Insights | Denuo

Jurisdiction of Abu Dhabi Global Market expanded to Al Reem Island

On 24 April 2023, Abu Dhabi Global Market, an international financial centre as a free zone, was expanded significantly to include Al Reem island.

Denuo advises Romex Group on acquisition of Park House shopping centres’ network for RUB11.72 billion

Denuo has advised the Romex Group holding on the acquisition of seven Park House shopping centres with a total area of 420,000 square metres. The transaction was structured as the purchase of 10 Russian owner companies from G City Europe, the leading European operator (formerly Atrium European Real Estate).

European Union adopts new sanctions regime due to political situation in Moldova

On 28 April 2023, the European Union introduced a new sanctions regime against Moldova concerning, as the EU claims, “restrictive measures in view of actions destabilising the Republic of Moldova.”

Amendments to the Law on Strategic Investments signed by the Russian President

Amendments to Law No 57-FZ have been adopted to clarify the consequences of the invalidity of transactions performed in breach of Law No 57-FZ and to extend the definition of “foreign investor” to Russian citizens with foreign residence permits.

OFSI updates its Legal Services General Licence

On 29 April 2023, the UK Office of Financial Sanctions Implementation issued an updated Legal Services General Licence INT/2023/2954852.

Decree of the President of the Russian Federation on temporary management of foreign assets

On 25 April 2023, the President of the Russian Federation signed Decree No 302 “On Temporary Management of Certain Property,” which introduces a mechanism for the temporary management of assets held by persons of unfriendly states in the event that restrictive measures are imposed against Russian persons abroad.

Denuo advises Cosmos Hotel Group on EUR200m acquisition of hotel business from Wenaas Hotel Russia

Denuo has advised Cosmos Hotel Group, a subsidiary of diversified publicly traded Russian investment company Sistema, on the EUR200 million acquisition of a 100% stake in a number of Russian companies owning ten hotels, the majority of which are operated by Radisson Hotel Group, in four Russian cities from Norway’s Wenaas Hotel Russia.

10 / 04 / 233pm msk

Acquisition of real estate for development purposes

Denuo tops 2022 Kommersant rating

Denuo received 24 firm ratings in the 2022 Legal Market Leaders guide. The ratings are based on multistage research by Kommersant, Russia’s leading publishing house.

OFAC updated its FAQ on “exit tax”

On 30 March 2023, the US Treasury Department’s Office of Foreign Assets Control issued an update to its FAQ No 1118 in relation to the payment of the so-called “exit tax” (according to the OFAC wording).