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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 - May 2012

  In This Issue: - p1 Russia Finally Establishes a Central Securities Depository Increasing Transparency in the Russian Securities Market - p3 Enforcement Procedure for Pledged Property Modified - p4 Investment Partnerships Now Recognized Under Russian Law, but the Disadvantages May...

• Russian Federation Supreme Commercial Court’s Review of the Application by the Russian Courts of the Public Policy Defense

  This alert analyzes the legal positions taken by the Presidium of the Russian Federation Supreme Commercial Court (“SCC”) in its recently published review of commercial court practice in cases concerning the application of public policy as a ground to refuse to recognize and enforce foreign court...

• TRANSACTIONAL: Upstream Developments – Russia: Russian Offshore: Addressing the Risk

  The development of the Russian shelf is essentially reserved to state-owned Rosneft and Gazprom (and their affiliates). Under Russian law, oil and gas deposits located on or extending into the continental shelf of the Russian Federation may be used only by Russian legal entities (i) with at least...

• Notes From The Diebold And Stryker FCPA Enforcement Actions

  Last week was a heck of a week in the Foreign Corrupt Practices Act (FCPA) enforcement world. Both Diebold Incorporated (DBD) and the Stryker Corporation (SYK) agreed to resolutions of their outstanding FCPA violations....

• Secondment Arrangements in Russia: The Game Is Changing

  Russian law now recognises secondment, but restricts the sphere of its use. On 7 May, Russian President Vladimir Putin signed into law a long-discussed act that will regulate private employment agencies and secondment arrangements in Russia (the Law). The Law amends, in relevant ways, the...

• Processing Personal Data in Russia? Consider These Changes to Russian Law and How They May Impact Your Business

  Changes Impacting Businesses that Process Personal Data in Russia - On July 21, 2014, a new law Federal Law ? 242-FZ was adopted in Russia (Database Law) introducing amendments to the existing Federal Law “On personal data” and to the existing Federal Law “On information, information...

• Russian Legislation Update

  In This Issue: - Financial System Stability - Payment System - Banking - Anti-Money Laundering - Subsoil - Personal Data - Corporate: Notarial certification on the adoption of a company’s decisions; Accreditation of foreign representative offices and branches -...

• Corporate antitrust compliance systems – changes initiated by FAS Russia

  On July 8, 2015, the Presidium of the Federal Antimonopoly Service of Russia (FAS Russia) provisionally approved the idea of changes to the RF Law on Protection of Competition that would introduce the concept of a “system of internal prevention of violations of antimonopoly legislation of a...

• Russia: Economic Sanctions on Turkey

  On 29 December 2015, the Russian Government adopted Resolutions No. 1457 and No. 1458 specifying the scope of sanctions and restrictions which were imposed by the President Decree No. 583 and further extended by Decree No. 669....

• Country Survey Taking Security Over CIS Real Estate

  As you know, secured loans often include real estate as a key element of the security package, whether the loans are granted for general corporate purposes, specific projects (e.g., commercial real estate and infrastructure) or otherwise. As the local ground rules change rapidly, lenders must keep...