Currency Control

On 5 April 2016 the President signed Federal Law No. 89-FZ amending the Administrative Offences Code.

The limitation period for bringing administrative action for a breach of currency legislation has been extended from one to two years from the date of breach.

The Law entered into force on 16 April 2016.

Banking

On 5 April 2016 the President signed Federal Law No. 88-FZ amending, among others, the Banking Law.

The amendments introduce a list of cases where the Bank of Russia is entitled to request that a back-up copy of a bank's database of the bank's operations and transactions is made and transferred to it (e.g. when a restriction on certain operations or a ban on attracting individual deposits is imposed).

The Law entered into force on 5 April 2016 (save for the amendments described above, which entered into force on 16 April 2016).

On 9 March 2016 the Central Bank issued Directive No. 3978-U regarding mandatory reserves.

As of 1 April 2016, the mandatory reserves ratios with respect to banks' liabilities in foreign currencies (other than those to individuals) were increased to 5.25 percent.

The Directive entered into force on 1 April 2016.

On 26 February 2016 the Bank of Russia issued Directive No. 3968-U amending Directive No. 2332-U on reporting forms of credit organizations.

The Directive was registered with the Ministry of Justice on 22 March 2016.

The Directive amends a number of reporting forms of credit organizations (in particular, a report on foreign operations), changes the frequency of submission of some forms and introduces new forms (in particular, data on shareholders who voted for distribution of profits if such distribution resulted in breach of capital buffers).

The Directive entered into force on 31 March 2016, save for some provisions entering into force on different dates.

Concessions

On 30 January 2016 the Government issued Resolution No. 47 on maximum payments for using toll automobile roads built (reconstructed) on the basis of concession agreements.

Pursuant to Federal Law No. 245-FZ “On Automobile Roads and Road-Related Activities in the Russian Federation […]”, the maximum amount of payment for using toll federal automobile roads and toll sections of such roads built and (or) reconstructed on the basis of concession agreements is to be determined by the decision on the conclusion of the concession agreement (taking into account concessionaire’s investment costs for the creation of the road and costs of its operation). At the same time, the maximum amount of payment to be charged by the concessionaire cannot exceed the limits established by the Government. The Resolution establishes the limits on the maximum amount of payment for using such toll roads (in Rubles per 1 km) subject to annual indexation linked to the inflation rate in Russia.

The Resolution entered into force on 13 February 2016.