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. 

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%). 

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.

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.

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. 

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

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.

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. 

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

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 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 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.

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. 

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

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.

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. 

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

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. 

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.

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. 

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.

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. 

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

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

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.

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.

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 following will be updated: 

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. 

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.

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. 

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. 

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. 

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. 

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. 

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.

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.

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.

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. 

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: 

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. 

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. 

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

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

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. 

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.

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

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

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. 

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

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

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.