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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.
Investing in Uzbekistan
Our team authored a guide on investing in Uzbekistan which includes guidance with regard to corporate, finance, tax and real estate matters. Follow this link to access your copy.
Restrictions on transactions performed with entities of unfriendly” states
On 8 September 2022, Decree. No. 618 of the President of the Russian Federation “On the special procedure for carrying out (performing) certain types of transactions (operations) between certain entities”
was signed and entered into force.
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.
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.
Extending special anti-crisis measures in corporate law
On 25 December 2023, the President of the Russian Federation signed Federal Law No. 625-FZ of 25 December 2023 “On Amending Article 98 of the Federal Law ‘On State Control (Supervision) and Municipal Control (Supervision) in the Russian Federation’ and Certain Legislative Acts of the Russian Federation”.