Dear Sirs, On June 1, 2010 the Government of the Russian Federation adopted amendments to the Decree of the Government of the Russian Federation on Establishing Value of Assets of Credit Organizations for the Purposes of Antimonopoly Control No.335 dated May 30, 2007 (hereinafter “Decree on Establishing Value of Assets of Credit Organizations”) ...
We would like to inform you that on July 10, 2023 the Federal Law No. 301-FZ “On Amendments to the Federal Law “On Protection of Competition” has been adopted (hereinafter – the “Law”, the “Fifth antimonopoly package”). The Law shall take effect as of September 01, 2023 ...
On May 4 2011 the Ministry of Finance of the Russian Federation published on its website the draft law on transfer pricing, which includes the amendments introduced after the first reading held o February 19, 2010 ...
Dear Sirs, On March 11, 2010 the President of the Russian Federation Dmitry Medvedev introduced in the State Duma the draft of Federal law No. 341071-5 “On alternative dispute resolution procedure by way of mediation (a mediation process)” ( “the Draft law”). It is to be applicable from January 1, 2011. View More
We would like to inform you that today the President of the Russian Federation signed the Law dated April 28, 2023 No. 139-FZ significantly amending the Federal Law dated April 29, 2008 No. 57-FZ Federal Law “On Procedures for Foreign Investments in Companies having Strategic Importance for the National Security and Defense” (hereinafter – the “Strategic Investments Law”) ...
The concept of unjustified tax benefit is formalized in the Russian Tax CodeAugust 03, 2017Dear Sirsand Mesdames,We would like to inform you that the Federal Law No. 163-FZ dated July 18, 2017 (the “Law”) introduced amendments to the Russian tax legislation, codifying the concept of unjustified tax benefit, which was previously described by the Supreme Arbitration Court in 2006. The new Article 54 ...
As a matter of important update that may impact potential and scheduled payments of dividends, interest, royalties and other similar “passive types” of income from Russia, please be informed that on 18th of May 2023 Russian Media has announced that Double Tax Treaties (the “DTTs”) with “Unfriendly States” will be temporarily suspended by the Presidential Decree in June 2023 ...
We would like to inform you that on December 27, 2018, the President of the Russian Federation signed the Federal Law No. 549-FZ “On Making Amendments to the Part Four of the Civil Code of the Russian Federation” (previously known as the Bill No. 428309-7) that provides for temporary legal protection to industrial designs during the stage of substantive examination of applications (URL: http://sozd.duma.gov.ru/bill/428309-7) (“Law”) ...
Dear Sirs, We would like to present you a brief overview of tax legislation updates concerning transfer pricing and VAT on services upon importation of goods into the territory of the Russian Federation. Draft law On Transfer Pricing We would like to pay your attention to the fact that draft law “On transfer pricing” was accepted by the State Duma in the 1st reading ...
With effect from 1st. January 2019, Russia amended the rules relating to VAT taxation of electronic (online) services (e.g. provision of rights to use software, streaming music, films, gaming services, hosting, website and webpage support, etc.). The new regulations raised a number of questions that are considered in this article ...
Further to our previous alert relating to inspections of the Russian Data Protection Authority (‘DPA’) we would like to draw your attention that DPA is also entitled to undertake measures of so-called systematic monitoring in order to supervise compliance of data controllers with the Russian legislation on personal data. These measures mainly cover checking websites and information placed in a public domain ...
The global spread of the COVID-19 coronavirus infection has led to significant changes in the Russian retail trade. This pandemic has forced millions of people to stay at home, avoid public places and, of course, buy less. To adapt to the new features of consumer behaviour, retailers need to promptly respond, adapt, or dramatically change their business processes and strategies ...
The Supreme Court has considered the Westwalk case and ruled that foreign companies can be legally recognized as bankrupt if there is a "close connection" with Russia. Bankruptcy of foreigners was first commenced in 2016, but for a long was applied only to individuals1. The Arbitrazh Court of the Chelyabinsk Region opened Pandora's box in 2022 with respect to a company from the island of Nevis, which was only formally registered there ...
In recent years, Special Purpose Acquisition Companies or “SPACs” have gained tremendous popularity in the United States. In 2020 alone, one hundred SPACs accounted for approximately $80 billion in US public fundraising. Although that enthusiasm has not reached the same levels in continental Europe, these investment vehicles are also increasingly making their way into the different European markets. Today, about six SPACs are listed on Euronext Amsterdam ...
The Second Eastern Economic Forum was held on 2nd and 3rd December in Vladivostok. The participants presented various investment projects ready for implementation. On 3rd September Maxim Alekseev, ALRUD Law Firm Senior Partner, participated in Russia-ASEAN session. Its primary topic was discussion of the declaration on main areas of cooperation between Russia and ASEAN adopted on Russia-ASEAN summit held in Sochi on 19-20 May, 2016 ...
In the course of regular updates on Russian counter-sanctions, we would like to provide you with information on Decree of the President of the Russian Federation dated November 08, 2023 No. 844 “On Additional Temporary Economic Measures Related to Circulation of Foreign Securities” (“Decree No. 844”). Decree No ...
This is to inform you that the Resolution of the Government of the Russian Federation dated October 01, 2020 No. 1587, has extended the moratorium on bankruptcy of companies, at the request of their creditors, until January 07, 2021. In this regard, we would like to draw your attention to the key provisions related to the moratorium regime and its extension. Moratorium – the first results ...
This is to inform you that the Resolution of the Government of the Russian Federation dated October 01, 2020 No. 1587, has extended the moratorium on bankruptcy of companies, at the request of their credi-tors, until January 07, 2021. In this regard, we would like to draw your attention to the key provisions related to the moratorium re-gime and its extension. 1. Moratorium – the first results ...
Russia has significantly revised its arbitration laws by adopting two Federal Laws (hereinafter referred to as “Arbitration Laws”)1, which came into effect on September 01, 2016. The main aim of the arbitration reform in Russia was elimination of so-called “pocket” arbitration institutions and improvement of overall quality of arbitration process in Russia ...
A significant, temporary measure for 2022 has been introduced into the Russian merger control procedure, which may affect the regulatory approval process, in many M&A transactions, and might be specifically relevant for Management Buyouts. On July 14th, 2022, the Federal Law No. 286-FZ came into force ...
****Dear Ladies and Gentlemen,**** We would like to update you on recent precedent-setting judgements by Russian courts in matters involving foreign businesses that decided to leave Russia. On 17 October 2023, the Arbitrazh court of Moscow city sustained the claim by Russian bank PJSC Sovkombank against Citibank N.A. (a US company) and its Russian subsidiary JSC KB Citibank concerning the joint recovery of US$24m in losses1. On 21 December 2023, an appeals court upheld the judgement ...
Since February 2022, Russia has adopted a number of regulations that aim to restrict real estate transactions involving persons/entities from certain foreign states. Such transactions require specific governmental approval prior to their conclusion. Further regulation has provided a number of exceptions to the previous prohibitions ...
On December 8th, 2020, The President of the Russian Federation signed the Federal Law, introducing the new rules for remote work (hereinafter the “Law”). This Law will come into force from January 1st 2021. Here is a brief summary of new rules: i. New types of temporary remote work In accordance with current labour legislation, an employee and employer can conclude a remote employment contract only on a permanent basis ...
Beginning on January 1, 2017, the State Labour Inspectorate has begun checking presence of the information on results of special evaluation of working conditions on employers’ official websites. Employers shall post on their official websites information concerning results of performed evaluation and the list of proposed actions on improvement of employees’ working conditions ...
As a part of a reform of Russian data protection laws, Roskomnadzor adopted new rules for ban or restriction of cross-border transfer of personal data outside of Russia. Roskomnadzor may decide to ban or restrict cross-border transfer of personal data in the following cases: After the consideration of a data controller’s notification on cross-border transfer of personal data; Upon the motion of a competent authority to Roskomnadzor ...
