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Russian Risk Climate: Due Diligence Highly Recommended

Russian Tax Authorities recommend conducting due diligence when contracting with new counterparties Corporations and proprietors are often faced with additional VAT and income tax charges due to insufficient Due Diligence when dealing with fraudulent companies (in Russia, ‘fly-by-night’ is a common term used for such entities). Many such entities are involved in tax scams, which prompted the Russian tax authorities ... Read More »

Anti-Money Laundering: Russian Tax Authorities to Access EU Country Central Registers

Russian Tax Authorities will get access to an EU Central Register of ultimate “beneficial” owners of corporate and other legal entities, as well as trusts.   A “beneficial” owner is defined as a person who actually owns or controls a company and its activities and ultimately authorizes transactions, whether such ownership is exercised directly or by a proxy. Russia has joined the ... Read More »

Russia Intends to Launch a Bad Debt Bank

The Russian Government is reconsidering the idea to launch a bank for bad debts. Such a financial institution will buy distressed assets of banks as well as debts of corporations. The new institution will become a brand new instrument created for resolution of debts that are classified as difficult to collect. In Europe and in the USA similar financial institutions ... Read More »

Russians’ Credit Performance Is Worst in Seven Years, According to Data from FICO and NBKI

FICO® Credit Health Index fell in April to seven-year low 14.2 percent of Russian credit accounts are delinquent, twice as many as in January 2012 FICO Credit Health Index measures the amount of delinquent consumer loans and credit cards reported to NBKI, Russia’s largest credit bureau The credit performance of Russian consumers reached a seven-year low last month, according to data from FICO, the predictive analytics and decision ... Read More »

Thomson Reuters Launches Russian Sanctions Tracking Service

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, announced the launch of its Russian Sanctions Tracking Service. In July 2014, the European Union (EU) and the Office of Foreign Assets Control (OFAC) issued a number of executive orders and sectoral sanctions against Russia in retaliation for the Russian government’s annexation of Crimea and its activities ... Read More »

Credinform Russia Announces Educational Initiatives in 2015

Entering into new partnerships is one of development strategies of Credinform (Russia) in 2015. Constructive relationships with High schools and educational centers were established for further training to bring comprehensive practical knowledge about credit risk mitigation to young and experienced professionals in Russia starting at the North-West region. St. Petersburg’s leading universities and educational centers welcomed the idea of Credinform ... Read More »

Rakuten to Accept Bitcoin on Global Marketplaces

Bitnet payment processing provides enhanced security, privacy, and convenience – Rakuten, Inc. announced that it plans to enable customers to choose bitcoin as a payment option by integrating Bitnet’s payment processing platform on a number of its marketplaces. The Internet services giant will begin accepting the new payment method first on Rakuten.com in the US, to be followed by Rakuten.de ... Read More »

Credit Information Regulations in Russia:  Who has the Right to See a Credit History?

Russian citizens, as well as companies residing in the Russian Federation have the right to view their own credit history.  However if somebody wants to review credit history of a third person (company or consumer), prior consent is required in writing authorizing access to their credit records.  The Term “credit history” has only appeared in Russia since 2005. Since that ... Read More »

Credinform (Russia) Expands Data Coverage

BIIA Member Credinform (Russia) has expanded coverage of company records in its Information and Analytical System GLOBAS-i®: In addition to company records in its Russian database (data on 9 million companies + 7 million individual entrepreneurs), Kazakhstan and Ukraine, it has added company records from Belarus.  The data is now available online. Over 150 000 Belarus company records were added to ... Read More »

BIIA Welcomes Credinform Rus, OOO as a Full Member

Information Agency Credinform (http://www.credinform.ru/en-US) is one of the leading business information providers in Russia. Since 1994 we have been offering risk management solutions on a local, national and international level assisting our clients – domestic and foreign – to check creditworthiness of their customers or suppliers, mitigate risks and make smarter business decisions. We focus on Business Credit Reports: off-line ... Read More »


Belgium – a new government, with a twist; Bolivia – three more years for Morales? Greece – a confidence vote; Kuwait – good growth, moderate unrest; Morocco – growing terrorist threats; Russia – CB efforts to shore up the ruble and rising threats to Western interests; Venezuela – a hefty backdoor devaluation. BRAZIL: President Rousseff will compete in a second-round ... Read More »

Country Risk Climates: TRENDS TO KEEP AN EYE ON

Chile – the economy is proving softer than anticipated and electoral reform is being legislated; Guatemala – economic prospects and what to make of marijuana legalization; Honduras – what is behind the flight of illegals to the US; Mexico – growth is picking up. COLOMBIA In his second term in office, President Santos has two priorities, namely to bring the ... Read More »

Country Risk Climates: TRENDS TO KEEP AN EYE ON

Hungary – the numbers prove Orban right; Indonesia –a dangerously wide current-account BoP deficit; Korea (South) – the CB cut interest rates for the first time in more than a year; Malaysia — political upheavals in the ranks of the opposition; Peru – the economy is rebounding; Poland – likely to be worst hit by the Russian sanctions war. ARGENTINA: ... Read More »

Country Risk Climates: Trends to Keep an Eye On

Bulgaria – a caretaker government with a slew of pressing challenges; Central African Republic – a truce agreement broken before the ink was dry; Italy –in the third recession since 2008; Korea (South) – a corporate surtax to stimulate the economy? ARGENTINA:  Just months after the government unveiled a new inflation index to address accusations that it was cooking the ... Read More »

China – Russian Rating Agency to Be Launched

In a move to slight ‘foreign’ rating agencies, China and Russia have announced plans to create a joint rating agency.   Anton Siluanov, Russia’s finance minister stated:   “In the beginning, the agency will assess Russian and Chinese investment projects with a view to attracting a number of (investors from) a number of Asian countries.  Details about timing and conditions leading up ... Read More »

High Vigilance Urged for Foreign Businesses in Russia

Businesses with new and existing operations in Russia must broach heightened business risks and conduct deeper due diligence in the wake of fresh sanctions from North America and Europe. So far, sanctions against Russia don’t represent a major barrier to doing business there as they are primarily concerned with asset freezing a number of Russian government officials.  However, they do ... Read More »