On 27 May 2022, the Russian President adopted Decree No. 322 “On the temporary procedure for the performance of obligations to certain creditors” (“Decree”). According to the Decree, Russian persons (comprising the Russian state, regional state authorities, municipalities and Russian residents) are instructed to make payments for the use of intellectual property to foreign IP right holders (including penalties, fines and other payments) by transferring funds in rubles to a special O-type bank account opened…
On May 11, 2022, the Russian Government adopted Decree No. 851 “On measures to implement Presidential Decree No. 252 dated May 3, 2022” (“Decree No. 851”). Decree No. 851: (i) introduced the list of designated persons; and (ii) supplemented the list of prohibited transactions with designated persons. The list of designated persons includes 31 energy companies incorporated in the EU, the US, the UK, Singapore and Switzerland. Notably, most of the designated persons are members…
On May 6, 2022, the Russian Ministry of Industry and Trade has set the list of products and product categories for which parallel imports into Russia are allowed (“List”). The List was adopted in implementation of Russian Government Resolution No. 506 of March 29, 2022, which allows the importation into Russia of genuine products put on the market by or with the consent of trademark owners elsewhere in the world and which tasked the Ministry…
On May 4, 2022, Russian President adopted Decree No. 254 “On interim procedures for the fulfilment of corporate finance obligations towards certain foreign creditors” (“Decree”). The Decree (1) established new restrictions on distribution of profits by limited liability companies, such as, for example, distribution of dividends (before this, the limitation only applied to distribution of dividends by joint stock companies); (2) clarified the application of some of the previously adopted restrictions. New restrictions on distribution…