Tag Archives: Russia

Russian Duma Revisits Criminalization as Counter-sanction

Russian Duma Revisits Criminalization as Counter-sanction The Russian Duma is considering a bill that would prohibit media communications that reveal non-compliance with sanctions or facilitate imposition of sanctions and would also impose criminal penalties on those that disclose or transfer information to organizations “directly or indirectly” under the control of an “unfriendly state”, any company … Continue Reading

Anti-Corruption Guidance in Russia: What’s a Company to Do?

Anti-corruption has been a hot topic in Russia for some time. But recently, the Russian government has begun to take creative approaches in the fight against corruption. These initiatives are aimed at raising public awareness of corruption among the general public. What appears to be missing in this outreach is compliance guidance to companies in … Continue Reading

New Anti-Money Laundering Initiative Aims to Improve Transparency

The Russian Federal Financial Monitoring Service (“Rosfinmonitoring”) has set forth a draft law, introducing amendments to a number of legal acts and aimed at increasing the transparency of currency transactions and at strengthening anti-money laundering measures in Russia. The most important amendments are planned to be introduced into Federal Law No. 115-FZ dated August 7, … Continue Reading

Russian State-Owned Companies Face New Disclosure Requirements

Russian government has ordered state-owned companies to disclose information on beneficiaries of their counter-parties. In the end of the year 2011 Russian prime-minister demanded that the major Russian state-owned companies and companies majority-owned by Russian state, including RZD, Rosatom, Transneft, GAZPROM, Aeroflot, INTER RAO UES and others (a “State-owned company”), require their counter-parties under the … Continue Reading

Russian Federation Accedes to Antibribery Convention (Россия присоединилась к Конвенции по борьбе с коррупцией)

On February 1, 2012 Russia ratified the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the Convention)   The Convention was adopted by the Organisation for Economic Co-operation and Development (OECD) in 1997. It provides that signatories undertake to amend national legislation to criminalize bribery of foreign public officials by … Continue Reading

From Russia with Love: Multiplication Table for Bribery Fines

Marina Ushakova, of Squire Sander’s Moscow office, and Ritchie Thomas, of Squire Sander’s Washington, D.C. office, have the following to say about recent anticorruption developments in Russia: Russia is on the threshold of a drastic change in the design of its system of penalties for bribery, both on the supply side and on the demand … Continue Reading

A Few Bad Apples: Corruption In the EBRD

Four Russian officials appointed by the Russian Economic Development Industry to the European Bank for Reconstruction and Development (EBRD) are being investigated by the City of London and Russian police for charges that include accepting bribes and doling out false credits to various projects. According to an EBRD spokesman, it is not clear what spurred … Continue Reading

Glass Half Empty or Half Full? Stamping Out Corruption One GRECO Recommendation at a Time

On February 1, 2007, Russia became a member of the Group of States against Corruption (GRECO). GRECO monitors the compliance by its members with the Council of Europe’s anti-corruption standards through a process of mutual evaluation and peer pressure, helping to identify deficiencies in national anti-corruption policies, prompting the necessary legislative, institutional and practical reforms. … Continue Reading

Panalpina’s Hangover After the Russian Corruption Party

Russia’s hosting a great party–everyone’s invited. Who will be able to survive the hangover from Russia’s samogon (moonshine)? U.S.-based Panalpina, Inc. and its parent Panalpina World Transport (Holding) Ltd., a Swiss freight forwarding company with 10 offices across Russia, were charged with FCPA violations that occurred in Russia. The charges were for both conspiring to … Continue Reading