The Russian Federation May Allow Using Stablecoins in Foreign Trade Settlements

05 February 2024

The draft Law № 540256-8 “On Amendments to the Federal Law "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation"” (hereinafter “Draft Law”) has been submitted to the State Duma.

The Draft Law introduces spot changes to the Digital Financial Assets Law1 in terms of the definition of the term “secured stablecoins” and the procedure for the use of secured stablecoins in foreign trade contracts.

Russia Ratified the Agreement on the Elimination of Double Taxation with Oman

28 December 2023

On 12 December 2023, the President of the Russian Federation signed Federal Law № 571-FZ to ratify the Agreement between the Government of the Russian Federation and the Government of the Sultanate of Oman on the Elimination of Double Taxation in respect of Taxes on Income and Prevention of Avoidance and Evasion of Taxation and the Protocol thereto (hereinafter - the “Agreement”).

Subject to ratification of the Agreement by Oman and mutual notification of the parties of the ratification procedures by the end of 2023, the Agreement will enter into force as early as 1 January 2024.