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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 Law Review - *April - June 2010 By Maxima Consulting and Law

  In This Issue: *The right to receive compensation for infringement of the right to judicial proceeding in reasonable time or right to judicial act execution in reasonable time. *The list of entrepreneurial activity which can be started by using the notification requirement exceeded. *The...

• Russian Law Update -- August 2012

  In This Issue: *Introduction *Reform of the Russian Civil Code: Changes in Legal Entities *Russia’s Accession to the WTO *Arbitration of Disputes in Russia: Recent Developments *Shareholders’ Agreements: Proposed Amendments *Copyright Infringement: Liability of Internet...

• Russian Transfer Pricing Law

  Recently enacted Russian transfer pricing rules now require companies operating in Russia to file annual documentation in compliance with new regulatory guidance regarding related foreign party and certain domestic party transactions for tax year 2012 and thereafter. The new guidance largely...

• CIS Legal Update - May 2013: New Visa Regime Introduced between the United States and Russia

  The United States and Russia have introduced a new visa regime that will simplify the process for obtaining a visa. The Agreement on Facilitation of the Visa Regime provides Russian and US citizens with the possibility of obtaining a 36-month (beginning from its issuance), renewable visa with a...

• Guidelines of the Federal Antimonopoly Service

  In this alert we discuss the Guidelines on the Procedure and Technique of Analysis of Joint Venture Agreements Containing Non-Compete Clauses which were approved by the Presidium of the Federal Antimonopoly Service (FAS of Russia) on 18 July 2013. Guidelines of the Federal Antimonopoly...

• CIS Legal Update - September 2013: The Legality of Smoking Lounges in Offices Following the Passage of the Tobacco Control Law in Russia

  In an attempt to address and potentially reduce Russia’s incredibly high smoking rate, Russian legislative authorities have enacted a new law that aims to effectively restrict tobacco smoking in certain areas. However, Federal Law No. 15-FZ (the “Tobacco Control Law”), which entered into force on...

• Risk Service Structure Becomes a Little Less Risky for Russian Offshore Operations

  The next wave of legislative developments with respect to offshore hydrocarbon production has just reached Russia. Starting with a recent introduction of legislation elaborating on requirements for financial security of offshore operations (see the August 2013 Energy Newsletter), Russian...

• Russia Cracks Down On Bitcoin

  Both the Central Bank of Russia and the Russian Prosecutor General's Office explained that the rouble is the country's sole official currency and that the production of alternative monetary products, such as Bitcoin and other virtual currencies, is illegal under current law....

• Exporters Pushing Back On Threats of Further Sanctions on Russia

  Until recently, American trade associations including the U.S. Chamber of Commerce and the National Association of Manufacturers have made their opposition to the imposition of further sanctions on Russia known to the Administration in a relatively quiet manner. Now however, in light of U.S. and...

• Department of Commerce and OFAC Continue Imposing Hefty Sanctions on Russia, While Russia Retaliates with Own Sanctions

  On August 6, the U.S. Department of Commerce (the “Commerce Department”) issued new regulations, implementing additional sanctions against Russia and introducing new restrictions on exports for its energy sector. These new regulations closely follow recently-imposed sanctions promulgated by the...