Russia

News & Analysis as of

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

New interaction matrix for retailers and food product suppliers elaborated

On 3 July 2016 Federal Law No. 273-FZ was adopted, which requires retailers and food product suppliers to review existing contractual relationships and to choose new legal forms for their interaction. The major amendments...more

Import of raw materials and components for manufacturing of medical devices exempted from VAT

Federal Law No. 225-FZ on Amendments to Part Two of the Tax Code of the Russian Federation dated 30 June 2016 enters into force on 1 August 2016. According to the law, a VAT exemption is granted on import of raw materials and...more

Brexit, Export Controls, Preferential Trade and Sanctions Programmes – Strategies and Tactics for Success Post-Brexit

On June 23, 2016, the United Kingdom voted to exit the European Union in a historic referendum. Following the referendum, legal issues relating to export control, sanctions programmes, and preferential trade have arisen for...more

Development of court practice on tax disputes over compensation payments to employees due to company relocation

On 17 June 2016 the Commercial Court of Moscow rendered a decision on the Gazprom Neft OJSC case, No. ?40-2476/16-108-19 (the “Decision”)....more

President Signs Law Charging VAT on Services Provided via the Internet

On 3 July 2016 the President of the Russian Federation signed Federal Law No. 244-FZ on Amendments to Parts One and Two of the Tax Code of the Russian Federation (the “Law”), which enters into force on 1 January 2017....more

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

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