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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

• Russian Legal Update - June 2011

  In This Issue: Russia Acts Quickly to Restore the Right for Employers to Register Foreign Nationals: the Visa Regime for Highly Skilled Foreign Professionals is Fleshed Out - p1 Mediation Framework Adopted in Russia - p3 Planning Can Ease Burden of U.S. Cross-Border Estate Tax Rules and...

• Amendments to Russian Civil Code Related to Immovable Property

  Amended code, including provisions on state registration and notes of objection, will take effect on 1 March. On 30 December 2012, President of the Russian Federation Vladimir Putin approved proposed amendments to the Russian Civil Code by signing Federal Law No. 302-FZ, "On amending...

• Corruption And International Enforcement

  International enforcement of corruption laws is increasing but far slower than many predicted. ...

• Position of the Supreme Commercial Court of the Russian Federation concerning denial of recognition and enforcement of foreign courts’ judgments on the basis of contradiction to Russian public policy

  On 27 December 2012, a Resolution of the Presidium of the Supreme Commercial Court of the Russian Federation (the “Supreme Commercial Court”) No. 7805/12, dated 23 October 2012, (the “Resolution”) was published. The Resolution discusses a number of important issues regarding recognition and...

• Russian Compliance Practitioners In Texas

  Yesterday I had the privilege of meeting a group of compliance practitioners from Russia who came to the United States to meet with US based compliance professionals and learn more about how the Foreign Corrupt Practices Act (FCPA) impacts how US companies do business overseas. The delegation was...

• Russia Bans the Import of Certain Agricultural and Food Products from the US, EU, Canada, Australia, and Norway

  In response to the recent round of sanctions and export restrictions imposed on Russia, Russian Federation President Putin signed a decree on 6 August 20141 (the “Decree”) effectively banning or limiting for a period of one year (beginning from 7 August 2014) the import of selected agricultural and ...

• Alert: New Russian Law Will Require Personal Data of Russian Citizens to be Processed on Servers Located in Russia

  In July 2014, Russian Federation President Vladimir Putin signed Federal Law No. 242-FZ (the "Law"), which amends existing Russian data privacy laws to require that personal data of Russian citizens be processed by servers within Russian borders. The localization requirements in the Law were...

• Further Amendments to Bank of Russia’s Basel III Requirements Published

  Several changes have been made to the requirements applicable to subordinated debt instruments issued by Russian banks....

• New registration rules and calculation methodology for maximum manufacturer's sale prices for vital and essential drugs

  On October 1, 2015, the new versions of the following regulations will come into legal force and effect: - The Rules for the state registration and re-registration of maximum sale prices set by pharmaceutical manufacturers for medicines on the list of vital and essential drugs (“EDL”) (the ...

• Russia Cuts its Film Subsidies

  From Russia with Loss - The Russian government had declared 2016 “The Year of Cinema,” but its recent actions cast doubt on that assertion. Russia has cut the amount of film subsidies available to production companies by $2.8 million. Anton Malyshev, head of the Russian Cinema Fund, has stated ...