{"id":8740,"date":"2022-05-06T16:37:58","date_gmt":"2022-05-06T13:37:58","guid":{"rendered":"https:\/\/blcons.ru\/daydzhest-novostey-6-maya\/"},"modified":"2022-05-11T11:26:08","modified_gmt":"2022-05-11T08:26:08","slug":"news-digest-may-6","status":"publish","type":"post","link":"https:\/\/blcons.ru\/en\/news-digest-may-6\/","title":{"rendered":"News digest (May 6)"},"content":{"rendered":"

Dear colleagues and partners! <\/strong>News<\/em>: <\/em>we present the new overview of changes in the legislation of the Russian Federation…<\/p>\n

Key rate<\/strong><\/h3>\n

Since April 29, 2022, the key rate has been reduced from 17% and now amounts to 14% per annum.<\/p><\/blockquote>\n

The Press Release of the Bank of Russia dated 29.04.2022.<\/em><\/p>\n

Reduction of the value of the key rate can be considered as a positive change, which not only affects the interest on loans, but also reduces the amount of interest accrued on the basis of the key rate indicator (refinancing rate)<\/em> for late payment of taxes (fees)<\/em> or interest on monetary obligations.<\/p>\n

New sanctions measures<\/strong><\/h3>\n

The President signed the Decree introducing special retaliatory economic measures in response to the sanctions imposed on Russia:<\/p>\n

    \n
  1. Prohibition on concluding transactions with individuals \/ legal entities under sanctions imposed by the Russian Federation (the prohibition applies to conclusion of transactions by any residents of the Russian Federation: individuals, legal entities, as well as public authorities)<\/em>.<\/li>\n
  2. Prohibition on fulfillment of obligations under completed transactions to individuals \/ legal entities under sanctions imposed by the Russian Federation.<\/li>\n
  3. Prohibition on financial transactions, beneficiaries of which are individuals \/ legal entities under sanctions.<\/li>\n
  4. Prohibition on export of products, raw materials, production (extraction)<\/em> of which is carried out on the territory of the Russian Federation, if they are supplied in favor of individuals \/ legal entities under sanctions, or are supplied from the Russian Federation directly by individuals \/ legal entities on whom sanctions have been imposed.<\/li>\n
  5. The Government of the Russian Federation has been instructed to approve the list of persons to be under sanctions.<\/li>\n<\/ol>\n

    The Decree of the President of the Russian Federation \u201cOn Application of Retaliatory Economic Measures Caused by the Unfriendly Actions of Some Foreign States and International Organizations\u201d<\/a> dated 03.05.2022 \u2116 252.<\/em><\/p>\n

    The Presidential Decree concerns individuals \/ legal entities that interact with persons who Russia has imposed sanctions on. In fact, it fixes the consequences of sanctions to be imposed on a number of foreign legal entities and individuals. The Decree does not explain how debts to foreign companies will be \u201cwritten off\u201d. Recognition of these restrictions by force majeure circumstances seems troublesome, since in the current situation each party to the contract may not recognize retaliatory sanctions as mandatory. That is, in each country disputable situations can be treated differently.<\/p>\n

    Restrictions on payments of dividends for members of companies from \u201cunfriendly\u201d countries<\/strong><\/h3>\n

    The Presidential Decree introduces the temporary procedure for fulfilling obligations to pay dividends by resident companies of the Russian Federation to participants of the companies that are foreign legal entities from \u201cunfriendly\u201d countries. If a Russian company decides to pay dividends, their payment will be carried out, in accordance with the Presidential Decree \u2116 95 dated March 5, 2022 \u201cOn the Temporary Procedure for Fulfilling Obligations to Certain Foreign Creditors”, if the amount of dividends exceeds 10 million rubles per month (or the equivalent of the amount in foreign currency)<\/em>:<\/p>\n