Russian assets confiscated in the United States will be compensated for by American assets located in Russia

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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.

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