Skadden, Arps, Slate, Meagher & Flom LLP (JD Supra Russia)
Russia Seeks to Protect Sanctioned Entities From Claims in Foreign Courts or Foreign Arbitral Institutions
On June 8, 2020, amendments to the Russian Arbitration Procedure Code (the APC Amendments)1 were signed into law that, in certain cases, allow a person subject to foreign sanctions to refer a dispute to the Russian arbitrazh (commercial) court and to seek an injunction to prohibit foreign court or arbitration proceedings on grounds that any contractually agreed dispute resolution mechanism...
Russian Central Bank Adopts New Regulations for Securities Issues and Disclosure Obligations
The Central Bank of the Russian Federation (CBR) has adopted new regulations for securities issues and disclosure obligations, as a result of amendments to the Russian Securities Market Law that came into effect on January 1, 2020 (the Securities Law Amendments)...
COVID-19: Russia Introduces Bankruptcy Filing Moratorium
A moratorium on bankruptcy filings and certain security enforcement has been imposed by the Russian government for at least six months with respect to many categories of companies. During this period, the ability of creditors to enforce their existing rights will be restricted significantly. It is likely that the negotiating balance will swing in debtors’ favor, but the moratorium will place all...
Russia Amends Foreign Investment Rules
Strategic Enterprises Law In July 2017, the Russian Strategic Enterprises Law (SEL) was amended to provide that the rules that restrict the acquisition of certain interests in Russian strategic enterprises by a foreign state or international organization (or persons controlled by them) were extended to apply to any investor incorporated in an offshore jurisdiction or controlled through
Russia Responds to Recent Foreign Sanctions With New Law
As part of Russia’s response to recent Russia-related foreign sanctions (particularly the U.S. sanctions announced by the Office of Foreign Assets Control on April 6, 2018, against certain Russian state-controlled entities and individuals, and companies they control), a new framework law came into effect on June 4, 2018, that gives the Russian government the authority to impose certain...
Recent Developments Regarding Admission of US Companies to Russian Stock Exchanges
In April 2018, the Moscow Exchange, reportedly the largest exchange in Russia, announced that it intends to admit securities of approximately 50 major U.S. and other foreign companies to public trading in the non-quotation section of the list of securities admitted to trading. The intent of this move is apparently to provide Russian investors with access to a wider range of financial instruments.
Russia Adopts Rules for Governmental Preliminary Review of Transactions Involving Foreign Investors
The Russian government has adopted rules setting out the procedure for preliminary review by the Russian prime minister of transactions entered into by foreign investors with respect to Russian legal entities before the Russian prime minister determines whether any such transactions require prior clearance from the governmental Strategic Investments Commission.
Trump Administration Sets Approach to Implementation of New Russia Sanctions
In recent weeks, the U.S. government has taken a number of significant steps to implement sanctions on Russia under the Countering America’s Adversaries Through Sanctions Act (CAATSA), which President Donald Trump signed into law on August 2, 2017.
Russia Tightens Control Over Transactions Involving Foreign Investors
Amendments in July 2017 to Russian foreign investment laws have resulted in a significant tightening of control over transactions involving (including investments in) Russian companies by foreign investors...
"Russian Issuers Edge Closer to Hong Kong Listing Eligibility"
On February 16, 2015, the Central Bank of Russia (CBR) signed the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information developed by the International Organization of Securities Commissions1 (IOSCO MMoU).
"St. Petersburg Stock Exchange — Listing Notice"
A number of companies have recently received a letter from the St. Petersburg Stock Exchange (Exchange) in Russia stating that it has decided to admit the company’s securities to public trading on the Exchange. These letters do not request a response from the company and note that the Exchange’s decision does not impose any obligations on the company.