In a letter dated 22 October 2012, the Federal Tax Service of the Russian Federation (the "FTS") provides details of an act, which from 1 August 2012 amends article 76 of the Tax Code of the Russian Federation. The article provides that tax authorities’ decisions on suspension (or cancellation of suspension) of operations on accounts must be submitted to banks exclusively in electronic form.

According to the FTS, decisions submitted by a tax authority in paper form can only be accepted if their submission in electronic form is impossible for technical reasons, namely when there is no agreement between the bank who has received the decisions in paper form and the Bank of Russia.

[Letter No. AS-4-2/17859 of the Federal Tax Service of the Russian Federation, dated 22 October 2012]