Russia

News & Analysis as of

WTO Panel Report: Russia - Tariff Treatment

A WTO Panel has ruled that the Russian Federation has violated its WTO obligations by imposing duties on certain EU goods in excess of its committed ("bound") rates, in breach of Article II of the General Agreement on Tariffs...more

Your daily dose of financial news - The Brief – 8.24.16

Apollo Global has settled its ongoing dispute with federal regulators, with the private equity firm agreeing to cough up $53 million to the SEC over an “array of [alleged] securities law violations”....more

Court practice on applying the customs procedure of outward processing

On 28 July 2015 the Commercial Court of Moscow rendered a decision in case No. ?40-102787/2016-33-887 under the claim of Sodruzhestvo LLC (the “Company”) against the Central Excise Customs Authority (“CECA”) to invalidate a...more

Discover (or rediscover) Russian employment law - Your questions, our answers

Is Russian employment law a codification of rules? Yes. Is Russian employment law protective of employees? Yes. Is Russian employment law complex? Certainly. However, we would like to note that Russian employment law...more

Oracle’s MICROS Point of Sale Division Hacked

KrebsonSecurity has reported that the Russian organized cybercrime group dubbed the Carbanak Gang, which in the past has been suspected of stealing more than $1 billion from banks, retailers and hotels and restaurants...more

The Validity of Arbitration Clauses in Concession Agreements

This alert provides an overview of the recent position of Russian courts in relation to validity of the arbitration clause in the concession agreement. In particular, the Commercial Court of the North-West Circuit in its...more

The Olympics’ Secret Use of Eminent Domain

It’s an exciting time with the Olympics taking place in Rio De Janeiro. But what takes place before the Olympics ever gets off the ground involves years of planning, lobbying, and infrastructure development. That...more

Development of Russian court practice on tax liabilities of permanent establishments that accept expenses from theirs foreign head...

On 29th of June 2016 the Commercial Court of Moscow delivered a judgement in case No. ?40-51925/16 under the claim of the Austrian company Strabag AG (the “Company”), which carries out business in Russia through a permanent...more

Russian Legislation Update: 9 May - 17 July 2016

Welcome to the most recent issue of our Russian Legislation Update, covering the period of 9 May - 17 July 2016. In this issue: - Civil relations - Currency Control - Anti-Money Laundering - Banking -...more

Investor-initiated integrated site development: new opportunities

Starting 1 January 2017 holders of land plots and the immovable properties on the land plots will be able to get approved site development and site survey plans within one month without public hearings as part of integrated...more

Significant changes in corporate law

For the first time Russian companies are required to identify their beneficial owners. Applicable to: all legal entities, except for...more

Transaction passport threshold may be reduced to USD25000 and also apply to loans by individuals

The Central Bank of the Russian Federation (the Central Bank) has published a draft of an amendment introducing changes to the well-known Instruction No. 138-I of 4 June 2012 on the procedure for submission of documents and...more

Development of practice on treating of facilities as immovable property for the purpose of imposing corporate property tax

On 12 July 2016 the Commercial Court of Moscow rendered a decision in case No. ?40-98958/16-108-827. This case considered a dispute between ORSKNEFTEORGSINTEZ OJSC (the “Company”) and Federal Tax Service Interregional...more

Russian Companies: Know Your UBOs

All Russian legal entities must obtain information on their ultimate beneficial owners. Russia has recently amended its anti-money laundering law to require that any legal entity, whether private or public (with limited...more

New VAT regime for e-services

On 1 January 2017 the special VAT regime for "electronically supplied services" ("e-services") comes into effect, as introduced by Federal Law No. 244-FZ dated 3 July 2016....more

“Yarovaya” Law – New Data Retention Obligations for Telecom Providers and Arrangers in Russia

On July 6, 2016, Russian President Vladimir Putin signed Federal Law No 374-FZ. This law is also known as the “Yarovaya” law (named after a Russian senator who was the main driving force for the law to come into...more

Development of the practice on assessing of withholding tax on interest income (coupon yield) payable by a Russian company for...

On 29 June 2016 the Commercial Court of Moscow rendered a decision in the case No. ?40-178650/15-75-1487 under the application of Gazprombank JSC (the “Bank”). The decision contains a number of findings that in future may be...more

Top Ten International Anti-Corruption Developments for June 2016

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Development of court practice in tax disputes over accounting of expenses to pay for intragroup services

On 23 May 2016 the Commercial Court of the North Caucasus Region delivered a ruling in the case of Bonduelle-Kuban LLC (the “Company”), No. ?32-8522/2015, in which the court upheld the judgments of the lower courts and...more

Development of court practice in tax disputes related to grant financing of a Russian company

On 22 July 2016 the Commercial Court of Samara Region delivered a decision in case No. ?55-11332/2016. In that case, the court considered a dispute between SMARTS JSC and the Samara Region Interdistrict Federal Tax...more

New rules for vat taxation of e-commerce services in Russia

On 3 July 2016 Russian President Vladimir Putin signed Federal Law No. 244-FZ introducing rules for VAT taxation of e-commerce services in Russia (Law)....more

EU and UK Sanctions Update: July 2016

Below is a summary of developments since our previous update in May, relating to European Union (“EU”) sanctions on Russia, Iran and other jurisdictions, the impact of Brexit on EU sanctions and recent changes with respect to...more

Development of the practice of charging the person beneficially entitled to income additional tax when income is paid to foreign...

On 11 July 2016 the Commercial Court of Moscow rendered a decision in case No. ?40-442/15-39-2 under the claim of Credit Europe Bank CJSC (the “Bank”). That decision is yet another judgment on the subject of applying the...more

Russia’s new anti-terrorist law

On 7 July 2016 the President of the Russian Federation signed Federal Law No. 374-FZ “On Amendments to Federal Law “On Counteracting Terrorism” and to Certain Other Legal Acts of the Russian Federation with regard to...more

Liability for breach of obligations

Resolution of the Plenum of the Supreme Court of the Russian Federation No. 7 dated 24 March 2016 'On courts applying certain provisions of the Civil Code of the Russian Federation concerning liability for a breach of...more

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