Moscow District’s Commercial Court recently adopted an unprecedented decision, ruling that the debt of an insolvent bank must be repaid by both the bank’s former executive officers and its board members (after the repayment of debts out of the assets of the bank).

In most cases the courts state that transfer pricing audits by the local tax authorities are unlawful in principle; however, this is usually preceded by examination on the merits of whether a price is a market price.

The RF Duma is considering an amendment to the Civil Code that, if ratified, will resolve an inconsistency in Russian law and open the door for any commercial entity to engage in factoring.

Changes to insurance law are being considered by the State Duma to improve the financial stability of insurers and bring their regulation and financial reporting into line with international practice and international financial reporting standards.