On October 30, 2024, the web site of the Russian Ministry of Finance published an extract from minutes of the meeting of the subcommittee of the Government Commission for Control over Foreign Investments in the Russian Federation dated October 15, 2024 No.268/1.

On September 30, 2024, a law was published which amends the provisions of the Russian Labor Code as concerns granting additional days of leave for work on weekends or non-working holidays.

Crypto mining in Russia started as a small hobby for a certain small group of people who set up mining equipment in garages and on balconies. In time, the activity attracted more and more attention and today Russia is among leaders in crypto mining. There are even large mining farms in some Russian regions, making use of cheap energy sources. According to Cambridge Centre for Alternative Finance (CCAF), Russia in 2021 held third place among crypto mining countries, exceeded only by the US and Kazakhstan. This makes Russia one of the largest players on the global mining market. Read more about CCAF’s research at https://ccaf.io/cbeci/index.

Starting from September 1, 2024, the fact that a decision to elect/appoint the single-person executive body of a limited liability company must be notarized by a Russian notary.

In mid-June 2024, the official web site of the Federal Tax Service published information that state registration of changes in the composition of shareholders in limited liability companies under notarized transactions is now carried out within twenty four hours. Reduction of the timeline was made possible due to optimization of technological processes when receiving electronic documents from notaries. In this brief, we will examine the main aspects of this innovation and assess the prospects of its impact on civil turnover and business.

On July 9, 2024, members of the Spravedlivaya Rossiya – Za Pravdu (A Fair Russia – For Truth) political party filed a proposal in the State Duma to amend Russian Federal Law 183-FZ “On Citizenship” of 28 April 2023. The amendments would allow a discriminatory tax regime to be applied against any Russian citizen by birth who also has one or more additional citizenships (excluding South Ossetia or Abkhazia, whose sovereignty is officially recognized by Russia, as well as Belarus) or a foreign residency permit.

On July 12, 2024, the Russian President signed the first law passed by the Russian State Duma as part of the "fine tuning" of the tax system announced  earlier. We should note that this law introduces very significant changes not only in the tax laws, but also, speaking in simpler terms, in the usual way of life for Russians, because it will, without exaggeration, affect everyone.

Despite the sanctions imposed by western countries, a significant number of foreign companies maintain their presence on the Russian market and continue to operate, mainly through subsidiary limited liability companies. In this connection, we bring to your attention a review of Russian laws governing the legal consequences of a foreign shareholder's failure to fulfill (or improper fulfillment of) its obligations to manage an LLC established under Russian laws.

Last week, the Russian Government submitted to the State Duma for consideration and subsequent adoption a draft law (hereinafter also the "amendments") proposing to substantially reform Russian tax laws starting January 1, 2025.

On May 20, 2024, Presidential Decree No.430 "On temporary procedure for acquisition of exclusive rights of certain rightholders and performance of monetary obligations to certain foreign creditors and persons they control" (the "Decree") was published, which establishes the following changes to the procedure for alienation of exclusive rights and payment of remuneration for the alienation.