27.05.2024

Compensation of damages and real property transactions

May 2024 was marked by a number of developments in Russian counter-sanctions regulations. In particular:

On 23 May, Presidential Decree No. 442 On the Special Procedure for Compensation of Damages Caused to the Russian Federation and the Central Bank of the Russian Federation in Connection with the Unfriendly Action by the United States of America was published. It sets out a procedure for the use of U.S. assets as compensation for the seizure of Russian sovereign assets.

On 15 May, the Russian Ministry of Finance published an excerpt from the minutes of a meeting of the Sub-Commission of the Government Commission, which stated that the Sub-Commission had decided to exempt, from the prior approval requirement that was introduced by Presidential Decree No. 81, dated 1 March 2022, generally transactions involving the acquisition by a party associated with an unfriendly state of title to real property from a Russian party.

Read in detail in the alert at the link:

https://www.stonebridgelegal.ru/media/files/Alert_Compensation_of_damages_and_real_property_transactions_May_ENG.pdf

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