News

Draft law on turnover-based fines and criminal liability for personal data leaks passed in second and third readings at once

On 26 November 2024, the draft law on turnover-based fines for personal data leaks (“Amendments to the Administrative Offences Code”) and the draft law on criminal liability for personal data leaks (“Amendments to the Criminal Code”) were passed in the second and third readings at once.

New rules in regulating the status of qualified and non-qualified investors

The Bank of Russia has expanded the list of securities and derivatives available only to qualified investors. The new rules will enter into force on 1 January 2025.

Review of US Sanctions of 21 November 2024

On 21 November 2024, the US Department of the Treasury announced a significant expansion of blocking sanctions on the Russian financial sector, released a sanctions risk alert for foreign financial institutions using the Russian equivalent of SWIFT, and issued four General Licenses authorizing certain transactions.

Draft law on the separate form of data processing consent

On 29 October, a draft law was adopted in its first reading on the separate form of consent to personal data processing. According to the text of the draft law, effective 1 March 2025, the consent to personal data processing will have to be drawn up separately from any other information or documents signed or accepted by the data subject.

Russia’s Ministry of Culture proposes to detail the procedure for applying the orphan works law

The Russian Ministry of Culture has prepared draft Government Resolutions intended to detail the procedure for applying the new provisions of the Russian Civil Code.

Rospatent increases fees

By the Resolution of the Government of the Russian Federation dated 18 September, the fees for the registration of intellectual rights and transactions therewith have been increased. In addition, the discount for electronic filing has been abolished and late payment will now incur a fee of double the amount. The changes will enter into force on 5 October 2024.

Alternative jurisdictions for doing business: hidden pitfalls

In selecting a jurisdiction for transactions, the local tax regime and any restrictions on international money transfers must be considered, and it is important not to overlook special tax requirements and restrictions on transactions with foreign counterparties that are imposed directly by Russian law. Such special restrictions apply to transactions with countries that are “blacklisted” by the Russian Ministry of Finance (Minfin), the Central Bank, the Federal Tax Service and the Federal Financial Monitoring Service. Our team summarizes the restrictions (largely tax-related) that may be imposed on businesses that are residents of blacklisted countries.

Current issues in including design and engineering costs in the value of imported equipment

When determining the customs value of production equipment imported into Russia, questions often arise in practice as to whether it is possible to include the design and engineering costs in the customs value. Such costs may have a significant impact on the total amount of customs duties payable, so it is important to understand when and under what conditions they should be included in the customs value of equipment.

Amendments to laws on joint stock companies and limited liability companies effective 1 September 2024

Amendments to laws on joint stock companies and limited liability companies have become effective as of 1 September 2024. These amendments, in particular, introduce mandatory notarisation of resolutions on the election of the company’s general director, and regulate the suspension of dividend payments to “lost shareholders”, the forms of general meetings of participants/shareholders, etc.

Not just bloggers: new rules for mobile operators and mobile subscribers

Earlier in August the Russian President signed Federal Law No. 303-FZ “On Amending the Federal Law ‘On Communications’ and Certain Legislative Acts of the Russian Federation”, which also introduces significant changes to the activities of mobile operators.

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