Finance, Tax & Accounting

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• November 17, 2010 by Russia Briefing
  

  Russia to Increase Regulatory Capital for Banking Establishments

  Nov. 17 – Russia’s central bank and the Ministry of Finance plan to mitigate bank system risks in the country revealed during the crisis by getting rid of the market’s small players, Kommersant reports. The strategy of bank sector development recommends increasing banks’ regulatory capital to US$8.3-US$16 million beginning 2015, which can reduce the number[…..]
• November 15, 2010 by Russia Briefing
  

  Sberbank to Issue AmEx Cards in Russia

  Nov. 15 – Russia’s largest bank, state-owned Sberbank, and American Express today announced that Sberbank will become an American Express card-issuing partner in Russia. Sberbank plans to launch the issue of premium and super-premium American Express cards in early 2011. For this purpose, the bank will offer its clients the chance to open deposits in[…..]
• November 8, 2010 by Russia Briefing
  

  New Issue of Russia Briefing: Understanding Russian Accounting Principles

  Nov. 8 – In this new issue of Russia Briefing, we compare Russian accounting standards with U.S. generally accepted accounting principles. We first look at some of the main differences between Russian accounting and U.S. GAAP including the difference in documentation, timing, the chart of accounts, division of cost types, provisions and accruals, expense and[…..]
• October 28, 2010 by Russia Briefing
  

  Central Bank to Advance Russian Banking Standards

  Oct. 28 – Russia’s central bank toughened disclosure requirements of information in an annual banking report, advancing Russian standards closer to the International Financial Reporting Standards. In particular, banks are obliged to provide detailed facts about the largest borrowers, banker compensation, and any kind of potential risk. The new regulations try to increase the degree[…..]
• October 22, 2010 by Russia Briefing
  

  Volgograd to Set Property Tax Vacations for Investors

  Oct. 22 – Volgograd’s parliament has accepted the amendment to the regional law of the entity’s property tax, releasing investors operating in the territory of the region from property tax within five years, Russian weekly Kommersant-Volgograd reports. The speaker of the parliament stated during the session that the reason behind introducing the amendment is to[…..]
• October 5, 2010 by Russia Briefing
  

  Regulator to Limit Foreign Ownership of Russian Stock Market

  Oct. 5 – The European Bank for Reconstruction and Development (EBRD) aims to buy a 10 percent stake in Moscow’s oldest bourse, the Russian Trading System Stock Exchange (RTS). In July 2010, the EBRD announced plans to team up with an unnamed Russian bank to buy stock of the Russian Trading System Stock Exchange (RTS)[…..]
• September 9, 2010 by Russia Briefing
  

  Russia’s Yandex to Start Online Bank Services Search

  Sept. 9 – Yandex, Russia’s most used search engine, started offering a bank services search yesterday. The new service allows internet users to find the most comprehensive banks, Russian daily Vedomosti reports. “The service allows users to find deposits with the greatest interest rates, as well as consumer loans and mortgages with optimum conditions for[…..]
• August 24, 2010 by Russia Briefing
  

  Russia to Simplify Visa Regulations for Foreign Experts

  Aug. 24 – The government has issued a decree allowing foreign specialists who want to work in Skolkovo high-tech business center to obtain business visas for 30 days during the negotiation process with employers, Russian media reports. According to the document, the highly skilled expert status grants the right to receive a working visa for[…..]
• August 18, 2010 by Russia Briefing
  

  Russia Moves to Simplify Customs Procedures

  Aug. 18 – Customs administration became the main theme of an investment climate session held by Russian President Dmitry Medvedev in the city of Sochi yesterday. “The customs border costs are unpredictable and discourage investors from opening new production facilities in Russia,” said President Medvedev. “Such cases do happen.”
• August 16, 2010 by Russia Briefing
  

  Russia to Establish Special Economic Zone in Samara Region

  Aug. 16 – From 2011 to 2014, the Russian government has agreed to allocate US$235 million from the federal budget to set up an industrial and production special economic zone (SEZ) in the Samara region on the Volga River. “A special industrial zone will be formed in the Stavropol municipal district of the Samara region.[…..]