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. Last Updated: 07/27/2016

recent legislation

Promissory Notes. Federal Law No. 48-FZ "On the Promissory Note and Bill of Exchange" of March 11, 1997. The law reaffirms that the guidelines on the promissory note and bill of exchange enacted in 1937 pursuant to the Geneva Convention are still valid in Russia. The guidelines provide basic definitions of the instruments and rules for conducting transactions with them. According to the law, only Russian natural persons and legal entities have the right to be bound under promissory notes and bills of exchange. Russian government entities may not be bound by such instruments except as expressly permitted by federal law. However, instruments issued by government entities prior to the adoption of this law remain effective. The law provides that promissory notes and bills of exchange may be issued only in paper form, and that the rates of interest and penalties for such instruments will be established by the Central Bank in accordance with Article 395 of the Civil Code. The law supersedes certain legislation issued on promissory notes during the 1990s, and it requires that all legislation be brought into conformity with the law within three months.


Car Imports. Rules adopted by Order of the State Customs Committee No. 35, registered with the Justice Ministry of Feb. 24, 1997, "General Rules for the Movement of Vehicles of Individuals Across Russian Borders." The rules state that individuals who are permanent residents of countries other than Russia may import one vehicle duty-free for non-business use for one year or the period of their stay in Russia, whichever is less. One-year extensions of such temporary import period may be made up to two times, but a nonrefundable payment of 50 percent of the gross customs duties applicable to the vehicle must be made at the time an extension is granted. Vehicles which are re-exported out of Russia may not subsequently be imported back into Russia duty-free under the temporary import regime.


Debt Servicing. Resolution of the Government of the R.F. No. 245 of March 4, 1997 "On the Uniform System for Managing the National Debt of the R.F." This resolution states that the Finance Ministry will oversee a uniform system for managing Russia's national debt with a view to reducing the costs of servicing government debt. The Finance Ministry may reserve a portion of the returns from the placement of external and internal state securities in a special Central Bank account to be used solely for the conduct of securities operations which will help to reduce the costs of debt service. The Finance Ministry, in coordination with the Central Bank, may conduct government securities transactions on Russia's internal market in order to stabilize and reduce interest rates. The resolution requires the Finance Ministry, working with the Central Bank, to draft a program aimed at the attraction of sources for financing Russia's 1997-98 budget deficit.


Foreigners' Investments. Regulation adopted by the Order of the Central Bank of the R.F. No. 02-64 of March 5, 1997 "On Introducing Changes in the Regulation On the Procedure for Investing the Funds of Non-Residents in the Russian State Securities Market." The resolution introduces changes to the definitions of conversion, compensating operations and cash conversion operations of different types. Limits for conversion operations are to be established by the Central Bank of the R.F. for each authorized bank. The regulation requires that authorized banks must submit weekly reports on all executed conversion operations and operations with "S" type accounts which occurred in the previous week.


Alcohol Licensing. Resolution of the Government of the R.F. No. 237 of March 1, 1997 "On Adopting of Regulations for the Purchase and Supply of Ethyl Alcohol Extracted From Foodstuffs on the Territory of the R.F." This regulation governs the purchase and supply by legal entities of ethyl alcohol extracted from food sources. Purchasers must be licensed, and the regulation prohibits purchases in amounts exceeding those permitted by applicable quotas.


Source: White & Case