Insights | Denuo

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.

Denuo tops 2023 Pravo-300 rating

Denuo received 28 firm ratings in the 2023 Pravo-300 guide. The ratings are based on extensive research by Pravo.ru, Russia’s major legal media which carries out an annual survey of the local legal market.

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Plurality of sole executive body in Russian business companies: key issues and court practice

New income taxation procedure for purchasing work or services from interdependent foreign entities

On 27 November 2023, the President of the Russian Federation signed Federal Law No. 539-FZ intoroducing significant changes to the Russian Tax Code, including amendments providing that, with effect from 1 January 2024, the remuneration for the work or services performed by interdependent foreign entities to Russian taxpayers shall be subject to the Russian withholding tax at a rate of 15%. Read further in our legal update.

Denuo represents Kaproben Handels in a landmark case arising out of a transhipment contract

In 2021, Kaproben Handels, a Swiss coal trader, was in a dispute with OTEKO-Portservice, a major transhipment operator in Russia’s Taman seaport, over the unilateral termination by Kaproben Handels of a USD315 million transhipment contract.