Insights | Denuo

New procedure for distributing profit (dividends) to “unfriendly” members (shareholders) of Russian companies

The Subcommission of the Government Commission for Control over Foreign Investment in the Russian Federation established that foreign “unfriendly” shareholders may be entitled to receive profits of Russian companies in circumvention of the special procedure and without the approval of the Ministry of Finance of Russia, subject to certain conditions. Read more in our legal update.

24 / 10 / 2310:30am msk

Participant’s withdrawal from a limited liability company: current court practice

When is a company subject to the GDPR?

The GDPR (General Data Protection Regulation) is an EU regulation on personal data protection. One should bear in mind, however, that the GDPR contains quite broad provisions on its extraterritorial applicability. In our legal update we look at common cases where the GDPR can apply to your business.

Roskomnadzor releases recommendations in connection with increasing personal data leaks

On its website, RoskomnadzorFederal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) has published recommendations for personal data operators based on the findings of an analysis of databases that were leaked into the public domain. At Denuo, we are currently working on the methodology of building such compliance mechanism which should help minimise the likelihood of data leaks. If you would like to receive the methodology and relevant materials, please contact the authors of this publication.

Venture capital financing: Rounds and exists

Venture capital financing affects our lives much more than it may seem at first glance. The companies behind such popular products as Google, WhatsApp, Uber, Zoom, Yandex, Aviasales, Skyeng, Booking and many others once received venture capital investments. This financing mechanism is now the key driver of the modern technological economy.

12 / 09 / 2310:30am msk

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

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.