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June 25, 2022, 4:57 am
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EU’s next potential sanctions target revealed Forging High-quality Partnership For a New Era of Global Development : Xi Jinping পদ্মা সেতুর উদ্বোধন উপলক্ষে ১০০ টাকা মূল্যমানের স্মারক নোট ২৪ জুন এক নজরে বাংলাদেশ পদ্মা সেতু উদ্বোধন উপলক্ষ্যে প্রধানমন্ত্রী ও রাষ্ট্রপতির বাণী  Pentagon unveils new Ukraine weapons shipment Germany warns entire industries could stop due to gas shortage ২৪ জুন কোভিড-১৯ সংক্রান্ত সর্বশেষ প্রতিবেদন Japan wants more people-to-people cultural bond with Bangladesh হাওর এলাকার আশংকাজনকহারে জলাভূমি হ্রাস বন্যার ভয়াবহতা বাড়িয়ে দিচ্ছে : আইপিডি PM to open Padma Bridge on June 25  EU and NATO forming coalition ‘for war against Russia’ : Lavrov President, PM greet all involved with Padma Bridge project অবিলম্বে দেশে ভোজ্যতেলের দাম সমন্বয়ের দাবি ক্যাব এর ২১ জুন এক নজরে বাংলাদেশ ২৩ জুন কোভিড-১৯ সংক্রান্ত সর্বশেষ প্রতিবেদন AL means independence, developed Bangladesh: PM  imo steps in to facilitate flood victims LafargeHolcim signs agreement with Swisscontact Bangladesh to support waste management in MSMEs তামাকের দাম বাড়াতে মন্ত্রিপরিষদ সচিবকে ব্যবস্থা গ্রহণের সুপারিশ ৯৭ সাংসদের
Treanding
EU’s next potential sanctions target revealed Forging High-quality Partnership For a New Era of Global Development : Xi Jinping পদ্মা সেতুর উদ্বোধন উপলক্ষে ১০০ টাকা মূল্যমানের স্মারক নোট ২৪ জুন এক নজরে বাংলাদেশ পদ্মা সেতু উদ্বোধন উপলক্ষ্যে প্রধানমন্ত্রী ও রাষ্ট্রপতির বাণী  Pentagon unveils new Ukraine weapons shipment Germany warns entire industries could stop due to gas shortage Japan wants more people-to-people cultural bond with Bangladesh হাওর এলাকার আশংকাজনকহারে জলাভূমি হ্রাস বন্যার ভয়াবহতা বাড়িয়ে দিচ্ছে : আইপিডি EU and NATO forming coalition ‘for war against Russia’ : Lavrov অবিলম্বে দেশে ভোজ্যতেলের দাম সমন্বয়ের দাবি ক্যাব এর ২১ জুন এক নজরে বাংলাদেশ imo steps in to facilitate flood victims LafargeHolcim signs agreement with Swisscontact Bangladesh to support waste management in MSMEs তামাকের দাম বাড়াতে মন্ত্রিপরিষদ সচিবকে ব্যবস্থা গ্রহণের সুপারিশ ৯৭ সাংসদের Prerona Foundation-Bengal Meat collaborates NATO chief ‘cannot guarantee’ membership for Finland and Sweden Energypac Sponsors 4th Dhaka Automotive Show 2022 Putin’s Global Ratings Drop to 20-Year Low : Pew Australian envoy expects Padma Bridge to enhance regional growth

Putin orders copyright royalties in rubles

Bangladesh Beyond
  • Updated on Saturday, May 28, 2022
  • 69 Impressed

Putin orders copyright royalties in rubles

 

Dhaka May 28 2022 :

 

Moscow will pay debts to ‘unfriendly’ foreign intellectual property owners in the Russian currency.
Russian President Vladimir Putin has signed a decree stating that certain foreign copyright holders may be paid in rubles, expanding on previous counter-measures against companies based in ‘unfriendly countries’ that are currently imposing sanctions on Moscow. 

Published on a government website on Friday, the executive order extends the existing special ruble-based payment mechanism to include the fulfillment of financial obligations to some intellectual property owners, including those that are “associated with unfriendly countries,” have “supported anti-Russian sanctions,” or ceased business activity in Russia under the pretext of penalties and pressure from their own governments.

All royalties, fees, and other payments will be transferred to a special Type-O bank account, opened in a Russian bank for each affected IP owner, with or without their consent. Funds cannot be withdrawn from the account, but can only be directed to a limited range of purposes, such as paying taxes, without special authorization from Russian officials.

The decree makes an exemption for payments under 100,000 rubles ($1,520) if the IP in question is used for “personal purposes,” according to RIA Novosti. The order also exempts those ‘unfriendly’ copyright holders whose intellectual property is used in medicines and medical devices, agricultural, as well as key industrial and telecommunication hardware imported to Russia.

Friday’s decree expands the measures imposed in recent months, amid a heavy sanctions campaign by Western nations in retaliation to Russia’s attack on Ukraine. An executive order signed in March introduced ruble-only Type-C accounts for foreign debt payments, while another signed earlier this month stated that foreigners with stakes in Russian firms may be paid profits in rubles.

This week, Washington blocked Russia from servicing its debts to American bondholders in US dollars, in a move Moscow described as an attempt to manufacture an “artificial default.” Officials repeatedly stated that Russia has enough foreign currency and “the willingness to pay,” slamming Washington’s actions as a default of the Western financial system, due to its failure to fulfill its own financial obligations to Russia.

A number of major foreign firms have declared an end to business operations in Russia due to the Ukraine conflict. Walt Disney Co., which holds billions of dollars in valuable copyrights, declared that it would pull out of the country in March, following similar moves by fellow mega-corporations including McDonald’s, Coca-Cola. and many others.

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