On 1 January 2025, the primary rules governing the taxation of digital currencies (cryptocurrencies) and income from mining, introduced into tax legislation by Federal Law No. 418-FZ dated 29 November 2024, came into force.

It is worth mentioning that, under Federal Law No. 259-FZ of 31 July 2020, digital currency or cryptocurrency is defined as a set of electronic data (digital codes or designations) that can be used as a means of payment. Mining, on the other hand, refers to the process of producing such currency.

There is an overview of the changes that have taken effect.

Customary settlement routes with some foreign counterparties are no longer available. Many companies have begun to engage payment agents. Payment agents are intermediaries who help businesses organise settlements with foreign partners when direct payments are impeded due to sanctions or complicated banking conditions. Thanks to this, entrepreneurs do not lose contracts and continue to work on the international market. However, certain risks may arise.

To learn more what risks should be taken into account in this process due to various issues in the area of legal regulation (tax, customs, and currency control) please read our article in Corporate Counsel Magazine.

On 29 October 2024, in Russia, Federal Law No. 362-FZ was enacted, introducing comprehensive changes to tax legislation in line with parameters set for the federal budget for 2025 and the planning period of 2026 and 2027.

As anticipated, the autumn session sees legislators continue to “fine-tune” the tax system in the context of an extensive tax reform.

We have summarised the main tax changes in Russian legislation.

We have prepared this guide to assist taxpayers in navigating the complexities of Transfer Pricing compliance.