Insights | Denuo

Denuo ranked a leading legal M&A advisor in CEE by Mergermarket 2024

Denuo has been ranked among the top twenty leading legal advisors by M&A deal count in Central and Eastern Europe according to the Mergermarket Global and Regional M&A Legal Advisory Rankings for the full year of 2024.

Review of US Sanctions of 10 January 2025

On 10 January 2025, the US Department of the Treasury announced a significant expansion of sanctions on the Russian energy sector. The most significant changes are summarised in our legal update.

Ministry of Finance and the Bank of Russia clarify rules of disclosure of sanctions-sensitive information by issuers

On 27 December 2024, an information letter of the Ministry of Finance and the Central Bank of the Russian Federation was published dedicated to the issues of the exercise by issuers of the right to restrict their disclosure (provision) of information. The Letter is aimed at unifying the practice of limited disclosure of information by issuers in accordance with the provisions of Resolution of the Government of the Russian Federation No 1102 dated 4 July 2023, which gives the issuer of securities the right not to disclose certain information if such disclosure may lead to the imposition of foreign sanctions against the issuer.

Russia’s Federal Tax Service substantially shortens the list of states eligible for automatic exchange of financial information

On 20 December 2024 the Federal Tax Service of Russia published an order that significantly shortened the list of states automatically exchanging financial information with the Russian Federation (to 63 states). In particular, all EU member states were removed from the list.

Denuo tops 2024 Law Experts rating

Denuo has been ranked among the leaders of 2024 Law Experts. Best Legal Consultants Russian national rating. The project was launched in 2024 by Expert RA rating agency and Expert Business Solutions analytical company with the support of VEB.RF and information support of Expert magazine.

State Duma passes a law designed to enhance closed-end mutual funds (ZPIFs) by introducing ordinary and preferred fund units

On 17 December 2024, the State Duma adopted in the third reading a law amending the Federal Law “On Investment Funds” and certain legislative acts of the Russian Federation.

Yandex FinTech enters the bond market with a unique deal

Yandex’s growing fintech unit now has its own bonds. The Moscow Exchange has successfully placed bonds secured by receivables to the total of RUB7.7 billion (SFO Split Finance 1 as the issuer, and JSC Yandex Bank as the originator and servicer for the issue). The legal team providing support for the transaction was led by Vladimir Dragunov, partner and head of Capital Markets and Structured Finance at Denuo.

Denuo tops 2024 Pravo-300 rating

Denuo received 34 firm ratings in the 2024 Pravo-300 guide. The ratings are based on extensive research by Pravo.ru, Russia’s major legal media which carries out an annual survey of the local legal market.

Draft law on turnover-based fines and criminal liability for personal data leaks passed in second and third readings at once

On 26 November 2024, the draft law on turnover-based fines for personal data leaks (“Amendments to the Administrative Offences Code”) and the draft law on criminal liability for personal data leaks (“Amendments to the Criminal Code”) were passed in the second and third readings at once.

New rules in regulating the status of qualified and non-qualified investors

The Bank of Russia has expanded the list of securities and derivatives available only to qualified investors. The new rules will enter into force on 1 January 2025.