Russia

News & Analysis as of

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

Cybersecurity: You can't afford to ignore it anymore

In late March, newspapers confirmed that a Russian hacker named "Oleras" targeted 48 law firms (most of which are Am Law 100 firms). Oleras planned to hack these firms to secure confidential and highly valuable insider...more

Hague Court Finds Arbitration Panel Has No Jurisdiction Against Russia Pursuant to Unratified Treaty

The District Court of the Hague overturned a record $50 billion in damages awards issued by the Permanent Court of Arbitration (“PCA”), to the former controlling shareholders of the Yukos Oil Company on the grounds that...more

Russian Box Office: Proposal to Tax Hollywood Films

Death and Russian Taxes - The Russian government has found another way to make 2016 “The Year of Cinema.” Rather than increasing direct support for films, Russian legislators may impose a tax on foreign films. The...more

Maritime greenhouse gas emissions – update on the outcome of MEPC 69

In our March alert on this subject, we looked ahead to the 69th meeting in London of the Marine Environmental Protection Committee (MEPC) of the International Maritime Organisation (IMO) (MEPC 69). MEPC 69 has now taken...more

The Basics of International Privacy Law for Commercial Litigators, Part 2: Global Trends

Although the volume of data that flows between the EU and the U.S. ensures that EU privacy law occupies most of the spotlight on the world stage, other countries have their own privacy laws worth noting as...more

Amendments to real estate legislation - Quarter 1 of 2016

Amendments to federal laws - Federal Law No. 431-FZ dated 30 December 2015 “On Geodesics, Cartography and Spatial Data and on Amendments to Certain Legislative Acts of the Russian Federation” The law under...more

Energy Newsletter - April 2016

Managing In-Project Disputes in Major Construction Projects - What do you do when an unforeseen event threatens to increase the costs or time necessary to complete a major construction project? At first, it may seem...more

Renewable Energy In Russia: Recent Developments

Russia recently introduced procedures for the transfer of a power generating company’s rights and obligations under long-term capacity agreements for future projects that use capacity payments to secure a return on...more

Russian Legislation Update

Currency Control - On 5 April 2016 the President signed Federal Law No. 89-FZ amending the Administrative Offences Code. The limitation period for bringing administrative action for a breach of currency legislation...more

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