Russia Raises Salary Threshold for Highly Qualified Foreign Specialists
Russia's State Duma has approved amendments to the Tax Code that significantly raise the salary threshold for foreign nationals applying for Highly Qualified Specialist (HQS) status. Under the new rules, the minimum salary will increase to RUB 717,000 per month (or RUB 358,500 for certain categories), replacing the current threshold of RUB 750,000 per quarter.
Foreign employees whose salaries no longer meet the new requirements will be able to switch to another migration status without leaving Russia. The amendments will take effect on March 1, 2027, after lawmakers postponed the original implementation date of September 1, 2026.
Earlier, the Russian Union of Industrialists and Entrepreneurs (RSPP), together with the Association of European Businesses (AEB) and the American Chamber of Commerce in Russia (AmCham Russia), urged lawmakers to reconsider the new threshold and proposed a gradual increase instead. Lawmakers ultimately rejected those proposals. Business groups warn that the higher threshold could lead to an outflow of highly skilled foreign specialists while significantly increasing employers' labour costs.
Foreign employees whose salaries no longer meet the new requirements will be able to switch to another migration status without leaving Russia. The amendments will take effect on March 1, 2027, after lawmakers postponed the original implementation date of September 1, 2026.
Earlier, the Russian Union of Industrialists and Entrepreneurs (RSPP), together with the Association of European Businesses (AEB) and the American Chamber of Commerce in Russia (AmCham Russia), urged lawmakers to reconsider the new threshold and proposed a gradual increase instead. Lawmakers ultimately rejected those proposals. Business groups warn that the higher threshold could lead to an outflow of highly skilled foreign specialists while significantly increasing employers' labour costs.
RSPP Head Opposes New Restrictions on Foreign Businesses Remaining in Russia
Speaking at the Innoprom industrial exhibition, RSPP President Alexander Shokhin said there is little sense in introducing additional restrictions on foreign companies that have chosen to remain in Russia.
According to Shokhin, such measures would be counterproductive from both an economic and technological perspective. He also stressed that foreign companies complying with Russian law should continue to benefit from national treatment.
Shokhin has previously argued that foreign companies operating in Russia in good faith should not face discriminatory treatment, provided that dividends from their Russian subsidiaries are not used in ways that conflict with Russia's national security interests.
According to Shokhin, such measures would be counterproductive from both an economic and technological perspective. He also stressed that foreign companies complying with Russian law should continue to benefit from national treatment.
Shokhin has previously argued that foreign companies operating in Russia in good faith should not face discriminatory treatment, provided that dividends from their Russian subsidiaries are not used in ways that conflict with Russia's national security interests.
Russia Extends Oil Price Cap Countermeasures Through the End of 2027
Russia has extended its ban on exporting oil and petroleum products under the Western price cap mechanism until December 31, 2027, according to a new presidential decree.
The restrictions prohibit exports to foreign buyers where contracts directly or indirectly incorporate the price cap mechanism.
The measure was first introduced in late 2022 and entered into force on February 1, 2023. Since then, it has been extended several times, most recently through June 30, 2026.
The restrictions prohibit exports to foreign buyers where contracts directly or indirectly incorporate the price cap mechanism.
The measure was first introduced in late 2022 and entered into force on February 1, 2023. Since then, it has been extended several times, most recently through June 30, 2026.
List of Assets Under Temporary Administration Updated
A new presidential decree has revised the list of assets, securities, equity interests in Russian legal entities and property rights subject to temporary state administration.
The updated list removes securities owned by Promselkhozinvest LLC, the main legal entity of the Glavprodukt canned food holding, along with stakes in several companies within the group.
Glavprodukt is ultimately owned by the U.S.-registered company Universal Company 2000, Inc. In October 2024, the group's Russian assets were placed under the temporary administration of the Federal Agency for State Property Management (Rosimushchestvo). Management of the holding was later transferred to Rosselkhozbank.
The updated list removes securities owned by Promselkhozinvest LLC, the main legal entity of the Glavprodukt canned food holding, along with stakes in several companies within the group.
Glavprodukt is ultimately owned by the U.S.-registered company Universal Company 2000, Inc. In October 2024, the group's Russian assets were placed under the temporary administration of the Federal Agency for State Property Management (Rosimushchestvo). Management of the holding was later transferred to Rosselkhozbank.
New EU Sanctions on Russia May Slip Until September
The European Union is aiming to approve its 21st package of sanctions against Russia ahead of the Foreign Affairs Council meeting on July 13.
The new package is expected to expand sanctions lists covering banks, companies, vessels and individuals. It may also introduce export restrictions on high-performance alloys, nickel powders, precious metal ores, chemicals and certain fish products.
However, continued disagreements among EU member states could delay the final decision until September.
In an effort to secure unanimous support for the new sanctions package, the EU has stepped up pressure on Slovakia and Bulgaria. Slovakia has already announced that it will not block the package. Attention has now shifted to Bulgaria, where Rumen Radev, who is widely regarded as pro-Russian, recently became prime minister. Several other EU member states have also expressed concerns about specific elements of the proposed sanctions package.
The new package is expected to expand sanctions lists covering banks, companies, vessels and individuals. It may also introduce export restrictions on high-performance alloys, nickel powders, precious metal ores, chemicals and certain fish products.
However, continued disagreements among EU member states could delay the final decision until September.
In an effort to secure unanimous support for the new sanctions package, the EU has stepped up pressure on Slovakia and Bulgaria. Slovakia has already announced that it will not block the package. Attention has now shifted to Bulgaria, where Rumen Radev, who is widely regarded as pro-Russian, recently became prime minister. Several other EU member states have also expressed concerns about specific elements of the proposed sanctions package.
