27 August 2019

The Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters adopted earlier on June 2, 2019 may have serious consequences for businesses in Russia. In particular, from now on, should the court decide to recover assets in Russia, this decision will be implemented anywhere on the Russian territory.

21 August 2019

The retail group Krasnoe & Beloe ("Red and White"), known in Russia as a vendor of wines, transferred its main legal entity to a foreign jurisdiction. The company will remain a tax resident of Russia, but will be able to claim a reduced tax rate.

15 August 2019

In the beginning of May 2019, the UK government announced that a public debate on the draft of New Companies House Act would be launched on May 5. According to the British media, the main goal of the Register reform is to establish in the country a "strong, transparent and attractive business environment".

08 August 2019

Last year, twice as many businesses were shut in Russia as opposed to those opened, according to the results of a market survey. This is a result of some technical issues in the economy, although mainly it is a result of the problems with the business climate in general as well as losses incurred by businesses in recent years. Last year more than 290.000 new enterprises were launched in Russia, whereas over 600.000 companies ceased their activity.

02 August 2019

American financial expert Peter Schiff praised Russia's eagerness to reduce the dependence of its financial system on the U.S. Dollar. Peter Schiff told journalists that the U.S. currency is losing its position in the Russia's gold and FX reserves: while the share of the US currency in the past stood at 46%, at present it represents only 22%. The dollar has been replaced by gold, whose share in Russian reserves rose from 2% to 19% during the past 10 years. According to Schiff, the position of the USD as the world's main reserve currency will soon be questioned.

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