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Regulations require Russian government approval for foreign firms to invest in “strategic sectors” and, in some cases, ban majority foreign ownership.Though a policy goal prior to Russia’s 2014 attempted occupation of Crimea and aggression in Ukraine, import substitution has subsequently become a central tenet of Russian government policy, with the aim of shifting Russia’s reliance on imported products to goods either produced domestically or by “friendly” nations.In 2015, the Central Bank of Russia created a national payment card system (NSPK) to process all domestic credit card transactions for Russian cardholders.
The International Monetary Fund expects a further 1 percent contraction in 2016. These measures include a prohibition on the refinancing of debt beyond 30-days on sanctioned entities, restrictions on the export to Russia of certain kinds of equipment for the energy sector, and a complete ban on doing business with those entities or individuals identified by the U. Treasury Department as “specially designated nationals.” Specific sanctions designations are available on the U. Several new laws in 2015 gave the Russian Constitutional Court new powers to disregard foreign arbitral decisions, while 2014 changes to the Russian high court have cast doubts on its ultimate autonomy.The online registration process is clear, comprehensive, and open to foreign companies, but requires receiving an electronic signature from one of the certification centers designated by the Ministry of Telecom and Mass Communications to submit an application electronically.A company must register with a local FTS Office; application documents can be hand-delivered, sent by mail or submitted electronically.In addition, the country's investment dispute resolution mechanisms can be non-transparent and unpredictable (see Dispute Settlement section).Business Registration Russia’s business registration website, Russian), is operated by the Federal Tax Service (FTS).