Sanctions and anti-crisis legislative measures

Regularly updated information about the sanctions against Russia and measures the Russian government adopted due to the new package of international restrictions 2022.

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Issuance of CCI reports on force majeure circumstances

From 10 March to 30 April 2022 the Chamber of Commerce and Industry of the Russian Federation (CCI) issues conclusion reports on force majeure circumstances on the agreements (contracts) concluded within the domestic economic activity on a free of charge basis. This work is carried out for organisations and entrepreneurs of any legal business structures.

Moreover, from 10 March to 30 April 2022 CCI issues free certificates of force majeure on foreign trade transactions.

The conclusion report or certificate allows to confirm the basis for exemption from liability (e.g., fines, penalties) if the performance of the obligation was impossible due to the occurrence of circumstances that the parties could not foresee.

       

Section

Status

Details

Source

Currency control, loans, buyback of shares, transactions with real estate and securities

Presidential Decrees / the Government Resolution have entered into force

  • Mandatory sale of the foreign currency earnings;
  • Restrictions on the loan transactions;
  • A number of transactions can be carried out by Russian residents only under permits issued by the Government Commission on Foreign Investment Monitoring (includes loans, real estate transactions, securities transactions, etc.);
  • A temporary procedure has been established for residents to allow the fulfillment their obligations to foreign creditors;
  • Suspension of inspections on currency legislation compliance.

Read more

Указ Президента РФ от 28.02.2022 N 79

Указ Президента РФ от 01.03.2022 N 81

Указ Президента РФ от 05.03.2022

Постановление Правительства РФ от 06.03.2022 N 295

Указ Президента Российской Федерации от 05.03.2022 N 95

Распоряжение Правительства РФ от 05.03.2022 N 430-р

Разъяснения ЦБ РФ касательно валютного контроля, выдачи займов

Разъяснения ЦБ РФ

ФНС России приостановила проверки соблюдения валютного законодательства

       

Increase of the interest key rate by the Central Bank of the Russian Federation

The decisions to were made by the Central Bank of the Russian Federation

Starting from 28 February 2022, the interest key rate of the Central Bank of the Russian Federation is increased to 20%.

With respect to loans between related parties, the intervals of marginal values of interest rates, which are ‘automatically’ considered market rates, change significantly (Clause 1.1 of Article 269 of the Tax Code of the Russian Federation). In relation to ruble loans, a permitted range of values is from 15% to 25%.

Please note that with respect to loans with a fixed rate (Clause 1.3 of Article 269 of the Tax Code of the Russian Federation), the key rate of the Central Bank of the Russian Federation is understood to be the corresponding rate that was in effect on the date of raising funds (loan).

The increase of rate has led to a significant increase in penalties: with respect to delinquency over 30 days, the penalty is 46.8% per annum. The change of the mechanism for calculating penalties for the purpose of excluding the increase in penalties is under consideration.

Банк России принял решение повысить ключевую ставку до 20% годовых

       

Issues related to securities and participation in equity transactions of Russian companies

Temporary ban was established and by the Central Bank of the Russian Federation and is still in force

On 27 February 2022 the Central Bank of Russia issued the Regulation addressed to brokers and professional securities market participants.

According to the Regulation, brokers should:

  • suspend the execution of all orders of their clients, which are foreign legal persons, for the sale of securities received from 7 am on 28 February 2022 and until the cancellation of the Regulation;
  • submit within 5 working a report with supporting documents on the execution of the Order to the Central Bank.

О работе Московской Биржи 28 февраля 2022 года

       

Corporate law, financial sector regulations

The laws have entered into force / Information from the Bank of Russia

  • Suspension of the obligation to reduce the size of the authorised capital or liquidation in case of insufficient net assets of the organisation;
  • Granting additional powers the Bank of Russia;
  • Remote (without personal presence) opening of an account in Russia when transferring currency from banks included in the sanction’s lists;
  • A ‘loan payment break’ for individuals and SMEs;
  • The right of public joint-stock companies to buy-back shares on the open market under certain conditions has been established;
  • New credit program for SMEs.

Read more

Федеральный закон от 08.03.2022 N 46-ФЗ

Информация Банка России

       

Audits for business

The laws have entered into force

  • Exemption from audit checks of SMEs until the end of 2022;
  • Moratorium on security checks;
  • Exemption from audit checks of IT companies.

Read more

Федеральный закон от 08.03.2022 N 46-ФЗ

Постановление Правительства РФ от 10.03.2022 N 336

       

Taxation

The laws have entered into force / The decision was made by the Head of the Federal Tax Service of Russia / The bill is on discussion at the State Duma / The bill is introduced to the State Duma 

  • Initiation of tax crimes prosecution will be possible only on the basis of evidence of Federal Tax Service;
  • Tax authorities will not block account transactions;
  • New capital amnesty;
  • New possibilities for extending the terms of tax payment;
  • It is planned to exempt interest on deposits from paying personal income tax (PIT);
  • It is planned to exempt income from savings on loan interest from personal income tax (PIT);
  • It is planned to exempt income from securities from personal income tax (PIT);
  • Fixing the foreign currency exchange rate for the purpose of thin capitalisation;
  • Companies will be able to make monthly advance payments based on their actual revenue;
  • Changes in accounting of exchange rate difference for years 2022-2024
  • Сorporate property tax should be calculated based on cadastral value as of 1 January 2022
  • Changes in transport tax for expensive cars
  • 0% VAT for hotels
  • 0% VAT rate for rental services, management of the tourist facilities
  • Increased depreciation rate

Read more

Федеральный закон от 09.03.2022 № 51-ФЗ

До 1 июня 2022 года налоговые органы не будут блокировать операции по счетам

Федеральный закон от 09.03.2022 N 52-ФЗ

Законопроект № 84984-8

Законопроект № 77694-8

       

Pharmaceuticals and medical devices market regulations

The laws have entered into force

  • A special procedure for registering pharmaceuticals in case of inventory shortage (risk of inventory shortage);
  • The right of the Government to impose restrictions on the export of previously imported medical products;
  • Public procurements change.

Read more

Федеральный закон от 08.03.2022 N 46-ФЗ

Постановление Правительства РФ от 06.03.2022 N 297

Постановление Правительства РФ от 10.03.2022 N 340

       

Benefits for IT companies

The laws have entered into force / The Presidential Decree has entered into force; the bill is under consideration by the State Duma

  • Exemption from audit checks of IT companies;
  • The Government of the Russian Federation has been instructed to establish financial and tax preferences in the IT industry.

Read more

Федеральный закон от 08.03.2022 N 46-ФЗ

Указ Президента РФ от 02.03.2022 N 83

Законопроект № 84984-8

       

Expansion of the powers of the Government of the Russian Federation and its new assignments

The Federal Law has entered into force

From 2022 the Government was granted with the additional regulatory authority on various issues:

  • a possibility to provide exemptions from the requirements of the Civil Code of the Russian Federation on the protection of intellectual rights;
  • determination of the criteria for small and medium-sized businesses;
  • defining the features of conformity assessment (certification) of products;
  • identification of specific features of state control;
  • defining the features of licensing, accreditation, etc.;
  • defining the features of activities re housing construction;
  • defining the features of provision of public services;
  • defining the features of labour relations regulation;
  • defining the features of pension provision, social insurance and social assistance, etc.

Федеральный закон от 08.03.2022 N 46-ФЗ

       

Foreign economic activity

The Presidential Decree has entered into force / Government Resolution has entered into force / Decree of the USA President / Executive Order is effective / The decision of the EU Council has entered into force

  • Possibility of Government to restrict imports and exports of goods;
  • Government prepared the list of the goods restricted to the export form Russian Federation by the end of 2022;
  • Prohibition of source of energy imports from Russia to the United States;
  • Restrictions on the import of American and foreign goods into Russia using software, technologies or equipment of American origin;
  • EU prohibition on the supply of dual-use goods to any citizen of the Russian Federation.

Read more

Указ Президента РФ от 08.03.2022 N 100

Постановление Правительства РФ от 09.03.2022 №311

США ввели запрет на весь импорт российских нефти и газа

FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal

FACT SHEET: Joined by Allies and Partners, the United States Imposes Devastating Costs on Russia  

Official Journal of the European Union L81

       

Other matters

The law has entered into force / The decision was made by the head of the Federal Tax Service / The bill has been submitted to the State Duma / Measures under further consideration

  • Loans from the compensation fund of Self-Regulatory Organisation operating in the construction sector to their members;
  • The submission of applications for declaring the debtor bankrupt by the tax authorities is suspended;
  • Increase in fines for foreign IT companies;
  • Support for the construction industry.

Read more

Федеральный закон от 08.03.2022 N 46-ФЗ

Информация ФНС России

Законопроект № 84631-8

Заседание Правительства

       

Nationalisation / external management

The bill was considered at a government session and is planned to be submitted to the State Duma

It is planned that upon termination of the companies' activities it will be possible to introduce ‘external management’ by the decision of the arbitration court. This can be done according to a set of criteria:

  • full control over the company or at least 25% of the voting shares must belong to a foreign person from an ‘unfriendly’ state;
  • the value of assets should exceed 1 billion rubles or the number of employees exceeds 100 people.

Как власти решили управлять имуществом уходящих из России компаний

       

Sanctions against banks

Directives are adopted (USA) / The decision of the EU Council has entered into force

  • Sanctions imposed on Russia by the United States of America;
  • Sanctions imposed on Russia by the EU against banks.

Read more

Russian Harmful Foreign Activities Sanctions

Official Journal of the European Union L63

       

Prohibition of transactions with the Central Bank of Russia

Directives are adopted (USA) / The decision of the EU Council has entered into force

  • The US ban on transactions with the Bank of Russia, the National Welfare Fund and the Ministry of Finance of Russia;
  • The EU ban on transactions related to the assets and reserves of the Central Bank of the Russian Federation.

Read more

Directive 4 under executive order 14024

Official Journal of the European Union L42.1

       

Termination of the process of Russia's accession to the OECD, TP issues

The decision was made by the OECD

The OECD has decided to stop the process of Russia's accession to the organisation, as well as not to invite Russian delegations to its forums.

In this regard, if a controlled transactions company uses approaches based on the OECD Guidelines on TP, the recommendation is to include alternative approaches based on the provisions of Section V.1 of the Tax Code of Russia in the TP documentation / global and national documentation. Such approaches include the use of safe harbour to confirm the company's margin in relation to the provision of services with low added value.

ОЭСР приняла решение прекратить процесс присоединения России к организации

       

Disconnecting a number of Russian banks from SWIFT

The decision of the EU Council has entered into force

On 27 February 2022 the European Union announced the disconnection of some Russian banks from the SWIFT interbank payment system. The decision is coordinated with the USA, Great Britain and Canada. Japan and South Korea joined this decision. On 2 March the EU published information that seven Russian banks will be disconnected from SWIFT: VTB, Otkritie, Novikombank, Rossiya, Promsvyazbank, Sovcombank and VEB.RF. The decision will come into force on 12 March.

The final list may still change and must be agreed with other countries, including the United States.

Official Journal of the European Union L81

       

Sanctions against Russian companies

Directives are adopted (USA) / The decision of the EU Council has entered into force

  • The list of companies subject to sectoral restrictions on procurement of American origin is extended;
  • List of companies subject to sectoral restrictions on procurement of EU funding.

Read more

Directive 3 under executive order 14024

Council Decision (CFSP) 2022/327 of 25 February 2022

       

Investments

Directives are adopted (USA) / The decision of the EU Council has entered into force

  • Under US law, transactions with Russian ruble federal loan bonds are prohibited for American financial institutions;
  • The ban on the provision of loans to Russia established by EU decision.

Read more

Путеводитель по санкциям и ограничениям против России. Главное

Directive 1 under executive order of April 15, 2021

Official Journal of the European Union L63

       

Closing of airspace

The decisions were made by foreign states

All EU member states have closed their airspace to Russian aircraft, including code-sharing carriers, as well as aircraft not registered in Russia, but controlled or operated from Russia.

The United States has also closed American airspace to all Russian flights.

Путеводитель по санкциям и ограничениям против России. Главное

       

Visa issuance procedures

The decisions were made by foreign states

A number of countries have imposed visa restrictions on Russian citizens.

In particular, the following countries suspended the issuance of visas to Russians: Latvia, Lithuania, Japan and the Czech Republic (the latter also ‘froze’ the issuance of residence permits to Russian citizens).

In practice, some exceptions can apply.

Визы и дипломатические отношения

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