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Government and Bank of Russia prepare a draft decree on exchange of frozen assets
Russian Finance Minister Anton Siluanov announced at a meeting of the Council for Strategic Development and National Projects that a draft Presidential Decree has been prepared that is designed to unblock part of foreign assets so that they can be subsequently exchanged for Russian assets.
Suspension of certain provisions of DTTs with unfriendly states
As of 8 August, Presidential Decree No. 585 suspends certain provisions of double taxation treaties with unfriendly countries (as well as Protocols thereto, which clarify a number of provisions of the DTTs and form an integral part of such treaties). Read further in our legal update.
Law signed on blocking assets of foreign persons under Russian sanctions
On 4 August 2023, the President of the Russian Federation signed Federal Law No. 422-FZ “On Amending Certain Legislative Acts of the Russian Federation” that suggests blocking (freezing) the assets of foreign persons against whom Russian special economic measures (sanctions) have been introduced. It also introduces the notion of a “blocked person” and expands the list of restrictions applicable to foreign states, organisations and nationals.
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.
Risks for HKIAC arbitration clauses further to the case of RusChemAlliance LLC vs Linde GmbH
On 8 June 2023, the Arbitrazh Court of St Petersburg and the Leningrad Region issued a ruling in case
UK prohibits legal services for certain transactions
On 30 June 2023, amendments to The Russia (Sanctions) (EU Exit) Regulations 2019 entered into force. The amendments to the Regulations prohibit UK Persons who are UK lawyers from providing legal advisory services to clients who are not UK Persons (ie, not only Russian clients), and in respect of certain financial or trade activities prohibited by UK sanctions.