On May 23, 2024, the President of Russia signed Decree No. 442, establishing the procedure for compensating damages caused by decisions of US governmental bodies and courts to seize foreign assets of the Russian Federation and the Central Bank of Russia.

On April 26, 2024, the Russian Ministry of Justice registered Order No. 35н of the Russian Ministry of Finance dated March 28, 2024, which approved a Special List of States and Territories that provide Preferential Tax Treatment and/or do not require the Disclosure and Provision of Information when Financial Transactions are Conducted (Offshore Zones).

This time of the year has come again when companies need to approve their financial results for the previous year. Limited liability companies will have to approve their financial results for 2023 not later than April 30, 2024, and joint-stock companies not later than June 30, 2024 (unless otherwise provided by the company’s charter).

Effective from April 1, 2024, it is no longer required to submit documents to the bank with respect to foreign trade transactions, the value of which does not exceed RUB 1 million.

The Bank of Russia has published new Clarifications No. 1-OP dated March 22, 2024 on the procedure for applying Decree No. 95 of the Russian President dated March 5, 2022.

Decision No. ПРГ-12-3/534 of the Working Group of the Bank of Russia dated March 6, 2024 has revised the conditions, on which Russian residents may, without individual authorizations from the Bank of Russia…

On February 26, 2024, Federal Law No. 39-FZ was published that has changed the time limit for ordering a tax audit of transfer prices.
The Law has amended Article 105.17(2) of the Russian Tax Code by dropping the restriction whereby a decision to order an audit of transfer prices may be made within two (2) years after the date on which the Russian Federal Tax Services receives notice from a taxpayer, or notification from a territorial tax authority, of controlled transactions.

Some significant changes in the regulation of transfer pricing came into effect on January 1, 2024.

New notice forms are to be used for foreign employees starting from January 1, 2024.

Amendments to Federal Law No. 115-FZ dated July 25, 2022 On the Legal Status of Foreign Citizens in the Russian Federation will take effect on March 1, 2024.
According to these amendments, the minimum salary of a highly qualified specialist will be at least RUB 750,000 a quarter effective March 1, 2024. It is RUB 167,000 a month today.