On 2 October 2024, Presidential Decree No. 840 instructed Russia’s Central bank to introduce a regulatory framework for new Type S custody accounts to be opened by Russian depositaries directly with Russian registrars, and specify which Russian securities are to be kept on such New S Accounts.
Pursuant to Decree No. 840, the CBR’s Board of Directors introduced the relevant new rules for transactions involving the New S Accounts.
Read in detail in the alert at the link:
As we advised in one of our previous client alerts, Presidential Decree On Temporary Administration of Certain Assets No. 302, dated 25 April 2023, introduced temporary administration in relation to certain Russian assets owned by foreign groups associated with unfriendly states, namely in relation to Uniper’s Russian subsidiary PAO Unipro and Fortum’s Russian subsidiary PAO Fortum. In July 2023, the list of assets subject to such temporary administration was expanded to include, among others Carlsberg’s Russian subsidiary Baltika Brewery LLC.
04.12.2024