Doing business in Russia

Update on sanctions

Since March 2014, the UK has imposed financial sanctions to encourage Russia ‘to cease actions which destabilise Ukraine, including actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine’. A new package of sanctions was announced by the UK Government on 24 February 2022 following the invasion of Ukraine. These were extended on the 4 May (coming into force on 21 July 2022) to cover accountancy, management consulting and PR services.

For the latest UK guidance check:

• Trading under sanctions with Russia
• UK sanctions on Russia
• UK Sanctions List
• Guidance: Financial sanctions, Russia

The EU has imposed economic sanctions in response to the annexation of Crimea, targeting specific sectors of the Russian economy and individuals, since March 2014. On 23-24 February 2022, the European Council agreed on a new package of sanctions against Russia. For the latest guidance check EU sanctions against Russia over Ukraine crisis page on the European Union website.

Information about the sanctions imposed by the US Government can be found on the Ukraine-/Russia-related Sanctions page on the U.S. Department of the Treasury website.

To find out more about what the sanctions mean for accountants, please check our Ukraine crisis: central resource hub.

Counter-sanction measures

Tax Messenger
B1 (formerly EY Russia)
Bulletin providing up-to-date news on key tax and legal developments in Russia, including initiatives adopted in response to economic sanctions.

Dentons Knowledge
Bulletins from the law firm covering legal developments, including Russian counter-sanction measures.

• Easing of repatriation requirements for exporters and changes to servicing procedures for syndicated and Eurobond loans (15 July 2022)
• Ministry of Industry and Trade approves list of goods for importation to Russia without right holder’s consent (20 May 2022)
• New May 2022 Russian Counter-Sanctions: Key Points (19 May 2022)
• Russia Counter-Sanctions – new restrictions and how they will work (28 March 2022)
• Russian counter-sanctions: Temporary procedure for repaying debt to foreign creditors (15 March 2022)
• Russia's sanctions (capital controls) countermeasures: key points (3 March 2022)

Guides

Trading under sanctions with Russia
Department for International Trade, June 2022
Guidance on the import and export restrictions that apply to UK businesses when trading with Russia.

Doing Business in Russia
A business guide from Baker & McKenzie which helps companies understand the economic, legal and regulatory structures of Russia. Published in 2021.

Doing Business in Russia
Guide prepared by a local firm within the UHY network which provides an overview of the relevant issues to consider when establishing a business in this country. This publication is current at August 2020.

Doing Business in Russia
Guide prepared by Moore Stephens member firms on doing business with or in this country. It also provides useful information for those living and working in Russia either temporarily or permanently. Published in December 2018.

Business risk

Overseas Business Risk - Russia
Report from the Foreign & Commonwealth Office looking at potential risks for UK businesses operating in this country. It includes economic and political risks, human rights issues, bribery and corruption, terrorism, intellectual property and organised crime. Updated February 2021.

Corruption Perceptions Index
Annual global corruption ranking produced by Transparency International, an international NGO, which measures the perceived level of public sector corruption across 180 countries and territories. A full report provides global and regional highlights along with further analysis.

Exporting

On our Exporting to Russia page you can find export guides, trade forecasts and economic and political updates.

Corporate governance

European Corporate Governance Institute
The European Corporate Governance Institute (ECGI) aims to provide 'a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance issues and thereby promoting best practice'. The ECGI website also provides a directory of national Corporate Governance Codes, Principles & Recommendations.

Russian Corporate Governance Roundtable
Forum established by the Organisation for Economic Co-operation and Development (OECD). Publications include a White Paper on Corporate Governance and progress reports.

Russian Institute of Directors
The professional body offers information, in Russian only, on corporate governance topics, including news and the National Corporate Governance Rating.

Law and regulation

International debt collection handbook 2021
Detailed guide compiled by Atradius looking at debt collection procedures, legislation and culture across 35 countries, including a profile of this jurisdiction. Profiles include information on the amicable phase, legal procedures, enforcement, insolvency proceedings and arbitration and mediation. Free registration required.

Forums and support networks

Russo-British Chamber of Commerce
A forum for business people to network and encourage best practice, trade and investment between Britain and Russia.

Articles and books in the Library collection

Selected books

The Business Operations in... series from Bloomberg BNA provides expert guidance on the tax aspects of expanding and operating businesses abroad.

Business Operations in Russia
Analysis of the business environment in Russia, focusing on: the economy and government, operating a business, forms of doing business, principal taxes and taxation of domestic corporations.

Find more resources

• Find articles and books in our collection on doing business in Russia

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports by post or email through our document supply service.