On 4 August 2023, Federal Law No. 470-FZ (the Law) 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 (the Foreign Holding Companies and the Significant Companies, respectively), from the ownership structure of the Significant Companies.
Read in detail in the alert at the link:
In one of our previous alerts, we advised that a draft law amending the Russian Code of Administrative Offences had been submitted to the State Duma to establish, among other things, sanctions for failure to comply with the requirements of Law No. 470-FZ On Peculiarities of Regulation of Corporate Relations in Business Entities that are Economically Significant Organisations. On 22 June 2024, that law was signed by the President of Russia, published and entered into force.
26.06.2024