Russia

News & Analysis as of

This Week In Securities Litigation

Merrill Lynch was at the center of actions brought by the SEC and FINRA this week. One action charged the firm with violations of the customer protection rule tied to using customer cash and failing to protect their...more

Buying Russian Bonds: Risky Business or Safe Bet?

In late May, The Russian Federation issued its first sovereign bond since the Ukraine crisis in 2014. The sole organizer of the bond is VTB Capital, an arm of VTB Bank, Russia’s second largest financial institution. Both VTB...more

A case of winning the battle and losing the war: Yukos v Russian Federation

INTRODUCTION - On 18 July 2014, the Permanent Court of Arbitration (PCA) in the Hague found that Russia had deliberately expropriated OAO Yukos Oil Company and awarded three former shareholders of the company (Yukos...more

A New Wave of CIS Restructurings Poses Unique Challenges

While the CIS nations have recently provided a multitude of sizeable restructuring cases, the region’s dominant force, Russia, has stood up reasonably well to lengthy economic decline, economic sanctions and the collapse of...more

RF state duma may consider draft law on new rules for retailers in this year’s spring session

In May 2015 the RF State Duma adopted at the first reading the Draft Law on Amendments to Certain Legal Acts of the RF Concerning Antimonopoly Regulation and Ensuring Food Safety1 (“Draft Law”), which was introduced by a...more

INTERPOL and Russia- time for sanctions?

The Russian Federation is one of INTERPOL’s 190 member countries, which means that it has the privilege of using INTERPOL’s databases to help it track down wanted suspects and convicts for prosecution and sentencing. Along...more

Social Links: The rise of social news; how technology hijacks our attention; are websites a dying business?

In a fascinating, must-read article, a Google design ethicist explains the techniques that engineers and entrepreneurs employ to keep us hooked on the web. A majority of U.S. adults—62%—now get their news on social...more

Guarantees and Suretyships – Can you ever really be sure of your surety?

Recent revisions to the Russian Civil Code broaden the range of entities able to issue Russian law independent guarantees and introduce the concept of indemnities. These developments further complicate the decision on the...more

Bullying in the workplace in France, Germany, Russia, the UK and the USA

There are important differences between the approaches that different countries take to address the issue of workplace bullying. This OnPoint provides an overview of the approaches taken in France, Germany, Russia, the UK and...more

International Investment Arbitration in the Commonwealth of Independent States: Year in Review 2015

International investment arbitration – also known as investment treaty arbitration or investor-State arbitration – is a procedure whereby foreign investors may seek a binding adjudication of claims against host States that...more

Russian Resident Individuals to Report on Foreign Accounts by 1 June 2016

Readers will recall, in 2014 Russian lawmakers amended RF Law No. 173-FZ On Currency Regulations and Currency Control dated 10 December 2003 (the CCL) to require Russian resident individuals (RRIs) to report on the movements...more

France Considers New Anti-Corruption Authority

France has introduced a draft bill which proposes to establish a new anti-corruption authority, which will have the power to impose administrative sanctions and conduct US-style monitoring of companies’ anti-bribery...more

Global VAT Guide 2016 - Cross border supplies of intangible services, rights and digital content

Focusing on supplies of intangibles, such as services, intellectual property rights and digital content, we consider this Global VAT Guide to be timely, given that revenue authorities throughout the world are increasingly...more

Russian Legislation Update: May 2016

Currency Control - On 13 April the Government adopted Resolution No. 300 regarding, among other things, currency control bodies. Due to the abolishment of the Federal Service for Fiscal and Budgetary Supervision,...more

“Freezing” of construction/reconstruction around “unprotected” “free-standing” monuments

The new protection zones around monuments are intended for the temporary protection of monuments for which preservation zones have not yet been established and which are not situated in the preservation zone of another...more

Development of court practice on customs disputes over the classification of goods

On May 18, 2016 the Commercial Court of Moscow rendered a decision on the customs dispute of Apple Rus LLC (the “Company”) over the classification of Apple Watch devices according to the unified Foreign Economic Activity...more

Supreme Court clarifies issues of how the courts apply customs law

On May 12, 2016 the Plenum of the Russian Federation Supreme Court approved a Resolution in which it clarified customs legislation on determination of customs value, classification of goods, refund of excess customs duties...more

Development of court practice on tax disputes over the use of cash pooling

On April 21, 2016 the Commercial Court of Chelyabinsk Region rendered a decision on the case of OOO Gazpromneft Chelyabinsk, No. ?76-15351/2015 (the “Decision”). In this decision the commercial court declared...more

Eurasian Economic Commission approves rules for applying the procedure of deferred determination of customs value of goods

Decision No. 32 of the Council of the Eurasian Economic Commission of April 12, 2016 on Approval of the Rules for Applying the Procedure of Deferred Determination of Customs Value of Goods (the Rules) enters into force on May...more

On May 4, 2016 changes to the procedure for applying the “third one is out” rule in state procurement of medical devices entered...

RF Government Resolution No. 102 of February 5, 2015 approved a list of certain types of foreign-manufactured medical devices (the “List” and “Devices,” respectively) in the procurement of which state and municipal customers...more

Changes in the regulatory control of the pharmaceutical market - Q1 2016 Review

Until January 1, 2017, for confirming the state registration of a foreign medicinal product, it is permitted to present a certificate of GMP ?ompliance (obtained in the country of origin) to the applicable GMP standards in...more

Overview of US and EU Trade Sanctions

Overview of US and EU Trade Sanctions - Following is a summary of the current US and EU sanctions that restrict trade with and/or investment in certain countries, “Specially Designated Nationals” (SDNs) and “Blocked...more

Advance Tax Rulings in Russia: tax administration rules changed

On May 1, 2016 Russia’s President signed Federal Law No. 130-FZ on Amendments to Part One of the Russian Federation Tax Code (the “Law”). The Law was published on May 2, 2016. ...more

PF Newsletter: LMA Updates - Quarter One 2016

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

PF Newsletter: The Global Oil Economy

With a sustained fall in crude oil prices since June 2014 — around US$40 per barrel at the time of writing (and as low as US$27 early in 2016) — our conventional understanding of the global oil economy continues to be...more

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