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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 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...

• CIS Legal Update - May 2013: New Orders Adopted to Facilitate the Activity of the Central Depository

  A number of orders were adopted in the second part of 2012 by the Federal Service for Financial Markets (the “FSFM”) in order to facilitate the activity of the central depository of the Russian Federation (the “Central Depository”) and address practical issues relating to its operations. These...

• Russian Note Trustee (a Bondholders Representative) and Other Changes in Corporate Bond Regulations

  This Orrick law alert relates to the changes made in the Russian securities law by Federal Law No. 210-FZ dated July 23 (On Amendments to the Federal Law on the Securities Market and to Certain Russian Laws and Regulations)....

• Russian Legislation Update: Civil Code Reform: Choice of Laws Rules

  On 30 September 2013 the President signed Federal Law No. 260-FZ amending Part III of the Civil Code of the Russian Federation. The Law is the sixth set of amendments to the Russian Civil Code within the civil law reform framework. The aim of the amendments is to remove the legislative...

• 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...

• Recent Amendments to the Procedure of Personal Data Processing in Russia

  Federal Law No. 242-FZ "On Amendments to Certain Legislative Acts of the Russian Federation for Clarification of the Procedure of Personal Data Processing in Information and Telecommunication Networks" (the "Federal Law No. 242") was adopted on 21 July 2014....

• Russia: Environmental Liability for Off-Shore Oil and Gas Operations

  Russian off-shore subsoil use operations: status and perspectives - After Rosneft's recent discovery of substantial light oil and gas reserves at the Universitetskaya-1 well in the Kara Sea, regular development of subsoil on the Arctic shelf will become just a matter of time. According to...

• FAQ - Russia’s Data Localisation Law

  What does the new law do? It introduces a requirement for personal data of Russian citizens (individuals) to be processed by data operators who collect such personal data using data centres located in the Russian Federation....

• The Arbitration Court declares it legal to deduct license fees for use of trademarks

  The Arbitration Court declares it legal to deduct license fees for use of trademarks - The Moscow Arbitration Court rendered the Decision of December 31, 2015 on case No. ?40-153860/15. The case was essentially about the tax authority challenging the legality of a Russian taxpayer including...

• Russia's New Personal Data Localization Requirements

  Employers in Russia and companies doing business in Russia should be prepared to comply with recently enacted requirements governing storage and processing of the personal data of Russian citizens, which are designed to provide additional protection for this data. ...