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Draft law adopted enabling the suspension of certain corporate rights of foreign holding companies in Russian entities
After 24 February 2022, many Russian companies whose ownership structure included companies incorporated in so-called “unfriendly jurisdictions” encountered certain difficulties related to corporate decision-taking by such foreign shareholders. Our team analyses the text of the Draft Law which may help resolve a number of the related issues.
Amendments to the Law on Strategic Investments signed by the Russian President
Amendments to Law No
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.
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).