 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.
21.06.2024
BANK OF RUSSIA: THE KEY RATE IS KEPT AT 16 PER CENT

On June 7, 2024, the Bank of Russia decided to keep the key rate at 16% per annum.

The Central Bank of the Russian Federation allows for the possibility of raising the key rate at the next meeting. At the same time, for inflation to return to the target, a significantly longer period of maintaining tight monetary conditions in the economy will be required than previously predicted. According to the Bank of Russia's forecast, annual inflation will return to target in 2025 and will be close to 4% thereafter.
20.06.2024
NEW FORMS OF NOTIFICATIONS ON OPENING AND CLOSING ACCOUNTS ABROAD HAVE BEEN ESTABLISHED

New forms of notifications for opening and closing accounts abroad will apply from July 1, 2024. Resident companies must notify the tax authorities about the opening (closing) and changes in the details of accounts abroad of non-resident organisations with which they are part of the same international group of companies. Resident organisations do not notify about the opening of such accounts if these requirements are fulfilled by the parent company of an international group of companies or a member of such a group that is entrusted with the corresponding responsibility.

19.06.2024
LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAS BEEN EXPANDED

The list of economically significant organisations now includes additionally the Nevsky Shipyard, Trading Company Megapolis, joint stock company and Highland Gold international joint stock company.

18.06.2024
DOUBLE TAXATION TREATIES: CURRENT STATUS

The Russian Ministry of Finance has updated information on international agreements of the Russian Federation on the avoidance of double taxation. Compared to previous lists, 2 new indices have been added thereto: “Suspension/denunciation of the treaty” and “Position of the treaty partner on the issue of suspension/response notes”. 

The point is that presidential Decree No. 585 of August 8, 2023 has suspended the validity of certain provisions of international treaties of the Russian Federation on taxation issues. From December 30, 2023, this decision was formalised by Federal Law No. 598-FZ.
17.06.2024
BEER, DAIRY PRODUCTS, PACKAGED WATER AND SOFT DRINKS: LABELLING RULES TO BE ADJUSTED FROM SEPTEMBER 1, 2024

 The following will be updated: 

- Rules for labelling beer, drinks made from beer, and certain types of low-alcohol drinks; 
- Rules for labelling dairy products; 
- Rules for labelling packaged water; 
- Rules for labelling certain types of soft drinks, including those containing juice, and also juices themselves.
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.
17.05.2024
LIST OF CASES TO USING ‘S’ TYPE ACCOUNTS HAS BEEN EXPANDED

The rules for using ‘S’ type accounts for settlements and transactions have been adjusted. 

The transfer to residents of funds in the amount of payments on securities previously credited to their ‘S’ type accounts is settled for the following cases:
- after March 1, 2022, foreign creditors were not owners of the securities for which payments were credited; 
- after March 1, 2022, transactions with securities were carried out under permits provided for by presidential decrees.
16.05.2024
OFFSHORE COMPANIES FOR TAX PURPOSES - A SPECIAL LIST HAS BEEN APPROVED

The Russian Ministry of Finance has approved a Special List of states and territories that provide preferential tax treatment and (or) do not provide for the disclosure and provision of information when conducting financial transactions (offshore zones). The special list of offshore zones includes 40 countries. 

It applies to tax periods 2024-2026 for income tax and personal income tax for the purposes of exemption from taxation of CFC profits, determining the tax base for income tax and applying tax rates for income tax.
15.05.2024
HOSTING PROVIDERS DO NOT NEED A LICENCE TO PROVIDE COMMUNICATION SERVICES

The activities of hosting providers do not require obtaining a licence to provide communication services. 

A hosting provider is a person who provides services to provide computing power for placing information in an information system that is permanently connected to the Internet. These services are not communication services.
14.05.2024
LIST OF TAXPAYERS ENTITLED TO ENTER INTO PRICING AGREEMENTS HAS BEEN EXPANDED

The rules for concluding a pricing agreement for tax purposes in relation to a foreign trade transaction have been adjusted.

A taxpayer who is a party to transactions that are recognised as controlled and the subject of which are goods included in one or more commodity sections, and the amount of income (expenses) for which is at least two billion roubles per calendar year, can now apply to the Federal Tax Service with an application for the conclusion of such an agreement.
13.05.2024
QUOTAS FOR THE EXPORT OF MINERAL FERTILIZERS HAVE BEEN EXTENDED

It was decided to extend non-tariff quotas for the export of mineral fertilizers from Russia outside the EAEU. They will be valid from June 1 to November 30, 2024 inclusive.

The total export quota is 19.7 million tons. The Ministry of Industry and Trade will distribute it among exporters. Quotas do not apply to the supply of fertilizers to Abkhazia and South Ossetia.
10.05.2024
BANK OF RUSSIA LEFT THE KEY RATE AT 16% PER ANNUM
On April 26, 2024, the Bank of Russia decided to maintain the key rate at 16% per annum. 
The return of inflation to target in 2024 and its further stabilisation around 4% suggests a longer period of maintaining tight monetary conditions of the economy. According to the Bank of Russia's forecast, annual inflation will drop to 4.3 - 4.8% in 2024 and return to 4% in 2025.
 
09.05.2024
REQUIREMENT FOR MANDATORY REPATRIATION OF FOREIGN CURRENCY AND SALE OF FOREIGN CURRENCY PROCEEDS HAS BEEN EXTENDED
The requirement for the mandatory repatriation of foreign currency and the sale of foreign currency earnings under foreign trade contracts for certain major Russian exporters has been extended until April 30, 2025. 
At the same time, the period for exporters to credit foreign currency earnings to their accounts has been increased from 90 to 120 days (from the date of transfer of goods to non-residents, performance of work for them and provision of services in accordance with foreign trade contracts).
 
08.05.2024
MINIMUM PERIOD FOR KEEPING COMPANY DATA IN THE PUBLIC DOMAIN HAS BEEN REDUCED
The Tax Code of the Russian Federation provides for posting some information on the company that is not recognised as tax secrets in the form of open data on the official website of the Federal Tax Service, if such information does not relate to state secrets. 
Such information shall be posted on the Service’s website within certain periods and is publicly available for at least a year. 
From May 19, 2024, this period to be reduced to one month.
 
07.05.2024
AMENDMENTS TO THE TAX CODE: SPECIAL STAMPS ON TOBACCO, EXCISE TAXES ON WINE, MINERAL EXTRACTION TAX ON THE EXTRACTION OF SEMI-PRODUCTS WITH PRECIOUS METALS
There is a transition to payment of excise tax on tobacco based on data from the state information monitoring system. Registration and control special marks are being introduced for application to the packaging of tobacco and excisable nicotine-containing products. They will replace excise stamps.
In order to support domestic winemaking, from May 1, 2024, excise tax rates on Russian wines will be reduced: fortified (liqueur) wine, fortified wine in bulk, sparkling wines, including Russian champagne. Manufacturers of fortified (liquor) wines and wine materials are exempt from paying advance excise taxes.
A coefficient is provided that increases the amount of mineral extraction tax for the extraction of semi-products containing one or more precious metals (gold, silver, platinum, palladium, iridium, rhodium, ruthenium, osmium) for the tax period, the beginning of which falls on the period from June 1 to December 31 2024 inclusive.
06.05.2024
PAYMENT PROCESSORS CAN BE REGISTERED WITH THE FEDERAL FINANCIAL MONITORING SERVICE ONLY AFTER BEING INCLUDED IN THE REGISTER OF THE BANK OF RUSSIA
From October 1, 2023 to October 1, 2025, the Federal Financial Monitoring Service will register payment processors in the procedure prescribed by the law on combating money laundering and the financing of terrorism, provided that information about them is entered into a special register by the Bank of Russia. If the payment processor plans to register with the Federal Financial Monitoring Service, then the necessary documents for this need to be sent only after entering the information into the register. 
Companies that worked as payment processors before October 1, 2023 are required to enter information about themselves into the register of payment processors before October 1, 2024. After this date, in the absence of information in the register, the activity of accepting payments as a payment processor is prohibited.
 
03.05.2024
TIME LIMITS HAVE BEEN ESTABLISHED FOR THE FORCED CONVERSION OF SECURITIES OF FOREIGN ISSUERS INTO SHARES OF AN INTERNATIONAL COMPANY
Previously, it was decided to create international companies in special administrative regions by way of incorporation. This will help speed up the transfer to Russia of foreign assets of companies that are currently hampered by sanctions. 
In this regard, the Board of Directors of the Bank of Russia established the procedure and terms for the forced conversion of securities of foreign issuers certifying rights in relation to shares of joint stock companies with the status of an international company into shares of such joint stock companies.
 
02.05.2024
PBU 4/99 ‘ACCOUNTING STATEMENTS OF A COMPANY’ TO BECOME INVALID FROM JANUARY 1, 2025
From January 1, 2025, the Order of the RF Ministry of Finance approving PBU 4/99 becomes invalid. 
This is due to the approval of a new accounting standard “Accounting (financial) reporting” (FAS 4/2023).
As the Russian Ministry of Finance has already explained, companies must apply FAS 4/2023 starting with the financial statements for 2025. No pre-schedule application provided for this standard. Starting from reporting for 2025, PBU 4/99 and Order No. 66n are not subject to application, and the provisions of other regulations on accounting reporting should apply to the extent that does not contradict the new FAS 4/2023.
 
01.05.2024
WORLD FRIENDSHIP GAMES IN RUSSIA - THE PROCEDURE FOR HOLDING THE GAMES NOW AT THE LEGISLATIVE LEVEL
The World Friendship Games are a new format of international sports competition that supports the principle of universal accessibility of sports and the absence of discrimination against any group of athletes. 
The following is now provided in legislation:
- the powers of the IFA - International Friendship Association, organiser, and organizing committee;
- the specifics of advertising and trading during the World Friendship Games;
- the rules for the use of the radio frequency spectrum;
- transport issues have been settled; 
- the procedure for selling entrance tickets;
The Unified Gambling Regulator will transfer targeted deductions from bets and wagers to the organiser of the World Friendship Games in the amount of 25%.
 
30.04.2024
PROCEDURE FOR OBTAINING A TEMPORARY DOCUMENT FOR RETURNING TO RUSSIA HAS BEEN ESTABLISHED
A procedure has been established for the issuance of a temporary personal identification document giving the right to entry (return) to Russia by diplomatic missions or consulates of Russia or representative offices of the Ministry of Foreign Affairs in the border area. The form of this document is indicated. It is issued in the form of a certificate. To receive it, the application and documents must be submitted in person.
 
29.04.2024
MINISTRY OF DIGITAL DEVELOPMENT INFORMS ABOUT THE POSSIBILITY OF OBTAINING A CERTIFICATE OF AN ENCRYPTED AND CERTIFIED DIGITAL SIGNATURE USING THE GOSKLYUCH MOBILE APPLICATION THROUGH FACE-TO-FACE IDENTIFICATION
Previously, it was possible to confirm your identity in order to receive a certificate of an encrypted and certified digital signature using Gosklyuch only remotely - using a new international passport or confirmed biometrics. Now you can do it in person, at the Multifunctional Public Services Centre or branches of partner banks. The Ministry of Digital Development informed about this last week.
Also the department reminded what services can be obtained using an encrypted and certified digital signature or an encrypted and non-certified digital signature using the Gosklyuch mobile application.
 
26.04.2024
THE PROHIBITION ON FORECLOSURE, SEIZURE AND APPLICATION OF OTHER INTERIM MEASURES IN RELATION TO ASSETS IN S-TYPE AND I-TYPE ACCOUNTS HAS BEEN CLARIFIED
From January 3, Decrees of the President of the Russian Federation No. 95 of March 5, 2022 and No. 665 of September 9, 2023 were supplemented with provisions establishing that 
collection under executive documents cannot be applied to funds and securities accounted for in S-type accounts, as well as for funds held in I-type accounts, or arrest has not been imposed or other interim measures cannot be taken in relation to them.
 
25.04.2024
THE GOVERNMENT COMMISSION ON FOREIGN INVESTMENTS WILL MAKE RECOMMENDATIONS ON TRANSACTIONS WITH FOREIGN SHARES IN RUSSIAN COMPANIES
The rules for issuing permits have been adjusted in order to implement additional temporary economic measures to ensure financial stability. They are issued by the Government Commission for the Control over Foreign Investments. 
It has been established that the commission will consider the feasibility of transactions with foreign shares in Russian companies. This means that transactions in the financial and fuel and energy sectors, which are prohibited and which can be carried out on the basis of a special decision of the President (in particular, the withdrawal of large foreign investors from mining and energy projects).
 
24.04.2024
SUBMITTING INFORMATION ON BANS ON FINANCIAL TRANSACTIONS AND BLOCKED PERSONS: BANK OF RUSSIA HAS DETERMINED THE RULES
The Bank of Russia has prepared the rules for for supervised organisations for electronic generation of information provided for by the Law on Special Economic Measures. This concerns information on blocked persons, information on the measures taken to freeze (block) funds or other property, and on prohibitions (restrictions) with respect to financial transactions.
 
23.04.2024
FOR SAR RESIDENTS, A PROCEDURE IS ESTABLISHED FOR EXTENDING THE DEADLINE FOR LEAVING A FOREIGN REGISTER
Government has approved the procedure for making a decision on extending the deadline for leaving the register of foreign legal entities for companies that are residents of Russian special administrative regions (SAR). Such decisions to be made by the Governmental commission for supervision over foreign investment. 
In particular, SAR residents with a status of international companies will be able to send an application to the Ministry of Economic Development no earlier than two months before the expiration of the established period. A list of documents to be attached to such application is also determined.
 
22.04.2024
FROM JANUARY 1, 2025, PBU 4/99 ‘ACCOUNTING STATEMENTS OF AN ORGANISATION’ BECOMES INVALID
From January 1, 2025, PBU 4/99 ‘Accounting statements of an organisation’ will no longer be in force. It will be replaced with FSBU 4/2023 ‘Accounting (financial) reporting’.
 
19.04.2024
BAN ON FORECLOSURE, SEIZURE AND APPLICATION OF OTHER INTERIM MEASURES IN RELATION TO ASSETS IN S-TYPE OR I-TYPE ACCOUNTS HAS BEEN CLARIFIED
From January 3, funds and securities accounted for in S-type accounts, as well as for funds held in I-type accounts, cannot be levied under enforcement documents, and arrest cannot be imposed in relation to them. no other interim measures can be taken.
From April 8, 2024, these provisions are set out in a new wording. They specify that:
-  a demand for the collection of mandatory payments in respect of assets in S-type or I-type accounts cannot also be made;
- a ban on foreclosure, seizure, filing a claim for the collection of obligatory payments, the use of other interim measures is applied if the relevant judicial acts and acts of other authorities are issued after January 3, 2024.
 
18.04.2024
AGROTERRA'S ASSETS ARE UNDER THE TEMPORARY MANAGEMENT OF THE FEDERAL PROPERTY MANAGEMENT AGENCY
The assets of the AgroTerra group, belonging to the Dutch holding, were transferred under the temporary management of the Federal Property Management Agency.
 
17.04.2024
DEADLINE FOR THE SALE OF SHARES OF FOREIGN SHAREHOLDERS OF THE SAKHALIN-1 PROJECT HAS BEEN EXTENDED
The President extended the deadline for the sale of shares of foreign shareholders of the Sakhalin-1 project until January 1, 2025.
 
16.04.2024
THRESHOLD VALUES OF LARGE AND ESPECIALLY LARGE AMOUNTS TO BE INCREASED FOR A NUMBER OF ECONOMIC OFFENCES PROVIDED FOR BY THE RF CRIMINAL CODE
This concerns, in particular, criminal liability for crimes related to non-payment of taxes, fees or insurance premiums, violation of legislation in the sphere of securities market, or violation of the antimonopoly legislation. 
The general rule for determining large and special large amounts (damage/income/debt) has also been adjusted for certain Articles in the Chapter ‘Crimes in the Sphere of Economic Activity’. 
In addition, large and especially large amounts of income are excluded from the list of constituent elements of illegal business activity.
 
15.04.2024
NEW SUB-COMMITTEE IS FORMED TO ENSURE DECISION-MAKING IN THE FIELD OF THE USE OF INTELLECTUAL PROPERTY WITHOUT COPYRIGHT HOLDERS’ CONSENT
Russia creates a new Sub-Committee for settling matters on the use of inventions, utility models and industrial designs in order to ensure the economic security of the state. 
The Sub-Committee will consider applications from the Russian legal entities in which the state or Russian citizens own a stake of more than 75%. For this, certain conditions must also be met: 
- a patent holder has refused to use the rights; 
- a patent holder did not respond to an appeal within 30 days. 
Patent holders to be notified of decisions made as soon as reasonably possible, and they will be entitled to a proportionate compensation.
 
12.04.2024
FROM APRIL 1, 2024 CURRENCY CONTROL RULES FOR FOREIGN TRADE CONTRACTS HAVE BEEN RELAXED
Russian companies participating in foreign trade activities may now not submit documents to the bank on transactions with foreign partners if the volume of such a transaction does not exceed one million roubles. Previously, this threshold was 600 thousand roubles.
The obligation of companies to send shipping and other documents that confirm the movement of goods within the EAEU to authorised banks is also cancelled. The Federal Customs Service will exchange such information with banks independently in electronic form.
In addition, the right of companies is secured to pay under a registered foreign trade contract through any authorised bank, and not just through the one in which they are registered.
 
11.04.2024
EXPLANATIONS FROM THE MINISTRY OF FINANCE ON INNOVATIONS IN FINANCIAL STATEMENTS
The Russian Ministry of Finance has prepared clarifications concerning application of FAS 4/2023 ‘Accounting Reports’. FAS 4/2023 will operate instead of PBU 4/99 ‘Accounting statements of an organisation’. After FAS 4/2023 comes into force, the provisions of other acts regarding accounting (for example, Regulations No. 34n, issued in 1998, on Accounting and Reporting) should to apply in as much as they are not contrary to FAS 4/2023. 
The significant innovations in the rules of accounting, rules for drawing up a balance sheet, a statement of financial results, a statement of changes in capital, rules for drawing up explanations, and accounting for a non-profit organisation are provided. 
Organisations must apply FAS 4/2023 from accounting records for 2025. The possibility of early application of the standard is not provided.
 
10.04.2024
RESIDENTS BELONGING TO THE SAME INTERNATIONAL GROUP OF COMPANIES WITH NON-RESIDENTS WILL BE REQUIRED TO REPORT ON THE MOVEMENT OF MONEY THROUGH ACCOUNTS IN FOREIGN BANKS
Residents must report on the movement of funds and other financial assets on accounts in foreign banks and on transfers without opening an account using electronic means of payment of foreign payment service providers. The Ministry of Finance will update reporting forms. 
Rules are provided for the submission of reports by residents belonging to the same international group of companies with non-residents.
 
09.04.2024
BANK OF RUSSIA EXTENDED RESTRICTIONS ON TRANSFERS OF FUNDS ABROAD FOR ANOTHER SIX MONTHS
It is reported that the restrictions will remain in effect for another six months - from April 1 to September 30, 2024 inclusive. 
Russian nationals and non-resident individuals from friendly countries will still be able to transfer no more than one million US dollars or the equivalent in another foreign currency to any accounts in foreign banks within a month. 
Limits on transfers through money transfer systems are also maintained - no more than 10 thousand US dollars or the equivalent in another foreign currency per month. Transfer amounts are calculated at the official exchange rate of foreign currencies to the rouble as of the date the bank receives a transaction order.
 
08.04.2024
FROM APRIL 1, 2024 A RESORT FEE TO BE CHARGED IN ST. PETERSBURG
In certain territories of Russia, an experiment is being conducted to collect fees from tourists for using resort infrastructure (a resort fee).
As part of an experiment to collect fees from tourists for the use of resort infrastructure, a resort fee was introduced in St. Petersburg from October 1, 2023. True, its size was 0 roubles per day until March 31, 2024. But from April 1, 2024, the fee will be charged in the amount of 100 roubles per day per person.
 
05.04.2024
BANK OF RUSSIA AGAIN KEPT THE KEY RATE AT 16% PER ANNUM
The Board of Directors of the Bank of Russia decided to keep the key rate at 16.00% per annum. Thus, the regulator did not change the rate for the second time.
The Central Bank of the Russian Federation explained that current inflation pressure is gradually weakening, but remains high. Domestic demands continue to significantly outstrip the possibilities for expanding the production of goods and services. Labour market tightness has increased again. It is too early to judge the further speed of disinflationary trends. Monetary policy pursued by the Bank of Russia will consolidate the process of disinflation in the economy.
 
04.04.2024
RESTRICTIONS ON TRANSACTIONS WITH SHARES OF RUSSIAN FUEL AND ENERGY COMPANIES HAVE BEEN CLARIFIED
Until the end of 2025, a number of transactions (operations) with shares (stakes) of Russian companies in the fuel and energy sector are prohibited.
It has been established that the ban does not apply to transactions (operations) with mutual fund shares or its assets. There is a talk about cases when the assets include shares (stakes) that constitute less than 1% of the authorised capital of the corresponding company.
 
03.04.2024
RULES FOR LABELLING TOBACCO PRODUCTS HAVE BEEN ADJUSTED
Registration of products, raw materials and participants in circulation in the information monitoring system has been regulated. It is agreed to provide information to the monitoring information system on the production, circulation and termination of circulation of products that are not subject to labelling, as well as on the production or import of raw materials into Russia, their circulation and use.
 
02.04.2024
DEPOSIT INSURANCE SYSTEM: FROM MARCH 25, 2024, IT COVERS ALSO ACCOUNTS OF MEDIUM-SIZED ENTERPRISES, SOME NON-PROFIT ORGANISATIONS, LAWYERS AND NOTARIES
Insured funds include funds placed in bank accounts of lawyers, notaries and other individuals that opened accounts to carry out professional activities. In addition, the deposit insurance system has been extended to medium-sized enterprises and some non-profit organisations (trade unions and socially oriented non-profit organizations).
 
01.04.2024
FEDERAL STATE ENVIRONMENTAL INFORMATION SYSTEM WILL APPEAR IN RUSSIA
The federal system, in particular, is supposed to contain information on the following:
- the state of atmospheric air, water bodies, subsoil and other components of the natural environment;
- stationary sources, emissions, discharges of pollutants; 
- management of production and consumption waste; 
- the state of the ecological system of Lake Baikal; 
- the state of permafrost; 
- results of the state environmental assessment. 
The system to be managed by the Russian Ecological Operator.
 
29.03.2024
DEADLINE FOR ORGANISATIONS TO FILE NOTIFICATIONS ABOUT CONTROLLED FOREIGN COMPANIES FOR 2023 - MARCH 20, 2024
March 20th is the deadline for organisations to submit notifications of controlled foreign companies for 2023. Notification of controlled foreign companies must be sent regardless of the financial result of such foreign company.
 
28.03.2024
REQUIREMENTS FOR PAYMENT OF CONTRIBUTIONS TO THE AUTHORISED CAPITAL OF FOREIGN COMPANIES HAVE BEEN CLARIFIED
From April 1, 2024, residents may not receive individual permission from the Central Bank of the Russian Federation to pay shares, deposits, shares in the property of non-residents, contributions to non-residents under simple partnership agreements, if the amount of such transactions in favour of one legal entity does not exceed 15 million roubles (equivalent in any foreign currency).
 
27.03.2024
IT IS PROPOSED TO MAKE PAYMENTS FOR INTELLECTUAL PROPERTY FOR MEDICINES FROM UNFRIENDLY COUNTRIES THROUGH O-TYPE ACCOUNTS
It is proposed to extend the temporary procedure for settlements with foreign copyright holders through a special O-type rouble account for the acquisition of results of intellectual activity and (or) means of individualization related to the circulation of medicines.
 
26.03.2024
DIGITAL FINANCIAL ASSETS TO BE USED AS CONSIDERATION UNDER FOREIGN TRADE AGREEMENTS
From March 11, 2024, rules for the possibility of using digital financial assets as means of payment under foreign trade agreements are provided for in a number of federal laws.
 
25.03.2024
TRANSACTIONS BETWEEN RELATED PARTIES: PROCEDURE FOR SCHEDULING INSPECTIONS IN EFFECT FROM MARCH 26, 2024
The change is that now a decision on the audit should be made without taking into account the date of the receiving by the Federal Tax Service of a notification of controlled transactions or notification of the territorial tax authority (previously, the time limit was two years from the date of receiving a notification of such transactions).
 
22.03.2024
ADVERTISING AND FOREIGN AGENTS: A LAW HAS BEEN SIGNED BANNING ADVERTISING BY FOREIGN AGENTS
Law on Advertising has been supplemented with provisions according to which distribution of advertising on an information resource of a foreign agent, as well as advertising of information resources of foreign agents, is not allowed. Responsibility for violation of the first of these requirements to be borne by both the advertiser and the advertising distributor, and for the second - by the advertising distributor.
 
21.03.2024
THE RULES FOR THE BANK OF RUSSIA TO CONDUCT INSPECTIONS OF THE ACTIVITIES OF ISSUERS AND PARTICIPANTS IN CORPORATE RELATIONS HAVE BEEN UPDATED
A new instructions of the Bank of Russia defining the procedure for conducting such inspections came into force on March 11.
Inspections are carried out as part of control and supervision over compliance by issuers with the requirements of the legislation on joint stock companies and securities, control and supervision in the area of corporate relations in joint stock companies in order to protect the rights and legitimate interests of shareholders and investors, as well as within the framework of monitoring the execution of orders by supervised persons of the Bank of Russia.
 
20.03.2024
RESTRICTIONS ON FOREIGN CURRENCY CASH WITHDRAWALS TO STAY IN EFFECT UNTIL SEPTEMBER 9, 2024
For citizens whose foreign currency account or deposit was opened before March 9, 2022, the limit on currency withdrawal remains - no more than 10,000 US dollars or the equivalent amount in euros (regardless of the currency of the account/deposit), provided that the citizen has not previously taken advantage of this opportunity.
The rest of funds can still be obtained in roubles.
 
19.03.2024
NON-PROFIT ORGANISATIONS ARE REQUIRED TO POST THEIR CHARTERS ON THE INFORMATION RESOURCE OF THE MINISTRY OF JUSTICE
The Law on Non-Profit Organisations has a provision establishing the obligation of non-profit organisations to post their charter on the information resource of the Ministry of Justice of the Russian Federation in the procedure and within the terms determined by the Ministry of Justice.
The amendments also expand the list of types of activities, subject to the implementation of which socially oriented non-profit organisations can be supported by state authorities or local governments. These include activities in the area of family support and fostering. In addition, the list has been supplemented with activities related to keeping animals in animal shelters.
 
18.03.2024
RULES FOR LABELLING TOBACCO PRODUCTS: LATEST UPDATES
The rules for labelling tobacco and nicotine-containing products have been adjusted. Rules have been introduced for ensuring the traceability of products and raw materials for production of such products. 
Registration of products, raw materials and participants in turnover in ‘GIS Monitoring’ has been regulated.
 
15.03.2024
ACTIVITIES OF ISSUERS AND PARTICIPANTS IN CORPORATE RELATIONS: CHECKS TO BE CARRIED OUT BASED ON NEW RULES
The Bank of Russia has revised the procedure for conducting inspections of the activities of issuers and participants in corporate relations. 
Remote checks of individual information and on-site checks should be carried out. Exchange of documents and information through a personal account in electronic form to be provided, as well as exchange of documents and information on physical media. 
The rights and duties of officials of the Bank of Russia and issuers are determined.
 
14.03.2024
THE BANK OF RUSSIA RECOMMENDED THAT FINANCIAL ORGANISATIONS MINIMIZE PARTICIPATION IN ACTIVITIES RELATED TO THE CIRCULATION OF DIGITAL CURRENCIES
The regulator has developed a number of recommendations for banks and other financial organisations that are aimed at reducing customer risks from transactions with digital currencies and related instruments.
In particular, exchanges are recommended to refuse admission to trading in securities whose profitability depends on the value of digital currencies and similar indicators, and other professional participants in the securities market are advised to refrain from offering individuals who are not qualified investors to purchase such financial instruments.
 
13.03.2024
AMENDMENTS HAVE BEEN MADE TO THE RULES FOR SUBMITTING NOTIFICATIONS ABOUT THE COMMENCEMENT OF CERTAIN TYPES OF BUSINESS ACTIVITIES
The Rules are supplemented with provisions on formation of a unified register of notifications. 
The composition of the information in the unified register of notifications has been established. 
Information on changing the location of a legal entity and (or) the place of actual implementation of activities, a change in the place of residence of an individual entrepreneur and (or) the place of actual implementation of activities, on the reorganisation of a legal entity will be entered into the unified register of notifications automatically from the Unified State Register of Legal Entities or the Unified State Register of Individual Entrepreneurs, respectively.
 
12.03.2024
FROM MARCH 2, 2024, OWNERS OF MOTOR VEHICLES WILL BE ABLE TO ENTER INTO SHORT-TERM MTPL CONTRACTS
According to the amendments, vehicle owners will be able to enter into an MTPL contract for a period from one day to three months. The cost of a policy in such cases should be calculated taking into account reducing ratios. The price of “short” policies will also depend on other ratios currently in force, including territorial, driver’s age and length of service, bonus-malus coefficient, etc.
 
11.03.2024
THE ISSUES OF CREATION AND OPERATION OF AUTOMATIC CONTROL SYSTEMS FOR EMISSIONS OF PRIORITY POLLUTANTS HAVE BEEN RESOLVED
From September 1, 2024, the specifics of the creation and operation of automatic control systems at quota-regulated facilities regarding emissions of priority pollutants will come into force. The following is established:
- rules for creating and operating systems;
- criteria for determining emission sources to be equipped with systems, including a list of priority pollutants;
- requirements for automatic means of measuring and recording emission indicators, for technical means of recording and transmitting information to the state register of objects of negative impact on the environment.
 
08.03.2024
ON CONTROL AND SUPERVISION OF FINANCIAL MARKET PARTICIPANTS BY THE CENTRAL BANK
The Central Bank has redistributed responsibilities for control and supervision of compliance with legislation by subjects of the collective investment market, securities market participants, central depository, clearing organisations, central counterparties, trade organisers, repositories, credit rating agencies, as well as self-regulating organisations in the financial market, uniting subjects of the collective investment market and professional participants in the securities market. 
Powers regarding financial market operators and price centres are excluded. At the same time, control and supervision of platform service operators are stipulated.
 
07.03.2024
RULES ON MANDATORY PRE-TRIAL PROCEDURES FOR APPEALING DECISIONS OF LICENSING AUTHORITIES HAVE COME INTO FORCE
Hereinafter, before going to court, applicants (except for citizens that are not involved in entrepreneurial activities) should file a complaint with the relevant licensing authority. 
As a general rule, a complaint shall be filed in electronic form through the State Services webportal within 30 calendar days from the date the applicant learned or should have learned of a violation of his rights.
 
06.03.2024
FROM MARCH 2, 2024, OWNERS OF MOTOR VEHICLES WILL BE ABLE TO ENTER INTO SHORT-TERM MTPL CONTRACTS
According to the amendments to the Law on Motor Third Party Liability Insurance, vehicle owners will be able to enter into a MTPL agreement for a period from one day to three months. 
The cost of the policy in this case shall be calculated taking into account reducing ratios. The price of “short” policies will also depend on other ratios currently in force, including territorial ratio, driver’s age and driving experience, bonus-malus coefficient, etc.
 
05.03.2024
A SELF-PROHIBITION MECHANISM FOR LOANS IS BEING INTRODUCED
Anyone can protect themselves from a situation where fraudsters apply for a loan in their name and voluntarily refuse the opportunity to enter into credit or loan agreements. 
To “turn on” the mechanism, you will need to record a special ban in your credit history through the unified Portal of Government Services or at the Multifunctional Public Services Centre. To lift the ban, you will also need to submit an application. This service will be free and unlimited in the number of calls.. 
From March 1, 2025, an application for self-prohibition can be submitted through the unified Portal of Government Services. Multifunctional public services centres will have to implement the possibility of self-ban until September 1, 2025.
 
04.03.2024
REQUIREMENTS ARE BEING DEVELOPED TO PROVIDE FIRST AID TO EMPLOYEES: PLACEMENT, STORAGE AND USE OF A FIRST AID KIT
For the period from March 1, 2025 to March 1, 2031, it is planned to establish requirements for the placement, storage and use of a first aid kit for employees. The need to arrange in companies first aid areas equipped with first aid kits is fixed.
 
01.03.2024
THE KEY RATE IS KEPT AT 16% PER ANNUM
On February 16, 2024, the Bank of Russia decided to keep the key rate at 16% per annum. 
The return of inflation to target in 2024 and its further stabilisation around 4% envisage a long period of tough monetary conditions in the economy. As forecasted by the Bank of Russia, annual inflation will reduce to 4-4.5% in 2024 and will be close to 4% later on.
 
29.02.2024
THE RULES FOR INCLUDING ECONOMIC ENTITIES IN THE LIST OF ECONOMICALLY SIGNIFICANT ORGANISATIONS HAVE BEEN CLARIFIED
The rules for taking a decision on including a Russian business company in the list of economically significant organisations have been adjusted. This is due to amendments to the Law on the specifics of regulating corporate relations in such companies. The criteria for classifying companies as economically significant organisations have been expanded.
 
28.02.2024
A SPECIAL SUBCOMMITTEE WILL DEAL WITH THE USE OF INVENTIONS, UTILITY MODELS AND INDUSTRIAL DESIGNS IN ORDER TO ENSURE THE ECONOMIC SECURITY OF THE RUSSIAN FEDERATION
A subcommittee on the use of inventions, utility models and industrial designs will be formed under the Government Commission for Economic Development and Integration to ensure the economic security of the Russian Federation.
 
27.02.2024
EXPERIMENT IN ONLINE BUSINESS REGISTRATION USING A NEW COMPREHENSIVE SERVICE WILL START ON MARCH 1, 2024
From March 1, 2024 to March 1, 2025, an experiment will be held to provide a complex service for state registration of legal entities and individual businessmen, issuing a certified key certificate for verifying the digital signature of a legal entity and individual businessmen, opening a current account and concluding a remote banking service agreement (complex service "Start business online").
 
26.02.2024
SELF-BAN TO OBTAIN LOANS TO CITIZENS: A DRAFT LAW PASSED THE DUMA
Citizens will be able to self-prohibit the issuance of consumer loans. This can be done through the public services portal or multi-function centres, except for loans secured by a vehicle or mortgage, as well as educational loans with governmental support. 
According to the bill, banks and microfinance organisations should request information on the ban from credit bureaus. If there is a ban, the contract to be refused. If the contract is nevertheless made, it can be cancelled upon the request of a citizen.
 
23.02.2024
POWERS OF THE GOVERNMENTAL COMMISSION FOR CONTROL OF FOREIGN INVESTMENTS WILL BE EXPANDED
The Government Commission for Control of Foreign Investments will issue permits for transactions with foreign persons from unfriendly countries that provide for the alienation or pledge of the exclusive right to the result of intellectual activity or to a means of identification.
 
22.02.2024
SPECIAL PROCEDURE FOR EXECUTING TRANSACTIONS WITH PERSONS FROM UNFRIENDLY COUNTRIES: THE BANK OF RUSSIA CLARIFIED THE CRITERIA FOR DETERMINING A CONTROLLED ENTITY
The President has established a special procedure for transactions (operations) carried out by residents with persons of foreign states committing unfriendly actions, and with persons who are under their control. 
The Bank of Russia clarified the criteria by which a person under control is determined. At the same time, approaches to determining control are applied to all legal entities, including those of strategic importance and those engaged in the use of a subsoil plot of federal significance and (or) fishing.
 
21.02.2024
FROM SEPTEMBER 1, 2024, THE RULES FOR LICENSING THE PRODUCTION OF MEDICINES WILL BE ADJUSTED
The Government has changed the licensing rules for pharmaceutical production:
- licensing requirements will also include a ban on the unlicensed production of medicines and the production of medicines not included in the state register of medicines for veterinary use, the unified register of registered medicines of the EAEU and the unified register of registered veterinary drugs of the EAEU;
- in the application for a licence (or for making changes to the register, including adding a new production address), a number of information is indicated in an interactive form posted on the State Services Portal (the application is formed by filling out this interactive form);
- when considering the application, the licensing authority itself requests information confirming the certification of the authorised person of the manufacturer of medicines for veterinary use through a system of interdepartmental interaction.
 
20.02.2024
CONDITIONS FOR PROCESSING PERSONAL HEALTH DATA ARE CLARIFIED
Processing of special categories of personal data, including those related to health status, is not permitted, except in certain cases. Processing is provided for medical and preventive purposes, in order to establish a medical diagnosis, provide medical or medical and social services. Condition is that the processing is carried out by a person who is professionally engaged in medical activities and is obliged to maintain medical confidentiality. This can be either an individual or a legal entity.
 
19.02.2024
LIST OF GOODS FOR PARALLEL IMPORT HAS BEEN EXPANDED
The Ministry of Industry and Trade has adjusted the list of foreign-made goods allowed for import into the country without the consent of copyright holders. 
In particular, the list includes a number of brands of mining equipment (Dewalt, Epiroc, Husqvarna), pumps, fans and compressors (Soler & Palau, Vortice, Air System), cosmetics, perfumes and clothing.
 
16.02.2024
BANKS TO BE OBLIGED TO INFORM CUSTOMERS OF THE DEPOSITS THAT ARE ABOUT TO EXPIRE
Bank of Russia previously recommended that credit institutions remind depositors about the approaching expiration date of their deposits. This requirement is now mandatory and is provided in the Law on Banks and Banking Activities.
 
15.02.2024
DOMESTIC FINANCIAL MARKET: DEVELOPMENT TRENDS FOR 2024 - 2026 ARE OUTLINED
Among the intended goals are strengthening the confidence of retail consumers and investors in the financial market through strengthening the security, increasing financial literacy and expanding the accessibility of financial services; ensuring the smooth functioning of the financial market, including under stress conditions. 
Among other things, it is planned to develop the insurance market, long-term savings and investment instruments for citizens, increase financial cyber literacy, ensure the inclusivity of the financial market, develop payment infrastructure, SupTech and RegTech technologies.
 
14.02.2024
APPLYING THE BAN ON USING FOREIGN SOFTWARE FOR TRANSFER OF PERSONAL DATA AND INFORMATION ON MONEY TRANSFERS - MINISTRY OF DIGITAL DEVELOPMENT PROVIDED EXPLANATIONS
Governmental agencies, state and municipal institutions, as well as financial companies, are prohibited from using foreign information systems or software to transmit payment documents and (or) provide information containing personal data, transfer data, information necessary for making payments and (or) information on accounts (deposits) citizens. 
The list of information systems and software is determined by Roskomnadzor. 
The hyperlink should not refer to information that contains the client’s personal data, unless it is located in the specified information systems.
 
13.02.2024
START BUSINESS IN RUSSIA ONLINE? IT’S POSSIBLE!
An experiment is proposed to develop a comprehensive service “Start business online”. 
It will be possible to register a business remotely and start using a current account just from the date the business is registered. Individuals that are registered as individual entrepreneurs will be entitled to use the complex service, as well as those who decide to create an LLC with a sole founder simultaneously exercising the powers of the sole executive body. 
The experiment is expected to be in force until March 1, 2025.
 
12.02.2024
PROVIDERS NOT INCLUDED INTO A SPECIAL ROSKOMNADZOR REGISTER ARE PROHIBITED FROM PROVIDING HOSTING SERVICES IN RUSSIA
All organisations that provide hosting services in Russia must be registered in the Roskomnadzor register. For companies that are not included in it, the legislation does not yet provide for administrative liability. However, they are prohibited from providing hosting services in the country. 
From February 1, 2024, before the start of hosting services, one must submit a notification. 
From December 2023, there are new requirements for hosting providers. The new standards will increase the reliability of Russian Internet resources and services and protect RuNet from possible external threats.
 
09.02.2024
ECONOMICALLY SIGNIFICANT ORGANISATIONS WILL BE ALLOWED NOT TO DISCLOSE SENSITIVE INFORMATION
Economically significant organisations, as well as persons associated with them, to be entitled not to disclose and (or) not provide information that is subject to disclosure and (or) provision based on legal requirements. A list of the relevant laws is provided. 
For this, they must notify parties concerned. Such persons will be able to be provided with the information upon request.
 
08.02.2024
RECOMMENDED REGISTER FORMATS ARE AVAILABLE FOR CONFIRMING THE 0% VAT RATE FOR EXPORTS
Starting from the first quarter of 2024, the zero VAT rate for the export of goods must be confirmed by electronic registers. 
The Order approving the forms and formats of such registers, as well as the procedure for filling them in and submitting them, is currently being registered with the Russian Ministry of Justice.
 
07.02.2024
MAJOR AMENDMENTS HAVE BEEN MADE TO THE LAW ON THE CIRCULATION OF MEDICINES
Amendments have been made to the Law on the Circulation of Medicines aimed at bringing its provisions into compliance with international treaties and acts that constitute the law of the EAEU.
From 2025, government services in the area of circulation of medicines will be provided in the form of electronic document management using the Uniform State Health Information System and the Unified Portal of State and Municipal Services.
The circulation of medicines is being transferred to a registry model - thus, the registration certificate of a drug will be not only a document, but also an entry in the State Register of Medicines and Medical Products confirming the fact of registration (from January 1, 2025 registration certificates on paper will no longer be issued). 
The specifics of introducing certain groups of medicinal products into civil circulation will be established.
A ban is introduced on the use of information on the results of preclinical and clinical trials of drugs for commercial purposes and submitted by the applicant for registration of the drug, without the applicant’s consent for six years from the date of registration of the generic in the Russian Federation.
 
06.02.2024
IN 2024, THE MAXIMUM ADVANCE AMOUNT FOR GOVERNMENT CONTRACTS HAS BEEN INCREASED
The Government of the Russian Federation, from January 25 of this year, re-introduced a measure similar to those in force in 2022-2023, which allows the establishment of an advance condition in an increased amount in government contracts concluded by recipients of federal budget funds.
 
05.02.2024
FOR LARGE OIL PRODUCERS, SIMPLIFIED PROCEDURE TO BE EXTENDED FOR OBTAINING THE RIGHT TO USE SUBSOIL FOR THE PURPOSE OF EXPLORATION AND EXTRACTION OF GROUNDWATER

 

Until the end of 2024, large oil producers shall be allowed not to submit a copy of the annual accounting report in order to obtain the right to use subsoil for exploration and extraction of groundwater in areas not classified as subsoil plots of local significance, for the geological survey of such areas for the purpose of prospecting, evaluation, survey and extraction of groundwater.
 
02.02.2024
THE POWERS OF THE GOVERNMENT COMMISSION TO CONTROL FOREIGN INVESTMENT HAVE BEEN EXPANDED
The rules for issuing permits have been adjusted in order to implement additional temporary economic measures to ensure financial stability. They are issued by the Government Commission for Control of Foreign Investments. 
It has been established that the commission also determines the conditions for trading and making transactions (operations) using S-type accounts. There is a talk about settlements with foreign creditors and the acquisition of blocked foreign securities by foreign investors.
 
01.02.2024
ONE MORE IFRS DOCUMENT CAME INTO FORCE
In Russia, the IFRS document “Non-current liabilities with covenants (Amendments to IAS 1) Presentation of Financial Statements” has been put into effect.
 
31.01.2024
PLANNED INNOVATIONS IN CONSULAR REGISTRATION OF CITIZENS OF THE RUSSIAN FEDERATION AND OTHER MEASURES TO IMPLEMENT THE CONCEPT OF STATE MIGRATION POLICY
The action plan provides, in particular, for the introduction of mandatory consular registration of Russian citizens living abroad. As follows from the document, as a result of the implementation of this point of the plan, the concept of “citizen permanently residing outside the Russian Federation” will be defined, and the legal status of this category of citizens will also be specified. Implementation deadline is June 20, 2025.
 
30.01.2024
FROM MARCH 25, 2024, THE DEPOSIT INSURANCE SYSTEM TO EXTEND TO THE FUNDS OF LAWYERS, NOTARIES AND CERTAIN OTHER CATEGORIES OF PERSONS
Amendments to the Law on Deposit Insurance provide for classifying funds of lawyers, notaries and other individuals that have opened accounts for implementation of their professional activities as funds subject to insurance. 
Moreover, the group of legal entities that are subject to the deposit insurance system has been expanded to include medium-sized enterprises, recognised as such in accordance with the Law on the Development of Small and Medium Enterprises, and also certain non-profit organizations (trade unions and socially oriented NPOs).
 
29.01.2024
MINISTRY OF TRANSPORT PROPOSES TO IMPROVE THE STANDARDS GOVERNING THE PLACEMENT OF ROAD SERVICE FACILITIES ALONG HIGHWAYS
According to the draft regulatory act, it is proposed to place, along highways of the first category (those with high traffic intensity and speed limits) road service facilities (gas stations, bus stations, hotels, cafes, service stations, vehicle parking and other similar facilities) exclusively as part of multifunctional zones. 
In this case, a multifunctional road service zone should be understood as an area intended to accommodate at least two road service facilities of a different type.
 
26.01.2024
LISTS OF COUNTRIES NOT PARTICIPATING IN THE EXCHANGE OF TAX INFORMATION WITH THE RUSSIAN FEDERATION, AS WELL AS THOSE NOT FULFILLING THEIR OBLIGATIONS TO EXCHANGE COUNTRY REPORTS, HAVE BEEN APPROVED
A new list of states (territories) that do not ensure the exchange of information for tax purposes with the Russian Federation has been approved. It includes 88 countries and 14 territories.
The profit of a controlled foreign company is exempt from taxation if the permanent location of such a controlled foreign company is a state (territory) with which there is an international treaty of the Russian Federation on tax matters, with the exception of states (territories) that do not ensure the exchange of information for tax purposes with Russia.
 
25.01.2024
LIMITED DISCLOSURE OF INFORMATION WITHIN THE FRAMEWORK OF LAWS ON JOINT-STOCK COMPANIES AND ON SECURITIES MARKET
If, within the framework of the laws on joint-stock companies and on the securities market, an issuer restricts the disclosure of information, then it must inform the Central Bank of this. New rules for sending relevant notifications are established to replace the current rules, issued in 2019.
 
24.01.2024
THE BANK OF RUSSIA RECOMMENDS A METHODOLOGY FOR DEVELOPING STRATEGIES FOR SUSTAINABLE DEVELOPMENT AND CLIMATE TRANSITION
The Bank of Russia offered public joint stock companies and issuers a methodology for developing a sustainable development strategy and a climate transition strategy. 
The presence of strategies will enable public joint stock companies and issuers to more effectively take into account ESG factors and sustainable development issues when organising corporate governance.
 
23.01.2024
BANK OF RUSSIA NOT TO PUNISH, IN 2024, FINANCIAL ORGANISATIONS FOR TRANSACTIONS ON BEHALF OF PERSONS USING PROHIBITED SITES
In 2024, the Bank of Russia will not punish financial organisations for carrying out transactions with money and another property on behalf of persons providing services using sites included into the unified register of prohibited Internet resources.
 
22.01.2024
STATE CONTROL IN THE FIELD OF DRUG CIRCULATION: NEW RISK INDICES FOR VIOLATION OF MANDATORY REQUIREMENTS TO BE PUT INTO OPERATION
The Ministry of Public Health proposes to expand the list of risk indices for violation of mandatory requirements in implementation of federal state control (supervision) in the field of circulation of drugs for medical use. Extra eight items to be introduced as grounds for unscheduled inspections.
 
19.01.2024
DETERMINATION OF QUOTES, PRICES OF FINANCIAL INSTRUMENTS, PRECIOUS METALS AND CURRENCIES IN 2024: A LIST OF INFORMATION SOURCES HAS BEEN ESTABLISHED
In 2024, the Central Bank of the Russian Federation allows the use of information from the National Settlement Depository, Interfax, Sbonds.ru and Russian trade organisers to determine quotes, prices (costs) of financial instruments, precious metals and currencies, along with data from Bloomberg and Refinitive agencies, and, if they do not have data, information other organisations (based on a reasoned decision of a financial organisation). 
At the same time, only Bloomberg and Refinitive can still determine the exchange rate, the change in which determines the amount of income on securities available for purchase to unqualified investors.
 
18.01.2024
AUDIT ACTIVITIES: INNOVATIONS
The Ministry of Finance announced innovations in auditing activities in 2024:
- cases of unscheduled audits of auditors in 2024 have been identified;
- the procedure for assessing the risks of performing operations (transactions) for the purpose of laundering proceeds from crime and financing of terrorism in auditing activities has been approved;
- The Agreement on the implementation of audit activities within the EAEU came into force.
 
17.01.2024
A LIST OF OFFSHORE ZONES HAS BEEN ESTABLISHED FOR 2024 TO ASSESS THE COMPLIANCE OF PARTICIPANTS OF FINANCIAL COMPANIES WITH CERTAIN REQUIREMENTS
Organisations registered in offshore zones cannot dispose of shares or stocks of financial companies. A list of such zones has been established that will be applied in 2024. It includes 39 zones. This list is also needed to assess the influence of residents of offshore zones on the management of the bank.
 
16.01.2024
IT HAS BEEN ESTABLISHED WHAT INFORMATION FINANCIAL COMPANIES MAY NOT DISCLOSE IN 2024
The Bank of Russia has determined what information organisations providing professional services in the financial market have the right not to disclose in 2024. The types of information that the regulator does not disclose on its website are also indicated. 
A credit institution that has decided not to disclose information about the qualifications and work experience of members of the board of directors (supervisory board) to an unlimited number of persons on its website is obliged to send this information to the Bank of Russia within the period established for its disclosure, or information about the failure to provide such information by a member of the board of directors (supervisory board).
15.01.2024
VALIDITY OF EXPIRED DRIVER'S LICENSES HAS BEEN EXTENDED FOR THREE YEARS
The norm introduced in the spring of 2022 has been adjusted, which provided for a three-year extension of the validity of Russian national driver's licences, the validity of which expired in the period from January 1, 2022 to December 31, 2023.
It now applies to Russian national driver's licences that expire (expired) between January 1, 2022 and December 31, 2025.
Extension of validity does not require additional changes to the driver's licence.
 
12.01.2024
BAN ON FORECLOSURE, SEIZURE AND APPLICATION OF OTHER INTERIM MEASURES IN RELATION TO ASSETS IN ACCOUNTS OF TYPE ‘C’ AND ‘I’
It has been established that funds and securities accounted for in a type “C” account, as well as for funds held in a type “I” account, cannot be seized under executive documents, seized, and cannot be subject to other interim measures.
 
11.01.2024
ANTI-SANCTION MEASURES TO BE EXTENDED FOR 2024
A law was signed to extend the current measures aimed at reducing the negative consequences of anti-Russian sanctions. 
Special regulation in the field of licensing and control and supervisory activities has been extended in terms of powers of the Government to establish the specifics of state control (supervision) and municipal control, including in terms of introducing a moratorium on inspections. 
Special regulation has been extended in the field of corporate relations, government procurement, construction and town-planning activities, social and labour relations, as well as in terms of admission of persons living abroad to Russian educational organisations, opening of checkpoints across the state border, providing state or municipal preferences and other measures.
 
10.01.2024
PAYMENTS ON RUSSIAN EUROBONDS: THE BANK OF RUSSIA CLARIFIED SOME PROVISIONS OF THE NEW MECHANISM
The President established a new temporary procedure for fulfillment of the Russian Federation's debt obligations under Eurobonds to residents and foreign creditors. The Bank of Russia has clarified its provisions regarding the priority of fulfilling the obligations of the central depository, including to individuals.
 
09.01.2024
VISA FEES INCREASED FOR EU CITIZENS
A law is signed on synchronizing the regime for collecting fees for issuing Russian visas with the standards established by the EU, Denmark, Iceland, Liechtenstein, Norway and Switzerland, authorities of which have unilaterally and completely suspended the operation of international agreements with Russia on the mutual simplification of issuing visas, including switching to use of higher rates of visa fees. 
Restrictions have been introduced on the visa-free entry of diplomats. Visa preferences have been cancelled for members of official delegations, national and regional governments and parliaments, constitutional and supreme courts, as well as journalists from the EU, Iceland, Liechtenstein, Norway and Switzerland. 
Entrepreneurs, persons involved in scientific, cultural or creative activities, participants in international sporting events and official exchange programs between sister cities, schoolchildren, undergraduate and graduate students heading for study and internship, close relatives of EU citizens living in Russia, as well as heavy trucks drivers are still entitled to obtain a Russian visa at the territorial offices of the Ministry of Internal Affairs without formalising invitations.
 

Archive

mon tue wed thu fri sat sun
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31

Contact Us

Leave us a message