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

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.

Archive

Contact Us

Leave us a message