Stonebridge Legal Team prepared an alert regarding Presidential Decree No. 138 On Further Temporary Economic Measures relating to Securities Trading entered into force, which introduces several new restrictions on transactions with Russian securities between residents and non-residents from “unfriendly jurisdictions”, and also changes the regulatory regime established by previous presidential decrees relating to certain categories of transaction.
Read in detail in the alert at the link.
Whilst this has not been formally announced yet, we understand that the Sub-Commission of the Government Commission for Control over Foreign Investments in Russia, which is one of the ultimate decision-makers in counter-sanctions matters, has resolved, pursuant to the relevant instructions of the Russian President, that the conditions for clearing transactions whereby non-Russian companies associated with unfriendly states sell their Russian securities, including shares/equity interests in Russian companies, should be materially tightened.
11.10.2024