Insights
Insights
legal updates
20 / 12 / 2023
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.
legal updates
19 / 12 / 2023
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.
legal updates
19 / 12 / 2023
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.
legal updates
15 / 12 / 2023
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.
legal updates
13 / 12 / 2023
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.
legal updates
13 / 12 / 2023
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.
legal updates
12 / 12 / 2023
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.
legal updates
11 / 12 / 2023
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.
legal updates
06 / 12 / 2023
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.
legal updates
23 / 11 / 2023
The Presidium of the Supreme Court of the Russian Federation approved the Summary of Judicial Practice on Corporate Disputes on the Provision of Information by Companies. In general, the Review reflects the positions previously set out in the clarifications of the Higher Arbitrazh Court of the Russian Federation. However, it also considers the issue of providing information to persons controlling companies, touches upon the criteria of good faith of participants/shareholders when requesting documents and information from a company, and assesses the provisions of confidentiality agreements.
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