News
19.02.2016 Interest under the New Version of Art. 395 of the Russian Civil Code: The Supreme Court Has Clarified the Calculation Procedure On 25 November 2015, the Supreme Court of the Russian Federation approved “Supreme Court of the Russian Federation Practice Review No. 3 (2015)” (hereinafter, the “Review”). Among other things, the Review clarifies the details of calculating the amount of interest for the use of another’s funds under the new version of Art. 395 of the Russian Civil Code of 1 June 2015. 11.02.2016 The Russian Government Has Approved the Rates for the Trailer Disposal Charge On 6 February 2016, the Russian Government adopted a Resolution regarding the disposal charge  with respect to mechanical vehicles and trailers, setting forth the ratios required to calculate the amount of the charge (Resolution of the Government of the Russian Federation No. 81 dated 6 February 2016, hereinafter – Resolution No. 81). 05.02.2016 Freedom of Contract and the Currency Clause: Will the New Practice of Amending Contracts with Currency Clauses Take Root? The Moscow Arbitrazh Court has rendered a judgment amending a lease contract with a currency clause in favour of the lessee relying on the prohibition of abuse of freedom of contract. The full text of the judgment in Case No. А40-232605/2015 was published on 4 February 2016. 24.12.2015 Amendments to the Russian Laws to Enter into Effect in 2016 In early 2016, numerous amendments into various branches of law will enter into full force and effect. We have selected a number of new rules that appear to us to be the most notable, as well as some projects for 2016 relevant for businesses: 14.12.2015 Application of the Key Rate of the Bank of Russia Starting from 1 January 2016 The Government of the Russian Federation has decreed that starting from 1 January 2016 all matters regulated by the acts of the Government will be subject to the key rate of the Bank of Russia instead of the refinancing rate, unless the federal laws provide otherwise (Resolution of the Government of the Russian Federation No. 1340 dated 8 December 2015). 20.11.2015 The Use of Video Conferencing in Commercial (Arbitrazh) Procedure with the Assistance of Courts of General Jurisdiction The Russian Supreme Court has introduced Bill No. 902889-6, amending Art. 153.1 of the Commercial (“Arbitrazh”) Procedure Code of the Russian Federation to enable the state commercial (“arbitrazh”) courts to use video conferencing during hearings with the assistance of other commercial courts and courts of general jurisdiction equally. 22.10.2015 Environmental Fee: To Pay or Not to Pay? In late 2014, the legislator has introduced the obligation of companies to recycle product waste; as an alternative to recycling, the company can pay an environmental fee (Articles 24.2 and 24.5 of Federal Law No. 89-FZ dated 24 June 1998 “On Production and Consumption Waste”, hereinafter, the “Law on Waste”). However, the regulations setting forth the rates or the procedure for calculating the fee, etc. are yet to be adopted. 16.10.2015 Amendments of the LLC Law: New Rules Becoming Effective in 2016 The reform of corporate legislation has finally reached special laws. Thus, this year the Federal Law “On Limited Liability Companies” (hereinafter, the LLC Law) has been amended, with the changes affecting the procedures legal practitioners have grown accustomed to, namely, the transfer of shares to third parties and pledge of shares in LLCs, the participants’ withdrawal from the company, etc. Moreover, the list of actions that will require the involvement of a notary has been significantly expanded. 25.09.2015 Verifying Information in the Unified State Register for Legal Entities: Expectations for 2016 The verification of information entered into the Unified State Register for Legal Entities (USRLE, “EGRUL”) by the Federal Tax Service, imposing additional liability for submission of unreliable information, registration of companies through straw men, new powers of the notaries and introduction of the two-step procedure for changing the legal entity’s address – these are only a few of the amendments introduced by Federal Law No. 67-FZ dated 30 March 2015 “On Amending Individual Legislative Acts of the Russian Federation As Regards Ensuring the Accuracy of Information Presented upon State Registration of Legal Entities and Individual Entrepreneurs” (the Law on Reliability of Registers). 11.08.2015 Sole Shareholder: To Be Registered in the USRLE? Starting from 1 September 2014, the amendments into Article 98(6) of the Russian Civil Code have entered into effect. Pursuant to the same, the information that a joint-stock company comprises one participant shall be entered into the Unified State Register for Legal Entities (USRLE, “EGRUL”).