Insights & events
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A procedure for listing companies as Economically Significant Organisations now approvedOn 20 November, the Russian Government published Resolution No. 1836 approving “the rules for listing Russian business entities as “economically significant organisations”.
27.11.2023
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Further proposed amendments to Law No. 470-FZ and the Code of Administrative OffencesOn 2 November 2023, further draft amendments to Law 470-FZ were submitted to the State Duma. Furthermore, consequent amendments to the Russian Code of Administrative Offences were submitted, also on 2 November, to the State Duma – with a view to equipping Law 470-FZ with administrative sanctions.
07.11.2023
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Proposed amendments to Law No. 470-FZIn early September 2023, Federal Law No. 470-FZ On the Peculiarities of Regulating Corporate Relationships in Business Entities That Are Economically Significant Companies (the Law) came into effect. On 20 October 2023, draft amendments to the Law were submitted to the State Duma for consideration. The purpose of the amendments is to lay practical legal groundwork for such effective removal.
23.10.2023
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Russian counter-sanctions regulations: changes to application formThe Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation, the ultimate decision-making body in many matters concerning the counter-sanctions regime, has updated the application form for the approval of qualified transactions.
18.10.2023
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Voluntary contribution increasedThe Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation, which is the ultimate decision maker in many matters concerning the counter-sanctions regime, has decided to increase the amount of the voluntary contribution, payment of which is often a condition for the approval by the Government Commission of a qualified transaction.
10.10.2023
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New payment procedure for Russian EurobondsOn 9 September 2023, Russian President Vladimir Putin signed Decree No. 665 “On the temporary procedure for the performance of state debt obligations of the Russian Federation owed to residents and foreign creditors and expressed in foreign currency-denominated government securities and other obligations under foreign securities”.
13.09.2023
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Russian counter-sanctions regulations: Softening the restrictions on dividend paymentsOn 23 August 2023, the Russian Ministry of Finance published an excerpt from the minutes of a meeting of the Sub-Commission of the Government Commission for Control over Foreign Investments (the ultimate decision maker in most matters concerning counter-sanctions), which softened the guidelines for granting approvals for the payment of dividends by Russian companies to their foreign shareholders associated with unfriendly states.
25.08.2023
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Russian counter-sanctions measures: new developmentsOn 4 August 2023, Federal Law No. 470-FZ was published. The Law introduced certain mechanisms for the exclusion of foreign holding companies associated with unfriendly states, which hold at least 50% of the voting rights in Russian legal entities that are considered essential for the Russian economy, from the ownership structure of the Significant Companies.
09.08.2023
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Russian counter-sanctions measures: new developmentsOn 4 August 2023, Federal Law No. 422-FZ (the Law) was published. The Law introduced amendments to, among others, Federal Law No. 281-FZ On Special Economic Measures and Coercive Measures dated 30 December 2006. New restrictions are similar to restrictions under US and EU personal sanctions in relation to Russian persons and are, in fact, a response to those.
07.08.2023
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Russian counter-sanctions regulations: new developmentsOn 12 July 2023, the Russian Ministry of Finance published an excerpt from the minutes of a meeting of the Sub-Commission of the Government Commission for Control over Foreign Investments (the ultimate decision maker in most matters concerning counter-sanctions), which introduced changes to the guidelines for approval of divestments by investors associated with unfriendly states. Also, the excerpt listed conditions for payment of dividends to shareholders associated with such states.
14.07.2023
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Russian competition law: new developmentsOn 10 July 2023, the Russian President signed into law new amendments to the Law On the Protection of Competition. The amendments, also known as the Fifth Antimonopoly Package, will come into effect on 1 September 2023 and will affect, among other things, the merger control rules.
12.07.2023
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Regulatory developments in relation to EurobondsEarlier we informed you about Presidential Decree No. 364 dated 22 May 2023 on Amending Presidential Decree No. 430 dated 5 July 2022 (“On Repatriation by Residents – Participants of Foreign Economic Activity – of Foreign and Russian Currency”). Until recently, the official procedure for granting such approvals was not fully aligned with Presidential Decree No. 364. Consequently, this created practical difficulties. On 29 June 2023, Government Resolution No. 295 was amended with a view to such alignment.
05.07.2023
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Сontrol for the purposes of the counter-sanctions regulationsThe Central Bank of Russia has issued a formal clarification (No. 3-OR dated 2 June 2023) in which it confirmed, with some elaboration, its previous position as to what constitutes control for the purposes of the counter-sanctions regulations.
06.06.2023
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President Decree No. 364 Dated 22.05.2023 on substitute bondsThe President’s Decree No. 364 dated 22 May 2023 on Amending the President’s Decree No. 430 dated 5.07.2022 (“On Repatriation by Residents – Participants of Foreign Economic Activity – of Foreign and Russian Currency”) (the “Decree”) has been published.
24.05.2023
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New restrictions for transactions with Russian tradeable securitiesIn March, we informed you about the enactment of Presidential Decree No. 138 On Further Temporary Economic Measures Relating to Securities Trading, dated 3 March 2023 (the Decree) which introduced new restrictions for transactions with Russian tradeable securities between Russian residents and non-residents from unfriendly jurisdictions. Recently new developments on the Decree were resolved.
11.05.2023
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Russian foreign investment regime: new developmentsOn 28 April 2023, the Russian President signed a law that introduced amendments to the Law On Foreign Investments in Strategic Assets (Law No. 57) aimed at strengthening control over foreign investments in Russia and making penalties for the breach of Law No. 57 more severe.
02.05.2023
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New counter-sanctions decree of the President of the Russian Federation on the temporary management of foreign assetsOn 25 April 2023, a new Presidential decree on counter-sanctions (Decree No. 302 On Temporary Administration of Certain Assets) was enacted with immediate effect, arguably as a response of the Russian Government to the freezing of certain Russian energy-related assets located in the unfriendly states.
27.04.2023
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New recommended list of appraisers for Russian counter-sanctions regulationsOn a related note, on 21 April 2023 the Ministry of Finance published a list of seven associations of appraisers which it recommends for the preparation of expert opinions.
25.04.2023
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Russian counter-sanctions regulations: new developmentsStonebridge Legal Team prepared an alert regarding the decision of the Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation (the ultimate decision maker in many matters concerning the counter-sanctions regime), which introduced some changes to the rules regarding the 10% contribution.
30.03.2023
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Double taxation treaty relief in questionStonebridge Legal Team prepared an alert regarding an initiative of the Russian Ministry of Finance and Ministry of Foreign Affairs to suspend double taxation treaties with all the foreign states designated as unfriendly.
20.03.2023
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New Presidential Decree restricting securities tradingStonebridge Legal Team prepared an alert regarding Presidential Decree No. 138 On Further Temporary Economic Measures relating to Securities Trading entered into force.
09.03.2023
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Russian Counter-Sanctions Regulations: List of Appraisers PublishedOn 22 February 2023, the Russian Ministry of Finance, which is responsible for processing applications for Government Commission consents under Russian counter-sanctions regulations, published a list of appraisers recommended for providing valuation reports required as part of such applications.
03.03.2023
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Russian assets held through offshore vehicles: new developmentsStonebridge Legal team prepared an alert regarding a draft law “On Deoffshorisation”, which was introduced in the State Duma on 23 January 2023.
25.01.2023
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New Presidential Decree: Temporary Corporate Governance RegimeStonebridge Legal Regulatory practice prepared an alert regarding Presidential Decree No.16 (the Decree), which came into effect on 17 January 2023. The Decree provides for a temporary corporate governance regime for certain categories of Russian companies with a controlling shareholder/beneficial owner sanctioned by a foreign state and minority foreign shareholder(s) associated with unfriendly foreign states.
19.01.2023
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Russian Foreign Investment Regime: New DevelopmentsStonebridge Legal Regulatory practice prepared an alert regarding newly adopted developments of the Russian Foreign Investment Regime.
09.01.2023