Insights | Denuo

New US sanctions: grounds for sanctions against foreign financial institutions and prohibitions on Russian goods

On 22 December 2023, the US Treasury Department announced the extension of sanctions against the Russian Federation and the issuance of three General Licences authorising certain transactions. In our legal update we outline the most significant changes.

EU adopts 12th package of sanctions against Russia

On 18 December 2023, legal acts formalising the 12th package of European Union restrictive measures were published and entered into force. Read further in our legal update.

Bank of Russia introduces amendments to C-type accounts regime

On 8 December 2023, the Bank of Russia introduced targeted changes to the “C”-type accounts regime. These changes are aimed primarily at stabilising the rouble and the Russian financial system in general. Read further in our legal update.

Russia introduces tougher fines for violations related to personal data processing

On 12 December 2023, the President of Russia signed a law that increases fines for processing of personal data without the subject’s consent, and introduces new fines for violation of the requirements regulating uploading biometric personal data. For a number of offenses, the amount of the administrative fine can reach up to 1.5 million rubles for a repeated violation. Read in more detail in our legal update.

Amendments to the laws on economically significant organisations adopted

On 14 December 2023, the State Duma of the Russian Federation passed a draft law introducing amendments to the federal Law “On the Specifics of Regulation of Corporate Relations in Business Companies that are Economically Significant Organisations” and to other legislative acts of the Russian Federation. Our team has analysed the most significant provisions of the draft Law.

EU Council and European Parliament agree on the adoption of directives to criminalise violation of EU sanctions and to freeze criminal assets

On 12 December 2023, the Spanish presidency of the Council of the European Union announced the conclusion of negotiations on two directives: to introduce criminal liability for the violation of EU sanctions and to freeze and confiscate criminally obtained assets. Read further about the significance of these directives in our legal update.

Bank of Russia sets down procedure for Russian investors to sell frozen assets

On 8 December 2023, the Bank of Russia’s Board of Directors adopted a decision establishing a procedure for the interaction of financial market participants to enable Russian investors to sell their foreign securities to persons of unfriendly states. Read in more detail in our legal update.

Significantly tougher control over transfer pricing in Russia

On 27 November 2023, the President of the Russian Federation signed Federal Law No. 539 introducing critical amendments to the Tax Code of the Russian Federation, including multiple revisions to Russian transfer pricing rules. Read further about these important changes in our legal update.

UK to set up a new regulator: the Office of Trade Sanctions Implementation

On 11 December 2023, the United Kingdom announced the creation of a new regulator, the Office of Trade Sanctions Implementation (“OTSI”) which will work in parallel with the Office of Financial Sanctions Implementation. On OTSI’s significance, goal and role, read further in our legal update.

Certain transactions in intangible assets may require Government Commission clearance

Draft amendments to clause 1 of Presidential Decree No. 81 of 1 March 2022 have been published. The amendments suggest supplementing the decree with a new category of transactions requiring clearance from the Government Commission for Control over Foreign Investment in the Russian Federation, including transactions involving the alienation or pledge of exclusive rights over intellectual property or means of individualisation. Read further in our legal update.