Insights | Denuo

12 / 09 / 2310:30am msk

Irrevocable powers of attorney as a security instrument in business sale and purchase transactions and joint ventures

Draft law on turnover-based fines and criminal liability for personal data leaks submitted to the State Duma

New challenge for business: changes to inclusion of dividends in customs value of imported goods

In this legal update, we will outline how the practice of including dividends in the customs value of goods has evolved and changed after the adoption, in the end of 2022 by the Russian Supreme Court’s Judicial Chamber on Economic Disputes, of a number of Rulings in relation to certain cases. We will also suggest recommendations for protecting companies’ interests.

Russian Supreme Court refuses to recognise email addresses as personal data

In its Ruling No. 305-ЭС23-12160 dated 21 July 2023, the Supreme Court of the Russian Federation upheld the position of lower courts that an email address is not personal data. This decision may have far-reaching consequences for businesses, but we recommend taking a more conservative approach.

Government and Bank of Russia prepare a draft decree on exchange of frozen assets

Russian Finance Minister Anton Siluanov announced at a meeting of the Council for Strategic Development and National Projects that a draft Presidential Decree has been prepared that is designed to unblock part of foreign assets so that they can be subsequently exchanged for Russian assets.

New law passed to implement core tax policy directions

On 31 July 2023, the Russian State Duma has passed Federal Law No. 389-FZ “On Amending the First and Second Parts of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation and on Suspending the Second Paragraph of Clause 1 of Article 78 of the First Part of the Tax Code of the Russian Federation.” This law has introduced a series of substantial changes to the Russian Tax Code concerning general tax administration issues and certain types of taxes.

Denuo advises Smart Service Nord on acquisition of AmRest business in Russia

Denuo has advised Smart Service Nord on the acquisition of 100% of shares in Russian companies owned by AmRest, a European holding. AmRest used to manage over 200 KFC restaurants in Russia as a sub-franchisee.

07 / 09 / 233pm cst

China International Economic and Trade Arbitration Commission (CIETAC) Dispute Resolution

Suspension of certain provisions of DTTs with unfriendly states

As of 8 August, Presidential Decree No. 585 suspends certain provisions of double taxation treaties with unfriendly countries (as well as Protocols thereto, which clarify a number of provisions of the DTTs and form an integral part of such treaties). Read further in our legal update.

Denuo advises shareholders of SG‑trans on sale of shares

Denuo has advised shareholders of Vector Rail (SG-trans and Vector Rail Invest group of companies) on the sale of 100% shares of the company.