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Law to mitigate risks of Russian capital being restricted in foreign countries

March 9, 2022

Vladimir Putin signed Federal Law On Amendments to Article 761 of the Criminal Code of the Russian Federation

The Federal Law aims to mitigate the risks associated with Russian capital being restricted in foreign countries.

The Federal Law is adopted concurrently with the Federal Law On Amendments to Federal Law On Voluntary Declaration by Individuals of Assets and Accounts (Deposits) in Banks and On Amendments to Certain Legislative Acts of the Russian Federation, which contemplated the implementation of the fourth stage of voluntary declaration of assets and accounts (deposits) in banks.

The Federal Law extends the validity of the third part of Article 761 of the Criminal Code of the Russian Federation until January 1, 2022, and guarantees exemption from criminal liability for certain economic crimes as provided herein to persons who submitted special tax statements as part of the fourth stage of tax reporting.

March 9, 2022