News

State Duma adopts draft law on indexation of the thresholds for large and especially large damage for certain economic offences

Russian investors allowed to receive funds payable in respect of securities from Type C accounts

On 19 March 2024, the President of the Russian Federation signed Decree No. 198 “On additional temporary measures of economic nature related to the performance of obligations under certain securities”. Decree 198 establishes the procedure for receiving securities related payments owed to certain categories of holders from funds blocked in Type C accounts.

Disputes continue regarding the application of anti-suit injunctions and force majeure due to sanctions

Russian courts continue to consider disputes related to sanctions restrictions imposed by foreign states. In March 2024, further rulings were adopted which developed the existing practice of applying the provisions of article 248.1 of the Arbitrazh Procedure Code of the Russian Federation (exclusive jurisdiction of Russian courts), article 248.2 of the Arbitrazh Procedure Code of the Russian Federation (anti-suit injunction) and article 401 of the Civil Code of the Russian Federation (force majeure) in connection with the imposition of sanctions. Read further in our legal update.

Russian Government approves the list of economically significant organisations

In early September 2023, the Law on so-called “economically significant organisations” entered into force, which makes it possible to suspend, via a court procedure, the corporate rights of foreign holding companies in relation to ESOs and also offers an opportunity for ESOs’ beneficial owners to take direct ownership of the shares/participation interest in ESOs. Until recently, there was no list of ESOs approved by the Russian Government. However, on 4 March 2024, the Russian Government published the first version of such list which includes six Russian companies. For more details on the contents of such list and its consequences for ESOs, please read our latest legal update.

EU adopts 13th package of sanctions against Russia

On 23 February 2024, the EU published new regulations formalising the 13th package of restrictive measures (sanctions) of the European Union.

US introduces new blocking sanctions against Russia

On 23 February 2024, the US President announced a record number of sanctions against Russia, over 500 new restrictions on Russian and foreign persons. The new sanctions restrictions are for the most part made of blocking sanctions. The US Department of the Treasury’s Office of Foreign Assets Control has published an updated specially designated nationals list.

UK introduces new sanctions against Russia

On 22 February 2024, the UK announced new blocking sanctions that affected 50 Russian and non-Russian individuals and businesses linked to the Russian defence industry, metals industry, the manufacture and supply of electronics, diamonds, energy trade, etc.

Resolution of the Plenum of Russia's Supreme Court on unauthorised construction

In December 2023, the Plenum of the Supreme Court of the Russian Federation adopted a Resolution containing extensive clarifications regarding unauthorised construction. In our legal update, we have highlighted what we consider to be the most useful and interesting provisions of the Resolution.

Draft law on reforming the procedure for acquiring large shareholdings in PJSCs submitted to the State Duma

On 25 December 2023, a draft Law was brought in the State Duma of the Russian Federation aimed at improving the regulation of the procedure for acquiring large shareholdings in PJSCs. The authors of the draft law believe that the abovementioned changes will help boost investor confidence in the Russian financial market. Read further in our legal update.

Prohibitions and restrictions on export of certain categories of goods from Russia extended

On 27 December 2023, the Government of the Russian Federation published a resolution introducing a number of amendments to the previous resolutions of the Government concerning the restrictive measures on the export of certain categories of goods and equipment from the Russian Federation. Read further in our legal update.

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