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• July 16, 2014 by Russia Briefing
  

  Q&A: Electronic Document Interchange in Russia

  I don’t see other companies using EDI so why should I? Because EDI is a common back-office function, it is often not visible to the end-user but its usage is felt everywhere. Also, while EDI is rather new in Russia, companies are still learning about the possibility and many are not aware of the capabilities[…..]
• July 15, 2014 by Russia Briefing
  

  Electronic Document Interchange Security in Russia

  By Alexey Kozlov and Dmitry Slinkov Following the global trend of digitalization, the Russian Federation enacted legislation that allows companies to carry out an electronic exchange of legally valid documents, such VAT invoices, goods acceptance protocols and service acceptance protocols. The banking industry has been a pioneer and key driver in the electronic document interchange,[…..]
• July 9, 2014 by Russia Briefing
  

  Electronic Document Interchange Implementation Best Practices for Russian Companies

  By Ulf Schneider With the introduction of electronic document interchange (EDI) gaining momentum, there are a number of ‘best practices’ in the implementation process that can be shared. Such ‘best practices’ may prove to be helpful to both first-time implementers as well as to the more experienced ones. Executive sponsorship To be a success, it[…..]
• July 8, 2014 by Russia Briefing
  

  Technical Adaptation and Process Implementation for Electronic Document Interchange in Russia

  By Alexey Kozlov In Russia, like everywhere, there is legislation regarding the maintenance of accounting documents. Usually it requires tedious work which takes a lot time for the preparation, signing and posting of such documents. For example if Company A sells goods or services to Company B, an accountant from Company A should do the[…..]
• July 2, 2014 by Russia Briefing
  

  Five Reasons for Electronic Document Interchange Implementation

  By Ulf Schneider So, are you wondering whether to convert to electronic document interchange (EDI)? Here are five reasons why you should give it some serious thought. Decreased expense for primary documents processing EDI eliminates a number of tasks, including processing documents, envelopes, sorting out documents, manually entering data into the accounting system and archiving[…..]
• September 24, 2012 by Russia Briefing
  

  A Special Tax Regime for Russia’s Far East and Siberia

  Sept. 24 – The Kremlin may consider a special tax regime for economic partners in the Far East and Siberia. The idea to bestow tax rebates on businesses across the region follows the Asia-Pacific Economic Cooperation forum, hosted by Russia in Vladivostok earlier this month. Both President Vladimir Putin and Prime Minister Dmitry Medvedev have[…..]
• September 19, 2012 by Russia Briefing
  

  Russia to Sell 7.6 Percent Stake in Sberbank

  Sept. 19 – Russia unveiled a US$5.4 billion auction of a minority stake in its largest lender Sberbank on Monday. The sale of a 7.6 percent stake in Europe’s third biggest lender was priced at 93 rubles (US$3.04) per share, the Russian central bank said late on Tuesday. That was in the middle of a[…..]
• June 29, 2012 by Russia Briefing
  

  VTB Capital to Cooperate with Brazilian BTG Pactual

  Jun. 29 – Russian investment bank VTB Capital and Brazilian peer BTG Pactual have signed a cooperation agreement to explore opportunities between Russia and Latin America, the two banks said in a joint statement released last week. VTB Capital and BTG Pactual have unveiled a strategic alliance to partner in several areas including investment banking,[…..]
• June 5, 2012 by Russia Briefing
  

  Russian Ruble Drops to Three-Year Low

  Jun. 5 – The Russian ruble recently sunk to 33.48 rubles against the U.S. dollar – its lowest level since April 2009. The ruble has been declining for seven days and lost some 3.5 percent during the last week as oil prices went down. The Russian economy is strongly dependent on oil exports, but oil[…..]
• May 31, 2012 by Russia Briefing
  

  Sberbank May Sell 7.6 Percent Stake in September

  May 31 – The timeline for selling off a 7.6 percent stake in OAO Sberbank, Eastern Europe’s largest lender, may be approved at a Cabinet meeting scheduled for May 31, a person familiar with the matter told reporters. State-controlled Sberbank, with over 11 trillion rubles (US$340 billion) in assets, is hopeful a stake sale in[…..]