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.