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• Russian counter-sanctions: New requirements for state approval for sale-purchase of interests in limited liability companies. Sanctioned Russian banks now permitted to convert customer FX deposits into Rubles.

  On September 8, 2022, RF Presidential Edict No. 618 On the Special Procedure for Conducting (Performing) Certain Types of Transactions (Operations) Amongst Certain Persons (Edict 618) entered into effect. Please see full Publication below for more information.

• “Fifth Antimonopoly Package” sent to State Duma

  After several years of discussion with various governmental authorities, business representatives and the expert community, the so-called “fifth antimonopoly package” has been submitted to the State Duma for consideration. It is a draft law amending Federal Law No. 135-FZ on Protection of Competition of July 26, 2006 (the “Competition Law”) (hereinafter the “Draft Law”). Please see full Publication below for more information.

• Ministry of Industry and Trade approves list of goods for importation to Russia without right holder’s consent

  Ministry of Industry and Trade Order No. 1532 of April 19, 2022, which approved a list of goods and groups of goods for which parallel import to Russia is authorized (the List), entered into effect on May 7, 2022. Please see full Publication below for more information.

• New May 2022 Russian Counter-Sanctions: Key Points

  On 3 and 4 May 2022, the Russian President adopted two key edicts. The edicts clarify the application of certain provisions from prior presidential edicts (Nos. 81 and 95) and introduce new counter-measures against so-called unfriendly states... Please see full Publication below for more information.

• Russian issuers ordered to wind down depositary receipts programmes

  On 1 April 2022, a draft law (the Draft Law) prohibiting placement and circulation of depositary receipts representing shares of Russian issuers (DRs) and requiring Russian issuers to terminate their DR facilities was published on the State Duma website, which, if/when adopted, would bring an era of Russia-based companies tapping international equity capital markets through DR issues to an end. Please see full Publication below for more information.

• Russian Government acts to introduce bankruptcy moratorium

  Readers will recall, on April 1, 2020 the RF President signed RF Law No. 98-FZ, amending RF Law No. 127- FZ On Insolvency (Bankruptcy) of October 26, 2002 (the Law) and authorising the Government to impose a moratorium on creditors’ initiation of bankruptcies to stabilize the economy in exceptional cases (a Moratorium). Please see full Publication below for more information.

• Russian counter-sanctions: Temporary procedure for repaying debt to foreign creditors

  On March 5, 2022, Russia’s Edict No. 95 On Temporary Procedures for Discharging Obligations to Certain Foreign Creditors (Edict 95) entered into immediate effect. Russian authorities have thus temporarily changed how Russian debtors may discharge their obligations to creditors. Please see full Publication below for more information.

• Global Connection - Russia Permits Patent Misappropriation From Unfriendly Countries

  On Monday, March 7, 2022, the Russian government announced that compensation would not be required when Russian entities infringe patent rights from "unfriendly" countries. This unilateral action by Russia may have a significant impact on the current multilateral protections provided by international law and bilateral treaties. Companies should consider evaluating the impact of the decision, whether it may be replicated by other countries, and potentially take proactive steps to protect intellectual property. The list of impacted – or unfriendly countries – includes those jurisdictions that have taken active steps to economically protest the Russian invasion of Ukraine, namely: the 27 EU member countries, Australia, Canada, Iceland, Japan, New Zealand, Norway, Singapore, South Korea, Switzerland, Taiwan, the United Kingdom, and the United States. Please see full Alert below for more information.

• Russia's sanctions (capital controls) countermeasures: key points

  On February 28, 2022 and March 1, 2022, the Russian Federation President adopted the following edicts setting out economic measures aimed at responding to recent international sanctions pressure on the Russian ruble due to the current situation in Ukraine: (a) RF President Edict No. 79, On Special Economic Measures in Connection with Adverse Actions of the United States and Foreign States and International Organizations That Have Joined Them, dated 28 February 2022 (Edict 79); and (b) RF President Edict No. 81, On Additional Temporary Economic Measures to Ensure Financial Stability in the Russian Federation, dated 1 March 2022 (Edict 81). Please see full Publication below for more information.

• Sanctions Update: EU, UK, and Japan Impose New Sanctions and Export Controls Relating to Russia

  New rules significantly expand the scope of existing sanctions on Russia and impose extensive new export controls. This Client Alert is published in the context of fast-moving developments and should be read in conjunction with the Latham & Watkins Client Alert published on 25 February 2022. Significant additional measures are expected to be introduced in the coming days. Please see full Alert below for more information.

Featured documents

• Ruling No. 1831/12 of the Russian Supreme Arbitrazh Court of June 19, 2012 on Split Jurisdiction Clauses

  The above ruling, after being delayed for a month, was finally published on September 2, 2012. It relates to a split jurisdiction clause of a type that is in common use, for example in loan agreements, and which limits the remedies available to one of the parties. Typically, in a loan...

• The Supreme Arbitrazh Court Clarifies Russian Public Policy

  The Presidium of the Supreme Arbitrazh Court (“SAC”) recently published Information Letter No. 156 approving the Review of the Arbitrazh Courts’ Practice of Considering Cases Concerning the Application of Public Policy as a Basis to Refuse the Recognition and Enforcement of Foreign Judgments and...

• Changes in Russian Banking Laws: Acquisition of Bank’s Shares; Banking Groups and Banking Holdings; Risk Management

  On 2 July 2013 the President signed Federal Law No. 146-FZ amending the Law on Banks and Banking Activity, the Law on the Bank of Russia and a number of other Russian laws. Following the Strategy for the Development of the Russian Banking Sector through 2015, the amendments aim to: - improve ...

• A World in Balance - At Least in Terms of the Number of Arbitration Courts

  In the past few weeks, Russia has abolished its main commercial court and Singapore has announced its plan to open one. The events appear to be unrelated, but it seems likely that the ripples from each may reach the other....

• INTERPOL on Russia's William Browder Request: No change

  As was discussed last Thursday, Russian officials publicly reported that INTERPOL was considering Russia's third request to provide assistance in locating and apprehending William Browder. ...

• Russia: Secondment is beyond the Law?

  Prior to 2014, secondment arrangements had not been clearly regulated by either Russian labor or civil law, with many Russian companies operating under the pretense that as long as it is not forbidden, it might as well be considered legal. However, this thinking caused many problems because the...

• Amendments to Insolvency Law

  In December 2014, amendments were introduced to the Federal Law “On Insolvency (Bankruptcy)” No. 127-FZ, dated 26 October 2002 (“Insolvency Law”). This alert analyses some of the amendments that are of crucial importance to all categories of debtors. These include in particular: - changing...

• The Free Port Vladivostok Area

  On July 13, 2015, President Putin signed the Federal Law On the Free Port of Vladivostok, as well as two other laws introducing revisions to the current laws required to implement the Law On the Free Port of Vladivostok - the Federal Law On Amendments to the Tax Code of the Russian Federation with...

• Employment Major Russian legislation changes for 2015

  New Moscow trilateral agreement concluded between the Government of Moscow, Moscow trade union associations and Moscow employers’ associations for 2016-2018......

• Russian Legislation Update

  Currency Control - On 5 April 2016 the President signed Federal Law No. 89-FZ amending the Administrative Offences Code. The limitation period for bringing administrative action for a breach of currency legislation has been extended from one to two years from the date of breach. The Law...