Employee protection against currency risks?
By Anna Berlina
‘Keep your income and expenses in the same currency’ — everyone knows this golden rule, even if they are not always able to stick to it. Foreign citizens working in Russia may receive their salary in rubles, but have expenses in their home country (such as mortgage payments) in a different currency, the euro for example. They may often pay their Moscow landlord in euros or dollars, as it is common in Moscow for rents to be set in foreign currency. Russian citizens often take out loans as the ruble equivalent of a foreign currency, as they believe such loans may be advantageous under certain circumstances. The fall in the ruble since the beginning of this year has hit all those whose foreign currency expenses when calculated in rubles have risen fast, while their ruble income has remained the same. As a result, working in Russia has become less attractive for many foreigners and led some to wonder whether there is a solution to the ruble salary issue and, if not, whether they should leave Russia and look for work in a country with more attractive pay conditions…
Click on the link below to read the rest of the Dentons briefing.
News from Dentons
News from The Lawyer
Briefings from Dentons
The draft ‘Law on Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine’ was registered by the Verkhovna Rada of Ukraine on 22 July 2014.
On 16 July 2014, the US Treasury Department’s Office of Foreign Assets Control unveiled new Ukraine-related sanctions.
Analysis from The Lawyer
The continent’s boom in natural resources and renewable energy is sparking an infrastructure drive
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.