Tax Messenger
Summaries of key tax and legal developments in legislation and case law and the latest issues affecting human resource management, prepared by B1's experts in Russia
New U.S. IT sanctions: exploring nuances and impact
On 12 June 2024, the U.S. Office of Foreign Assets Control (OFAC) announced new restrictive measures targeting the Russian IT sector. The newly introduced rules closely mirror the European Union’s approach to IT services and software, which saw significant expansion of restrictive measures under the EU’s 12th package of sanctions in December 2023.
20.06.2024
Russia Day: new US sanctions
On 12 June 2024 the US OFAC announced further sanctions against Russia. In particular, the new measures are designed to restrict access to American software and IT services and target more than 300 individuals and entities in Russia and elsewhere whose activities, in the opinion of the US regulator, help sustain Russia’s war effort and enable Russia to circumvent US sanctions.
17.06.2024
New counter-sanctions against intellectual property
On 20 May 2024, Presidential Decree No. 430 came into force, which establishes state control over transactions involving the acquisition (assignment) of intellectual property from rights holders from “unfriendly” countries and will significantly affect the conclusion of such international transactions.
22.05.2024
Latest clarifications on the application of EU sanctions: focus on the supply of software and IT services
In early April the Directorate‑General for Financial Stability, Financial Services and Capital Markets of the European Union published new consolidated guidance addressing, among other things, the application of restrictive measures in relation to the supply of services to the Government of Russia and any legal persons, entities and bodies established in Russia.
26.04.2024
Russia has approved the rules and conditions for the conduct of auctions for the purchase by non-residents of foreign securities held by residents, including using funds on C-type bank accounts
On 11 March 2024, the Ministry of Finance of Russia announced that the Government Commission for the Monitoring of Foreign Investments in the Russian Federation had approved the procedure and conditions for the conduct of auctions and the conclusion of transactions (operations) involving foreign securities by way of the exchange of frozen assets between Russian and foreign investors as provided for in Decree No. 844 of the President of Russia.
15.03.2024