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
Increased responsibility of EU operators to ensure that Russian companies under their control comply with restrictive measures
On 24 June 2024 the EU passed a 14th package of sanctions which significantly increased the responsibility of EU companies to ensure that Russian companies under their control comply with restrictive measures. Specifically, the newly inserted Article 8a of Council Regulation (EU) 833/2014 requires such companies to undertake their best efforts to ensure that their subsidiaries outside the EU do not participate in activities that undermine the application of restrictive measures imposed by the EU. However, the Regulation does not specify precisely what measures must be taken to comply with these requirements, thus causing uncertainty as to what actions may be considered adequate from an EU law perspective.
16.12.2024
New sanctions for personal data breaches
On 27 November 2024 the Federation Council approved two bills, No. 502104-8 and No. 502113-8, which substantially change the sanctions that may be imposed for personal data breaches. The proposed amendments are expected to put into effect the large-scale reform of liability for personal data processing violations which Roskomnadzor announced last year.
28.11.2024
Overview of US sanctions against Belarus
2024 saw sanctions against Belarus being widened and more Belarusian individuals and entities being added to sanctions lists. We propose to provide a full and detailed picture of sanctions in place against Belarus, starting with US sanctions.
18.11.2024
Presidential Decree No. 767: key changes
New Presidential Decree No. 767 On Amendments to Certain Decrees of the President of the Russian Federation was published on 9 September 2024 to amend three regulatory acts. The main changes relate to transaction procedures, accounting for and performance of obligations under Eurobonds and replacement bonds which had persons from unfriendly states in their holding chain, as well as the procedure for permits to be obtained by Russian companies to pay profits to persons from unfriendly states.
17.09.2024