Category: LEGAL ALERTS

An analysis of the restrictions on the transfer of rights to shares in an LLC

Lawyers from Nordic Star have analyzed the scope of Presidential Decree No. 618 dated 9 August 2022 “On a special procedure for the implementation (execution) of certain types of transactions (operations) between certain persons” (the “Decree”). They came to the following conclusions regarding whether the prohibition established by the Decree applies to the disposal of …

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Real estate transactions involving persons from “unfriendly” countries: September 2022 digest

Since 1 March 2022, Russia has had a special procedure for real estate transactions[1] involving persons from “unfriendly” countries[2]. That procedure has been somewhat liberalised for individuals[3] Continuing a trend, on 7 September the Government Commission for the Control of Foreign Investment (the “Commission“) decided to allow residents to carry out (execute) transactions (operations) entailing …

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“Achieving technological sovereignty”: mortgage news

The Russian government on 5 September 2022 announced the launch of a new business support measure: industrial mortgages. The related government Resolution No. 1570 came into force on 7 September[2]. Mortgage loans to buy new production premises (industrial real estate) will generally be issued to Russian companies and individual entrepreneurs whose activities fall under section …

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Transactions with membership interests of LLCs from now on require the approval of the Government Commission

Yesterday, on 8 September 2022, Decree No. 618 of the President of the Russian Federation (the “Decree”) was published. The Decree provides that permission from the Government Commission[1] needs to be obtained for any transactions with membership interests in limited liability companies (“LLCs”) that have as participants foreign persons “associated with states undertaking unfriendly actions …

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Advertising Under Roskomnadzor’s control

Amendments to Article 18.1 of the federal law “On Advertising”[1] came into force on September 1, 2022. These amendments oblige certain categories of persons to report information about a placed advertisement to Roscomnadzor (“RCN“). The law will apply to: – advertisers; – advertising distributors, including owners of social networks, audiovisual services (online cinemas), news aggregators …

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From September 1, advertising market participants are required to report on  advertising to  Roskomnadzor

On September 1, 2022, a new article 18.1[1] of the federal law “On Advertising”[2] will take effect. According to this amendment, advertisers, distributors of advertising and operators of advertising systems who have placed advertising on the Internet, will be obliged to provide information about this advertising to the Federal Service for Supervision in the Sphere …

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Income in the form of rights to the results of intellectual activity will not be subject to income tax

New amendments to Russia’s Tax Code exclude yet another category of income from the corporate income tax base determination. They are contained in the Law “On Amending Articles 251 and 262 of Part Two of the Tax Code of the Russian Federation” [1]  (the Law), effective 28 May 2022. Now income in the form of …

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Fulfilment of Obligations to “Unfriendly”​ Copyright Holders in Rubles

On 27 May 2022 Russia’s President signed a decree “On the temporary procedure for fulfilling obligations to certain copyright holders”[1] (hereinafter referred to as the Decree). The Decree allows Russian companies to fulfil obligations in rubles to copyright holders who: are associated with unfriendly countries or are under the control of such foreign copyright holders, support …

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Temporary procedure for fulfilling obligations to pay profits of LLCs, business partnerships, and production cooperatives

The President of the Russian Federation recently signed Decree No. 254 of 4 May 2022 (“Decree No. 254”) [1].  Adding to measures already taken, Decree No. 254 establishes, from 4 May 2022, a temporary procedure for fulfilling obligations to pay profits of resident LLCs, business partnerships, and production cooperatives to their foreign participants who are from …

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State Duma approves law suppressing forced collection of personal data

A draft law (the “Law”)[1] providing for amendments to the Law “On Protection of Consumer Rights”[2] has been submitted to the State Duma. According to the State Duma’s website,[3] the Law is scheduled to take effect on 1 September 2022. The purpose of the Law is to limit forcible, non-transparent or unintentional collection of consumers’ …

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