Insights | Denuo

Government and Bank of Russia prepare a draft decree on exchange of frozen assets

Russian Finance Minister Anton Siluanov announced at a meeting of the Council for Strategic Development and National Projects that a draft Presidential Decree has been prepared that is designed to unblock part of foreign assets so that they can be subsequently exchanged for Russian assets.

New law passed to implement core tax policy directions

On 31 July 2023, the Russian State Duma has passed Federal Law No. 389-FZ “On Amending the First and Second Parts of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation and on Suspending the Second Paragraph of Clause 1 of Article 78 of the First Part of the Tax Code of the Russian Federation.” This law has introduced a series of substantial changes to the Russian Tax Code concerning general tax administration issues and certain types of taxes.

Denuo advises Smart Service Nord on acquisition of AmRest business in Russia

Denuo has advised Smart Service Nord on the acquisition of 100% of shares in Russian companies owned by AmRest, a European holding. AmRest used to manage over 200 KFC restaurants in Russia as a sub-franchisee.

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China International Economic and Trade Arbitration Commission (CIETAC) Dispute Resolution

Suspension of certain provisions of DTTs with unfriendly states

As of 8 August, Presidential Decree No. 585 suspends certain provisions of double taxation treaties with unfriendly countries (as well as Protocols thereto, which clarify a number of provisions of the DTTs and form an integral part of such treaties). Read further in our legal update.

Denuo advises shareholders of SG‑trans on sale of shares

Denuo has advised shareholders of Vector Rail (SG-trans and Vector Rail Invest group of companies) on the sale of 100% shares of the company.

Overview of the new law on common property of owners of immovable property

On 24 July 2023, Federal Law No. 351-FZ was adopted. The Law supplements the Russian Civil Code with provisions on the common property of the owners of immovable property. Our colleagues have analized the law in the context of the development of legislation on this matter.

Law signed on blocking assets of foreign persons under Russian sanctions

On 4 August 2023, the President of the Russian Federation signed Federal Law No. 422-FZ “On Amending Certain Legislative Acts of the Russian Federation” that suggests blocking (freezing) the assets of foreign persons against whom Russian special economic measures (sanctions) have been introduced. It also introduces the notion of a “blocked person” and expands the list of restrictions applicable to foreign states, organisations and nationals.

Russian Ministry of Finance publishes conditions for release from obligation to issue replacement bonds

On 27 July 2023, Russia’s Ministry of Finance published an extract from the decision of the Sub-Commission of the Government Commission on Monitoring Foreign Investment in the Russian Federation No. 176/3 containing two criteria which may permit Russian legal entities with obligations under foreign bonds issued by foreign entities to avoid issuing such replacement Eurobonds.

Russian Supreme Court adopts resolution on application of rules on pledging items

The Plenum of Russia’s Supreme Court adopted Resolution No. 23 of 27 June 2023 “On the Application by Courts of Rules on the Pledge of Assets”, which is aimed at ensuring that courts consider cases relating to the application of certain provisions of the legislation on pledging items in a consistent manner.