20.06.2025

FROM JUNE 9, 2025, THE KEY RATE OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION IS 20% PER ANNUM

The Board of Directors of the Bank of Russia lowered the key rate to 20.00% per annum (by 100 basic points). It is worth reminding that since October 28, 2024, the rate has been kept at 21%.

The Central Bank explains its decision by the fact that current inflationary pressure, including persistent inflation, continues to decline. Despite the fact that domestic demand still outstrips the possibilities of expanding the supply of goods and services, the Russian economy is gradually returning to a balanced growth trajectory.

The Bank of Russia will maintain the tightness of monetary conditions that is necessary to return inflation to the target in 2026. This means a prolonged period of tight monetary policy. Further decisions on the key rate will be taken depending on the speed and sustainability of the decline in inflation and inflation expectations. According to the Bank of Russia's forecast, annual inflation will return to 4.0% in 2026 and will remain on target thereafter, given the monetary policy being pursued.

19.06.2025

TAX BENEFITS FOR RESIDENTS OF THE SPECIAL ECONOMIC ZONE (SEZ) OF THE MAGADAN REGION ARE CANCELLED

Starting next year, tax benefits for participants in the SEZ in the Magadan Region have been cancelled: reduced rate of corporate income tax, as well as a reduction factor when calculating the mineral extraction tax. At the same time, the ban on receiving investment tax deductions has been lifted.

A priority development area will be created in the Magadan Region while maintaining the duty-free customs procedure.

18.06.2025

CONSUMERS OF FINANCIAL SERVICES CAN NOW REPORT VIOLATIONS OF THEIR RIGHTS THROUGH A SPECIAL SERVICE ON THE BANK OF RUSSIA'S WEBSITE

The Bank of Russia has launched a service that allows citizens to promptly report suspected violations of their rights by financial organisations. This information will serve as a signal for the regulator to conduct a test purchase. The service allows reporting violations even if they do not personally affect the complainant.

Consumers are encouraged to report unethical actions by banks, microfinance organisations, insurers, securities market participants, collective investment entities, as well as operators of financial and investment platforms.

Through this service, one can report the imposition of additional services when arranging a loan, the offer of a product other than a deposit, issues with concluding OSAGO contracts or settling insurance claims, complain about the lack of deposit terms information in a bank office, and other violations.

17.06.2025

LARGE FINES HAVE BEEN INTRODUCED FOR THE SALE OF ENERGY DRINKS TO MINORS

On June 7, 2025, amendments to the Code of Administrative Offences of the Russian Federation came into force, establishing administrative liability for violating the ban on the sale of non-alcoholic tonic beverages (including energy drinks) to minors.

These include drinks containing tonic substances, including those of plant origin, in quantities sufficient to provide a tonic effect on the human body, with the exception of tea, coffee, and beverages based on them.

16.06.2025

DOCTORS WILL BE ABLE TO OFFICIALLY PRESCRIBE DIETARY SUPPLEMENTS TO PATIENTS THIS AUTUMN

Amendments to the law legalising the prescription of dietary supplements by health care professionals when providing medical care have been adopted and published.

According to the amendments, it will not be possible to prescribe any dietary supplement (and not even any one from the “line” of dietary supplements with the same biological component), but only specific dietary supplements from the state-approved list.

13.06.2025

THE BANK OF RUSSIA REMINDS THAT IT IS NOW POSSIBLE TO TRANSFER NO MORE THAN 100 THOUSAND ROUBLES WITHOUT OPENING AN ACCOUNT USING SIMPLIFIED IDENTIFICATION

The corresponding maximum threshold is set by law, which entered into force on May 30, 2025. Until the specified date, the maximum threshold for the amount of transfer without opening an account was not established by law.

If you need to transfer more than 100 thousand roubles, you must undergo full identification or make a transfer using your bank account.

In addition, the amount of funds remaining on an electronic wallet opened using simplified identification has been increased from 60 thousand roubles to 100 thousand roubles.

The Bank of Russia also reminds that a financial institution must establish the individual’s surname, first name, patronymic, series and passport number for simplified identification. A residential address and TIN (if any) are also required for complete identification.

12.06.2025

LABELLING OF SPORTS NUTRITION, CONFECTIONERY, TOYS, AND BUILDING MATERIALS - NEW RULES ARE APPROVED

The Government of the Russian Federation has approved regulations for mandatory labelling using identification means for the following product categories:

- sports nutrition products: Starting from September 1, 2025, market participants must register in the monitoring system. From October 1, 2025, mandatory product labelling must begin.

- certain types of sweets and confectionery packaged for consumers: From March 1, 2026, labelling will be required for cookies, marmalade, waffles, chocolate, nut, and other pastes. From May 1, 2026, cakes, rolls, and pastries must be labelled. From July 1, 2026, chocolate products and chewing gum must be labelled. Registration in the GIS (Chestny ZNAK) system must be completed by September 1, 2025.

- certain types of children's products: From December 1, 2025, labelling will be required for games and toys intended for children under 14 years old. Registration in the GIS "Chestny ZNAK" system is required starting from September 1, 2025.

- certain types of building materials in consumer packaging: Registration in the monitoring system is required starting from September 1, 2025.

11.06.2025

THE RULES FOR STORING MEDICINES WILL CHANGE FROM SEPTEMBER 1, 2025

The Ministry of Public Health has approved new rules for storing medicines for human use. The document will replace the 2010 rules.

In particular, medicines must be placed in storage rooms and/or areas in accordance with the requirements specified on the secondary (consumer) packaging of the drug, taking into account one of the parameters: physicochemical properties, pharmacological groups, route of administration of drugs, state of aggregation of pharmaceutical substances. Special requirements have been introduced for the storage of medicinal leeches, drugs, potent and toxic substances. The procedure for intake of medication is prescribed.

10.06.2025

PILOT PROJECT TO COMBAT CYBER FRAUD TO START ON JUNE 4, 2025

From June 4, 2025, to March 1, 2026, a pilot project will be conducted to establish rapid interaction and information exchange between authorised government agencies and organisations in countering offences committed using information and communication technologies (hereinafter referred to as "offences").

During the pilot project, the following goals are planned:

- to identify the categories of data necessary for effective counteraction to such offences;

- to develop standardised formats for presenting data on offences;

- to develop preventive measures aimed at combating offences;

- to define response scenarios for countering offences;

- to develop and prepare proposals for necessary amendments to regulatory legal acts.

09.06.2025

THE PROCEDURE FOR MEDICAL EXAMINATION FOR INTOXICATION HAS BEEN UPDATED

From September 1, 2025 to September 1, 2031, the new procedure for conducting medical examinations for intoxication (alcohol, drugs or other toxic substances) will be in effect..

The rules for conducting chemical-toxicological studies and the requirements for a mobile point (car) for examination are being clarified.

06.06.2025

EXTENSION OF MANDATORY FOREIGN CURRENCY REVENUE SALES REQUIREMENT FOR EXPORTERS

The requirement for certain Russian exporters to mandatorily sell a portion of their foreign currency revenue has been extended until the end of April 2026.

Key provisions:

- from May 25, 2025, exporters included into the presidential list must deposit at least 40% of the foreign currency received from foreign trade contracts into their accounts with authorized banks within a specified period.

- at least 90% of this foreign currency revenue must be sold on the domestic market within the established timeframes.

Exemptions:

- in certain cases, exporters may be exempted from depositing revenue into their accounts and from the mandatory sale requirement, as decided by the Government Commission.

Additional provisions:

- Russian exporters shall have the right to transfer foreign currency from their accounts in foreign banks to pay the obligations of Russian importers under foreign trade agreements (contracts) with non-residents within three days of receiving Russian currency from Russian importers into their accounts with authorised banks.

- Russian importers must ensure the import of goods into the Russian Federation or the return of the transferred foreign currency to their accounts in authorised or foreign banks for goods not imported (not received) within a period not exceeding 180 days from the date of fulfillment of such obligations.

05.06.2025

ANTI-MONEY LAUNDERING MEASURES EXTENDED TO DIGITAL ROUBLE TRANSACTIONS

Anti-money laundering (AML) regulations now apply to digital rouble transactions.

The Bank of Russia, as the operator of the digital rouble platform, will monitor these transactions, and in the event of suspicious activity, the Bank of Russia will have the authority to:

- freeze funds and transfers;

- report relevant information to Rosfinmonitoring (Russia's financial intelligence unit).

The following oversight mechanisms are provided:

- the Bank of Russia's Chief Auditor will oversee compliance with AML requirements.

- the State Duma may commission the Accounts Chamber of the Russian Federation to conduct compliance audits.

- results from these AML-related activities to be included into the Bank of Russia's annual report.

04.06.2025

THE CONTENT OF THE DIGITAL INNOVATION EXPERIMENT PROGRAM IN THE FINANCIAL MARKET HAS BEEN CLARIFIED

The requirements for the form and content of the initiative proposal and the program of the experimental legal regime in the area of digital innovations in the financial market, as well as the list of documents attached to the initiative proposal have been adjusted.

The program must include a list of persons who are required to have no criminal record, the procedure and conditions for the use of products and results of intellectual activity created, including with the use of artificial intelligence technologies, as well as the conditions for civil liability insurance for harm to life, health or property as a result of the use of solutions developed using such technologies.

The initiative proposal does not need to indicate the preferred method of obtaining information and documents. The Bank of Russia interacts with initiators through information resources posted on its website, including by providing access to a personal account.

The initiative proposal does not require a document confirming the presence or absence of a criminal record. The initiator may not provide a questionnaire and a certified copy of the annual accounting (financial) statements if these documents were previously sent to the Bank of Russia.

03.06.2025

THE RULES FOR REGISTRATION AND EXPERT EXAMINATION OF MEDICINES HAVE CHANGED

In particular, the deadline for submitting an application for confirmation of registration (re-registration) of a drug has changed. This must be done no earlier than 260 (not 140) working days before the expiry of the marketing authorisation in the reference member state, but no later than the expiry date of this period.

It is envisaged to extend the validity of drug marketing authorisations for which applications for bringing marketing authorisation dossier into compliance with the requirements of the EAEU have been submitted to the authorised body (expert organisation) of the reference member state by December 31, 2025.

02.06.2025

LIST OF TYPES OF CREATIVE INDUSTRY ACTIVITIES HAS APPEARED

A list of types of economic activity in the creative industries has been compiled. These include, for example, publishing books, custom-made clothing, manufacturing folk art and crafts, software development, manufacturing games and toys, and design.

State support is provided for entities that engage in such activities.

30.05.2025

VALUES OF THE ASSETS OF FINANCIAL COMPANIES, ABOVE WHICH THE CONSENT OF THE ANTIMONOPOLY AUTHORITY IS REQUIRED FOR A NUMBER OF TRANSACTIONS, HAVE BEEN CLARIFIED

The asset values above which the preliminary consent of the antimonopoly authority is required for certain transactions and other actions of such organisations have been redefined for financial organisations supervised by the Central Bank.

The introduction of an additional mechanism for monitoring economic concentration transactions carried out by large financial companies in relation to other financial organisations of the same type has been taken into account.

29.05.2025

FROM MARCH 2026, IT IS PLANNED TO INTRODUCE LICENSING FOR WHOLESALE AND RETAIL TRADE IN TOBACCO AND NICOTINE-CONTAINING PRODUCTS

The Ministry of Finance of the Russian Federation has prepared amendments to laws aimed at introducing licensing of the following activities in the area of production and circulation of tobacco products, nicotine-containing products and raw materials for their production:

- purchase, storage and supply of tobacco products, nicotine-containing products, raw materials and nicotine raw materials;

- retail sale of tobacco products and nicotine-containing products;

- retail delivery trade of tobacco products and nicotine-containing products.

Licensing requirements are provided. For example, according to the draft law, one of the requirements is the presence of a retail facility (shop or pavilion) with an area of at least five square metres in ownership, economic management, operational management or lease (for a period of more than one year).

28.05.2025

ON REAL ESTATE TRANSACTIONS THAT ARE EXEMPT FROM THE BAN ON TRANSACTIONS WITH PERSONS FROM UNFRIENDLY COUNTRIES

Residents are allowed to carry out (execute) transactions (operations) that entail the emergence of ownership of real estate (except for aircraft and sea vessels, inland waterway vessels) acquired by foreign legal entities associated with unfriendly states, and (or) legal entities that are under the control of such foreign persons, regardless of their place of registration or place of their predominant business activities.

However, residents can buy real estate and sell it to residents - Russian legal entities in which foreign persons from unfriendly countries participate (the share of participation for public JSC - no more than 50% minus 1 share; for non-public JSC - no more than 25% minus 1 share; for LLC - no more than 25% minus 1 vote).

27.05.2025

NON-CREDIT FINANCIAL ORGANISATIONS, CREDIT RATING AGENCIES, AND CREDIT BUREAUS MUST PREPARE FINANCIAL STATEMENTS IN ACCORDANCE WITH CENTRAL BANK REQUIREMENTS AND IFRS REQUIREMENTS

Starting from 2025, new requirements of the Bank of Russia regarding accounting (financial) reporting have come into force for certain non-credit financial organisations, credit rating agencies, and credit bureaus.

Since the Bank of Russia's requirements in the field of accounting and reporting are based on IFRS principles, organisations required to prepare financial statements in accordance with IFRS should develop their accounting policies and prepare accounting (financial) statements simultaneously in accordance with both the Bank of Russia's requirements and IFRS requirements to obtain an audit opinion.

26.05.2025

CABINET OF MINISTERS HAS UPDATED THE LIST OF ANIMALS THAT CANNOT BE KEPT AT HOME

A new list of animals prohibited from being kept will come into effect from September 1, 2025. In general, it does not change and includes poisonous snakes, large monitor lizards, snapping turtles with a shell over 30 cm, crocodiles, hyenas, elephants, primates, bears, wolves, seals, certain species of aquatic animals and birds.

23.05.2025

UPDATED PROGRAM FOR THE DEVELOPMENT OF FEDERAL ACCOUNTING STANDARDS (FSBU) FOR 2022–2026

Amendments have been made to the program for the development of federal accounting standards for 2022–2026, as approved by Order of the Ministry of Finance of the Russian Federation No. 23n of February 22, 2022.

In particular, the revised draft postpones the mandatory application date for the standards "Revenue" and "Expenses" to 2027. The introduction of the standards "Non-Profit Activities," "Debt Costs," and "Financial Instruments" has been delayed to later dates. Furthermore, changes are planned for FSBU 4/2023 "Accounting (Financial) Reporting" and PBU 18/02, with their implementation scheduled for 2028.

22.05.2025

REPORTING ON FOREIGN ACCOUNTS FOR 2024: DEADLINE IS JUNE 2, 2025

Individual residents must submit reports on their foreign accounts and foreign electronic wallets for 2024 by June 2, 2025.

Submission methods:

- electronically through the taxpayer's personal account on the Federal Tax Service (FNS) website.

- in paper form, either in person, through a representative with a proper power of attorney, or via registered mail.

Exemptions:

- individuals that resided abroad for more than 183 days in 2024 are not required to submit reports for 2024.

- reports are not required for accounts opened in Eurasian Economic Union (EAEU) countries or in countries participating in the automatic exchange of financial information, provided that the amount credited or debited from such an account during the year does not exceed 600,000 roubles (or the equivalent in foreign currency), or the year-end balance on such account does not exceed 600,000 roubles (or the equivalent in foreign currency).