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Review of Legislation for June 2023

27 июня 2023

1. The ban on supplying Russian oil and petroleum products to foreign entities has been extended until December 31, 2023, if the contract for these supplies involves the use of the "price cap" mechanism. See Presidential Decree of the Russian Federation No. 470 dated June 26, 2023.

2. Stimulating subsidies for the planting and care of orchards for seed and stone crops are being introduced. The amount of subsidies will take into account the costs incurred by farmers for establishing nurseries. See Government Resolution of the Russian Federation No. 954 dated June 10, 2023.

3. In accordance with the amendments, bond issuers and persons acting on their behalf (in relation to bonds issued by such issuers) can act as buyers of securities in transactions conducted using a financial platform. See Federal Law No. 284-FZ dated June 24, 2023.

4. Mandatory insurance of the civil liability of taxi drivers has been introduced. The carrier will be obliged to conclude a mandatory insurance contract for each vehicle registered as a taxi for passenger transportation. The law will come into force on September 1, 2024. Within 60 days from the date of the law coming into force, carriers must conclude an insurance contract and provide information to the executive authority of the subject. See Federal Law No. 278-FZ dated June 24, 2023.

5. An administrative fine has been introduced for the illegal use of foreign messengers. The Administrative Offenses Code of the Russian Federation now provides for liability for government officials and financial organizations that use foreign messengers to send data of Russian citizens. The fine for officials will range from 30,000 to 50,000 rubles, and for legal entities, it will range from 100,000 to 700,000 rubles. See Federal Law No. 277-FZ dated June 24, 2023.

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