RUSSIA

Digital Report - immediate delivery to your email.

Date of Publishing: October 2020.
No. of Pages: 45.
Language: English.

What is the concept of a digital ruble? What are its role and place in today’s monetary system? How can it help individuals, businesses, and society in general? What aspects are to be taken into consideration in the course of its implementation? A digital ruble will remain the Russian ruble which will be issued by the Bank of Russia in digital form in addition to the existing forms of money. Individuals will be able to transfer digital rubles to their electronic wallets and use them through their mobile and other devices both online and offline (that is without access to the Internet and mobile communication). A digital ruble will be an additional form of money and will be used alongside individuals’ and businesses’ cash rubles and funds in their commercial bank accounts. Depending on their needs, individuals and companies will be able to exchange their money from one form to another, i.e. from the digital form to cash or noncash funds in their bank accounts, and back. This requires special-purpose technologies that would enable the offline usage of a digital ruble. A digital ruble will combine the advantages of both cash and non-cash money.

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Contents:

1. THE ROLE OF A DIGITAL RUBLE IN MONEY CIRCULATION
1.1. A digital ruble as a form of money.
1.2. The Bank of Russia’s approach to developing a digital ruble.
2. APPLICABILITY OF A DIGITAL RUBLE.
2.1. Pre-requisites, consumer qualities and conditions of use of a digital ruble.
2.2. A digital ruble for households.
2.3. A digital ruble for businesses.
2.4. A digital ruble for government payments.
2.5. A digital ruble for capital markets and financial innovations.
2.6. Certain AML/CFT/CFPWMD issues.
2.7. Protection of digital ruble owners.
3. THE IMPORTANCE OF A DIGITAL RUBLE FOR THE CENTRAL BANK’S
POLICY TO MAINTAIN PRICE AND FINANCIAL STABILITY.
3.1. A digital ruble and monetary policy.
3.2. A digital ruble and financial stability.
4. MODELS AND MECHANISMS FOR IMPLEMENTING A CENTRAL BANK
DIGITAL CURRENCY.
4.1. Models of a central bank digital currency.
4.2. Mechanisms for the technical implementation of a CBDC.
4.3. Confidentiality.
5. INFORMATION SECURITY.
6. LEGISLATIVE AND REGULATORY CHANGES REQUIRED TO IMPLEMENT
A DIGITAL RUBLE.
7. APPENDIX. INTERNATIONAL DISCUSSION ON CENTRAL BANK
DIGITAL CURRENCIES.
TOPICS FOR PUBLIC DISCUSSION.
GLOSSARY.
ABBREVIATIONS.
REFERENCES.

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PDF-friendly

Date of Publishing:  November, 2023
No. of Pages: 51

На сегодняшний день ИИ уже широко используется участниками российского финансового рынка в различных бизнес-процессах: для взаимодействия с клиентами, управления рисками, аналитики, мониторинга и совершения операций и так далее. При этом потенциал дальнейшего расширения использования ИИ финансовыми организациями представляется значительным. ИИ может повышать эффективность финансовых организаций и качество оказываемых ими услуг.

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Оглавление:

1. Ключевые тезисы.

2. Определение и основные технологии искусственного интеллекта.

3. Глобальные тренды развития искусственного интеллекта.

4. Применение технологий искусственного интеллекта на финансовом рынке.

5. Условия развития искусственного интеллекта на российском финансовом рынке.

6. Риски искусственного интеллекта на финансовом рынке.

7. Подходы к регулированию искусственного интеллекта. 

8. Зарубежный опыт регулирования искусственного интеллекта.

9. Подходы к регулированию искусственного интеллекта на российском финансовом рынке. 

10. Вопросы для общественного обсуждения. 

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Digital Report - immediate delivery to your email.

Date of Publishing: March, 2021.
No. of Pages: 179.

This guide has been prepared by EY Russia to give the potential investor an insight into Russia and its economy and tax system, provide an overview of forms of business and accounting rules and answer questions that frequently arise for foreign businesses. Russia is a fast-developing country and is committed to improving the investment climate and developing a better legal environment for doing business. On the one hand, this makes doing business in Russia an attractive prospect; on the other, it can make for difficult decisions both when starting a business and further down the line.

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Contents:

1. Welcome to Russia.
2. General Business Information.
- Public holidays.
* The Russian legal system.
- The court system.
- Registration, certification and disclosure.
- Registration of rights in real estate.
- Corporate law LLCs vs JSCs.
- Contract law.
* The financial system.
- Banking system.
- FATCA implementing legislation.
- Automatic exchange of tax information (CRS).
- Basic principles of Russian securities regulation.
* Currency control.
- General principles.
- Currency control restrictions for Russian residents.
- Liability for violation of currency law.
* Competition law.
- Merger control.
- Abuse of dominance.
- Anti-competitive agreements, concerted actions and illegal coordination.
- Unfair competition.
- State aid.
- Trade law.
- The Eurasian Economic Union.
* Licensing.
- Permits for certain activities. 
- Licenses for subsurface access.
- Environmental permits.
- Recycling requirements.
* Data protection and privacy.
- Regulation of the digital sphere.
- Investment platforms (crowdfunding).
- Financial platforms (marketplaces).
- Digital financial assets (tokens) and related information systems.
- Cryptocurrency.
* Sanctions and restrictive measures.
3. Tax System.
- Tax rates.
- Penalties for late payment and tax filing violations.
- Corporate Profits Tax.
- Taxpayers.
- Tax year.
- Russian legal entities.
- Rates.
- Tax base.
- Taxable income.
- Exempt income.
- Tax-deductible expenses.
- Unjustified tax benefit.
- Interest.
- Depreciation.
- Investment tax credit.
-Expenses subject to special rules.
- Loss carry-forward.
- Dividend income.
- Capital gains and losses.
- Tax reporting and payment.
- Tax accounting.
- Foreign companies operating through a branch or representative office (FLEs).
- Tax compliance requirements.
- PE risk for profits of an FLE attributable to its Russian business.
4.  Real Estate Transaction Costs and Taxes Sale of real estate via an asset deal.
- Sale of real estate via a share deal. 
5.  Tax Control Tax audits.
- Administration of major taxpayers.
- Digital tax control.
- Tax Monitoring.
- Hot trends.
6. Value Added Tax (VAT) Taxpayers.
- Registration.
- Taxable operations.
- Place of supply of goods and services.
- Rates.
- Non-taxable supplies.
- Time of supply.
- Calculation of VAT.
- Recovery of VAT by taxpayers.
- Tax reporting and payment.
- Imported goods.
- Withholding of VAT on purchases from foreign legal entities.
- VAT on e-services.
- VAT and the EAEU.
7.  Corporate Property Tax Taxpayers.
- Tax base.
- Tax rate.
- Tax reliefs.
- Tax reporting.
8. Other Taxes Excise duty.
- Transport tax.
- Mineral extraction tax.
- Additional income tax on hydrocarbon production.
- Other taxes and duties.
9. International Taxation Matters Taxation of Russian-source income of FLEs without a PE in Russia.
- Treaty relief.
- Foreign tax relief.
- MLI.
10. “Deoffshorization” Measures CFC rules.
- The concept of Russian tax residence for foreign companies.
 - The beneficial ownership concept.
- Special administrative districts.
11. Tax Treatment of Company Reorganizations.
12. Customs Overview.
- Eurasian Economic Union of Russia, Belarus, Kazakhstan, Armenia and Kirgizia. 
- Import duties.
- Export duties.
- Customs value.
- Customs coding.
- Customs procedures.
- CIS free trade regime.
- Free trade with other countries.
- Tariff preferences for goods originating from developing and/or least developed countries.
- Import permissions. 
13. Transfer Pricing Overview. 
- Scope of TP control.
- TP methods.
- Documentation requirements.
- TP audits.
- Penalties. 
- Penalty relief.
- Advance pricing agreements. 
- Mutual Agreement Procedure.
14. Investment Promotion Measures Special economic zones (SEZs) 125 Special investment contracts (SPICs).
- Regional investment projects (RIPs).
- Investment protection and promotion agreement (IPPA). 
15. Offshore Oil and Gas Developments.
16. Financial Reporting and Auditing Sources of accounting principles.
- Applicability of IFRS for consolidated financial statements of public companies in Russia.
- Significant accounting concepts for investors.
- Disclosure, reporting and filing requirements.
17. Individuals Personal income tax.
- General 143 Who is liable?
- Definition of resident.
- Object of taxation
- Tax rates.
- Tax collection procedure.
- Capital gains and losses. 
- Tax deductions. 
* Immigration. 
- Highly Qualified Specialists (HQS).
- Submission of forecasts of foreign labor needs (quota applications).
- Work permits. 
- Work visas.
- Notifications. 
- Registration and deregistration.
- Sanctions for non-compliance with immigration legislation.
- Mandatory notification of second citizenship. 
- Liability. 
* Social security.
- Exemptions.
- Social contribution rates.
- Workplace accident insurance.
- Russian labor law.
- Sanctions for non-compliance.
18. Appendices
Appendix 1: Useful addresses and telephone number.
Appendix 2: Exchange rates (as of year’s end).
Appendix 3: Treaty withholding tax rates.
Appendix 4: Blacklist of jurisdictions approved by the Ministry of Finance.
Appendix 5: Blacklist of jurisdictions approved by the Federal Tax Service.
Appendix 6: Compliance calendar 172 EY in the CIS 179.

 Digital Report - immediate delivery to your email.

Date of Publishing: 2020.
No. of Pages: 100.
Language: English.

The Arctic region is going through a serious transformation as it faces the disruptive challenges of climate change and shifting global political, social and economic patterns. The harsh environmental conditions of the Arctic have long constrained economic activity in the region. The climate crisis, while having a negative impact on the region in some senses, opens up new prospects for development in others. The Arctic has become a geopolitical hot spot where global and regional players seek to increase their influence. Demographic shifts, transformative urbanisation and sustainable indigenous communities are at the core of regional social development.

Understanding the driving forces that will influence the business and political landscape of the Arctic in the coming decades is crucial for policymakers and businesses in order to come up with mutually beneficial approaches for exploiting opportunities without harming the unique Arctic natural and social ecosystem.

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Contents:
1. EXECUTIVE SUMMARY.
2. INTRODUCTION.
3. ARCTIC TODAY ARCTIC-2050.
- CONCLUSIONS METHODOLOGY СASES REFERENCES REGIONAL LANDSCAPE.
     *CLIMATE CRISIS.
     *SOCIAL DEVELOPMENT.
     *DEMOGRAPHIC CHANGES.
     *ECONOMIC VALUE OF THE ARCTIC REGION.
     *TECHNOLOGIES AND INNOVATION.
     *GEOPOLITICAL LANDSCAPE.
     *INSTITUTIONAL ECOSYSTEM AND ENABLING ENVIRONMENT.
- STAKEHOLDERS AND DIVERSE INTERESTS.
4. SCENARIOS:
- SCENARIO 1. DARK AGES.
- SCENARIO 2. AGE OF DISCOVERY.
- SCENARIO 3. ROMANTICISM.
- SCENARIO 4. RENAISSANCE.
- TRIPLE-BOTTOM LINE IMPLICATIONS.
5. CONCLUSIONS.
6. METHODOLOGY.
7. СASES:
- ROSATOM (ICEBREAKERS).
- METHANOL MARINE FUEL (METHANEX).
- NORTHERN SEA ROUTE.
- LNG: LOCAL FUEL FOR GLOBAL NEEDS.
- ARCTIC CITIES.
- ARCTIC CONNECTIVITY.
- ARCTIC INDIGENOUS PEOPLES.
- MINING IN THE ARCTIC.
- AIRSHIPS FOR ARCTIC.
- CREATIVE INDUSTRIES.
8. REFERENCES.

FIGURE 1: GREENHOUSE GAS EMISSIONS TREND.
FIGURE 2: PERMAFROST IN THE NORTHERN HEMISPHERE.
FIGURE 3: THE LEVEL OF URBANIZATION OF ARCTIC REGIONS BY COUNTRY, %.
FIGURE 4: INDIGENOUS AND NON-INDIGENOUS POPULATION IN THE ARCTIC.
FIGURE 5: SHARES OF THE ARCTIC STATES, BY LAND AREA, POPULATION AND GRP, 2012.
FIGURE 6: GVA IN CURRENT PPP IN 2016.

 

BOX 1: DECLINE OF RUSSIAN ARCTIC POPULATION.
BOX 2: NEW CULTURAL COMMUNITIES IN THE ARCTIC.
BOX 3: CARBON FOOTPRINT OF LNG PRODUCTION.
BOX 4: FIELDS OF TECHNOLOGIES APPLIED FOR ARCTIC REGION.
BOX 5: MAJOR STAGES OF ARCTIC GEOPOLITICS.
BOX 6: MILITARIZATION IN THE ARCTIC.
BOX 7: STAKEHOLDERS IN THE ARCTIC REGION.
BOX 8: MAP OF KEY FACTORS THAT HAVE THE POTENTIAL TO SHAPE THE ARCTIC REGIONAL DEVELOPMENT.
BOX 9: CRITICAL UNCERTAINTIES.
BOX 10: BLACK SWANS EVENTS.
BOX 11: SCENARIOS MATRIX.
BOX 12: REGIONAL TRIPLE BOTTOM LINE PERFORMANCE UNDER EACH SCENARIO.
BOX 13: SCENARIOS BUILDING PROCESS.
BOX 14: MAIN GLOBAL TRENDS AND THEIR IMPACT ON NSR DEVELOPMENT.

MAP 1: ARCTIC INDIGENOUS PEOPLES BY LANGUAGE GROUP.

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Date of Publishing: 2019.
No. of Pages: 59.
Language: Russian.

Задача исследования, проведенного Центром социального проектирования «Платформа» – ответить на ключевые вопросы:
▪ Каково сегодняшнее место России в мировом освоении космоса?
▪ Какие развилки и возможности фиксируют эксперты в отношении космической
программы страны?
▪ Какой запрос со стороны различных сегментов бизнеса и общества сформирован к центрам принятия решений в этой области?

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Содержание:

Глава 1. Освоение космоса: мировой контекст.
1.1. Основные космические державы.
1.2. Конкурения против кооперации.
1.3. Международное космическое право.
1.4. Space: феномен Элона Маска.
Глава 2. Россия в космосе.
2.1. Общественное восприятие.
2.2. Преимущества российской космонавтики.
2.3. Барьеры космической отрасли России. 
2.4. Ожидания экспертного сообщества.
Глава 3. Перспективы освоения космоса: 21 век.
3.1. Стратегичекие развилки и точк роста.
3.2. Вертикальная экосистема.
3.2.1. Перпективы диверсификации космической отрасли.
3.3. Космос 2.0. - перспективы космических стартапов в России.
Глава 4. Феномен космоса: фокус в будущее.
4.1. Человек и космос.
4.2. Космические стереотипы.
4.3. Образ будущего: новые акценты коммуникации. 
Выводы.

График 1. Выручка мирового космического рынка, млрд $, 2007 - 2016.
График 2. Бюджет космических агентств (в текущих млрд $), 1989 - 2019.
График 3. Доли компаний и стран на рынке коммерческих запусков (Россия, США, Китай, Европа, Япония, SpaceX), 2010-2018.
График 4. Направления существующих и перспективных международных альянсов.

Таблица 1. Перспективные направления диверсификации.

Таблица 2. Аварийные запуски ракет космического назначения в России, 2010-2019.

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Digital Report - immediate delivery to your email.

Date of Publishing: March 2021
No. of Pages: 142
Language: English

 

Oil and gas companies are coming under increasing pressure from regulators, investors, and clients to reduce the carbon footprints of their products. Developing a decarbonization strategy is an integral, multistage process, unique to each individual company and dependent on is asset structure, production technologies, investment portfolios, and regional regulations. In terms of specific initiatives addressing decaronization methods, from which companies can compose the optimal set for themselves: 1. Operational methods (Operational efficiency improvement; Recycling, reuse, and the utilization od secondary energy sources; Energy efficiency; Relationships with suppliers and subcontractors); 2. Effective monetization of methane and APG; 3. Shifting to low carbon energy sources; 4. Corporate Strategy methods (Optimized portfolios; Trading and offsetting carbon credits).

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Contents:

1. Foreword
2. Executive Summary
3. Introduction
4. GHG Emissions in the oil and gas industry
5. The decarbanization goals, strategies, and method of leading international oil and gas companies.
6. Economics of decarbanization in oil and gas sector.
7. Conditions for decarbonization in Russia and decarbonization priorities of the Russian oil and gas companies.
8. Conclusions and recommendations.

Figure 1: GHG emissions in 2017 by industry.
Figure 2: GHG emissions from oil and gas sector and oil and gas production growth.
Figure 3: Growth in unconventional oil and gas production.
Figure 4: GHG emission levels for different types of oil produced.
Figure 5: Oil and gas industry's GHG emissions structure in 2017.
Figure 6: GHG emissions by supply chain.
Figure 7: GHG emissions in refining.
Figure 8: GHG emission scopes.
Figure 9: Accounting for climate within the business strategies of companies within different sectors.
Figure 10: GHG intensity during production for leading international oil and gas companies.
Figure 11: Change in per unit of GHG emissions during production.
Figure 12: Methods of decarbonization of the oil and gas industry.
Figure 13: Methodos for the decarbonization of the oil and gas industry within the 4R framework.
Figure 14: Breakdown of global demand for CO2, 2015.
Figure 15: Adding 'recycle' to the circular carbon economy.  
Figure 16: Estimate of BECCS use potential through 2100.
Figure 17: APG flaring volumes worldwide.  
Figure 18: APG flaring volumes by countries.
Figure 19: Global methane emissions by countries.
Figure 20: Sources of methane (CH4) emissions.
Figure 21: OGCI initiative on methane emission reduction.
Figure 22: Number of tankers in the oil and gas industry by type of fuel.
Figure 23: Potential 200-2030 CapEX for oil and gas projects that fit within different IEA scenarios by resource type.
Figure 24: Top 10 companies with inorganic growth in resources and top 10 companies with inorganic reduction in resources. 
Figure 25: Proportion of leading oil and gas companies' investments in low-carbon technologies.
Figure 26: Corporate venture capital investments of oil and gas corporations from 2008 to 2017.
Figure 27: Average weighted carbon price.
Figure 28: Transacted voluntary carbon offset volumes and average prices by project type, 2019.
Figure 29: Mechanisms of mandatory and voluntary markets.
Figure 30: Overview of carbon dioxide capture technologies.
Figure 31: Different carbon dioxide handling technologies and their readiness for industrial implementation.
Figure 32: Direct air capture of carbon dioxide.
Figure 33: Closing the carbon cycle.
Figure 34: Comparison of oil production cost breakdowns (pre-tax).
Figure 35: CO2 direct emissions from primary chemical manufacturing facilities in 2015.
Figure 36: Contribution of different factors to reducing direct greenhouse gas emissions in primary chemical manufacturing  by 2050.
Figure 37: Areas of CO2 emission reduction by petrochemical sector enterprises.
Figure 38-39: Global plastic handling flows in 2018.
Figure 40: Demand for primary raw materials in PE, PP and PET manufacturing and their recycling in 2010/2035. 
Figure 41: Energy intensity of manufacturing primary chemicals under the sustainable development scenario, 2015-2030.
Figure 42: Matrix of several decarbonization technologies in oil and gas sector.
Figure 43: The role of key technologies in the reduction of average GHG emissions intensity of oil and gas production in the IEA Sustainable Development Scenario in 2018 - 2030.
Figure 44: Main technological options for GHG emissions reduction along the value chain of the oil  and gas sector.
Figure 45: Share of international credits and loans in the debt capital of individual Russian oil and gas companies.
Figure 46: Breakdown of oil and gas industry GHG emissions in the RF in 2018.
Figure 47: Operation of GAZPROM GTD and gas consumption for GTS processing needs.
Figure 48: Estimations of methane emissions in Russia.
Figure 49: APG production, combustion, and utilization in Russia.
Figure 50: Geographic distribution of average values of the Russian forest carbon balance.
Figure 51: Dynamics of carbon losses in Russia due to cutting ad fires.

Table 1: GHG emissions of the leading international oil and gas companies by scope.
Table 2: Climate targets of leading international oil ad gas companies.
Table 3: Typical operating excellence management systems elements.
Table 6: Price for different bunkering fuels in 2020.
Table 7: Price per kW of tanker capacity in 2019.
Table 8: Share of carbon allowances purchased by oil and gas companies on EU ETS market in the total volume if regulated GHG emissions.
Table 9: Comparative forecast of CO2 pricing.
Table 10: Global carbon stocks in vegetation and sold carbon pools to the depth.
Table 11: Summary of types of forest carbon finance, 2009 and 2009 - 2016 cumulative.
Table 12: Transacted voluntary carbon offset volume, value and weighted average price by project category, 2019.
Table 13: Sample projects (Shell, ConocoPhilips, Repsol, LUKOIL, Saudi Aramco, Equinor).
Table 14: CO2 capture technologies.
Table 15: SWOT analysis of CCUS.
Table 16: Examples and features of CCUS projects implemented by oil and gas companies.
Table 17: Carbon capture, transportation, utilization and storage costs.
Table 18: Polymer product recycling share.
Table 19: Evaluation of costs and volume of GHG emissions reduction by technological method.
Table 20: Current status of the main elements o the GHG emission regulation system.
Table 21: Russian oil and gas companies' long-term targets for reducing GHG emissions (as of January 2021).

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