News

New rules of the Singapore International Arbitration Centre

Effective 1 January 2025, the Singapore International Arbitration Centre has new arbitration rules that apply to arbitrations that commence on (or after) 1 January 2025, unless an arbitration clause specifies the application of the SIAC Rules in a particular wording.

Government commission authorises sale of blocked assets to foreign buyers

In January 2025, the Russian Ministry of Finance published an Extract from minutes of the meeting of the subcommittee of the Government Commission on Monitoring Foreign Investment in Russia No. 121/4, according to which residents, including Russian depositories, are permitted to carry out transactions involving foreign securities with “unfriendly” non-residents if, as a result of such transactions, the foreign securities will be debited from the account of Non-Banking Credit Organisation Joint Stock Company National Settlement Depository (“NSD”) opened by the NSD with a foreign depository.

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.

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.

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.

Review of US Sanctions of 21 November 2024

On 21 November 2024, the US Department of the Treasury announced a significant expansion of blocking sanctions on the Russian financial sector, released a sanctions risk alert for foreign financial institutions using the Russian equivalent of SWIFT, and issued four General Licenses authorizing certain transactions.

Draft law on the separate form of data processing consent

On 29 October, a draft law was adopted in its first reading on the separate form of consent to personal data processing. According to the text of the draft law, effective 1 March 2025, the consent to personal data processing will have to be drawn up separately from any other information or documents signed or accepted by the data subject.

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