Russia

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BIS Publishes Rule on Export Prohibitions to Russia

On August 6, 2014, the Bureau of Industry and Security (BIS) of the Department of the Treasury published a rule on export prohibitions to Russia on items for use in its energy sector. The rule also added one person, United...more

Important Changes to Russian Data Protection Rules

There has been an important development in Russian Data Protection Law. On July 22, 2014 a new law amending the law on data protection and law on information was signed off by the Russian President and thus was...more

Regulating buyout financial leasing based on the credit model: Clarifications provided by the Plenum of the Russian Supreme...

This alert analyses key changes in the regulation of buyout financial leasing, as adopted by the Plenum of the Supreme Commercial Court of the Russian Federation (the “SSC”) in its Resolution No. 17, dated 14 March 2014, “On...more

Weighing in – 1.2 Billion Usernames and Passwords. What, Me Worry About CyberSecurity?

Last month one of our lead articles was Cyber Security: Forewarned is Fair-Warned. Last week the New York Times published an article reporting that at least 1.2 billion usernames and passwords were hacked by a Russian...more

Russia Sanctions: Impact on Financial Institutions in the US, EU and Japan

New sanctions targeting Russia have been implemented in the US, EU and Japan. Although the consequences of breaching the sanctions are severe, navigating the rules is not straightforward. Transactions and business lines will...more

EU Sanctions Against Russia: Possible Effects on Aircraft Sector

Against the background of recent European Union (EU) sanctions targeting Russian airline Dobrolet, this note provides a general overview of relevant issues – especially in the context of the aircraft sector. I....more

Russian Employment Law: Terms of Employment and Separation

Terms of Employment. Under Russia’s Labor Code, there is a maximum 40-hour work week for employees, and less than that for certain types of jobs and workers, such as for employees working in dangerous environments or...more

Russian Hackers Stockpile Over 1 Billion Internet Credentials: Industry Leaders Across All Sectors Likely Impacted

A Russian hacking group reportedly engaged in the largest known cyberattack by amassing over 1.2 billion unique sets of usernames and passwords and 500 million email addresses from more than 420,000 web and FTP sites. The...more

Tit-for-Tat: Russia's Ban on Food Imports May Mean Leaner Times for Some U.S. and EU Exporters

Following a steady stream of sanctions by the U.S. and EU, Russia finally retaliated by imposing a ban on food imports. The one-year ban instituted on August 7, 2014, prohibits the importation into Russia of meat, fish,...more

Russian Legislation Update - 21 July – 17 August 2014

In This Issue: - Corporate: Register of Shareholders - Investment Partnership - Dual Citizenship - Economic Partnership - Excerpt from Corporate: Register of Shareholders: On 31 July 2014 the...more

New EU Sanctions Target Russian Oil Sector, State-Owned Banks and Military Exports

The European Union (EU) enacted Council Regulation (EU) No 833/2014 (the Regulation), which contains ‘Stage 3’ sanctions against Russia. These sanctions resemble – but in other ways are different – from the latest US...more

New OFAC Guidance on 50% Rule Expands Reach of US Sanctions

The U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) revised its guidance with respect to entities owned 50 percent or more in the aggregate by more than one blocked persons. The new guidance, issued on...more

New Sanctions Guidance Increases Due Diligence Burden on Companies

On August 13, 2014, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) published guidance (“Revised Guidance”) that revises its 2008 guidance regarding how to treat entities that are owned or...more

Amendments to the Civil Code of the Russian Federation Effective From 1 July 2014

Part I of the Civil Code of the Russian Federation - A further set of amendments to the Civil Code of the Russian Federation ("Russian Civil Code"), introduced by Federal Law No. 367-FZ On Amendment of the First Part...more

"US Imposes New Licensing Requirements on Exports to Russia of Oil and Gas Equipment and ‘Dual-Use’ Items"

On August 6, 2014, in response to continuing developments in Ukraine, the U.S. Commerce Department’s Bureau of Industry and Security (BIS) published a new final rule that significantly expands restrictions on U.S. exports to...more

The US sanctions against Russia – in an evolving context, key points for business

Starting in March of this year, the United States imposed economic sanctions in response to Russian-led actions in Ukraine. Since March, responding to the deteriorating situation, US sanctions have continued to escalate. ...more

Russian Crime Ring Possesses Mass Quantities of Stolen Online Information

With recent reports that a Russian crime ring may have stolen the largest collection of online data — including 1.2 billion username and password combinations—effective data security is more critical than ever for all...more

Legal framework for FATCA in the Russian Federation

Special Alert: On 30 June 2014 Law No. 173-FZ “On specifics of financial operations with foreign citizens and legal entities, on amendments to the Code of the Russian Federation on Administrative Offences (…)” dated 28 June...more

Department of Commerce and OFAC Continue Imposing Hefty Sanctions on Russia, While Russia Retaliates with Own Sanctions

On August 6, the U.S. Department of Commerce (the “Commerce Department”) issued new regulations, implementing additional sanctions against Russia and introducing new restrictions on exports for its energy sector. These new...more

What Companies Can Do to Protect Themselves in the Face of Yet Another Massive Data Breach

Last week it was reported that a small group of Russian computer hackers illegally obtained an unprecedented quantity of internet credentials, including 1.2 billion username and password combinations, and over 500 million...more

Update on EU sanctions on Ukraine and Russia pertinent to Cyprus, BVI and Cayman

New EU restrictions and prohibitions - As the crisis over Ukrainian sovereignty has deepened, notably following the crash of Malaysia Airlines Flight 17, the EU has sought to increase punitive measures on rebel groups...more

Massive Hacking Operation Further Reveals Weakness of Passwords

A small private cybersecurity firm recently revealed that a Russian computer hacking organization amassed more than 1.2 billion username and password combinations. The data was collected across a wide swath of websites, from...more

How Are You Affected By The Recent Massive Data Breach?

As you have probably seen, it was announced on Tuesday, August 5th, that usernames and passwords from 1.2 billion Internet accounts from over 420,000 websites were stolen by a criminal organization in Russia. According to...more

Privacy Tuesday – August 2014

We are just two Mondays away from Labor Day, the traditional end of summer in the United States. Here are some privacy tidbits to get your week started. See especially Jake Romero’s piece on the new Delaware data...more

Further European Union Sanctions Target Russia, Whilst Russia Retaliates

The United States, European Union and Canada each took steps recently to expand sanctions against Russia, including the targeting of major defense companies and the addition of export controls. These designations and export...more

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