The Russian government has introduced a bankruptcy moratorium with effect from 1 April to 1 October 2022 in respect of all Russian legal entities and individuals (“Persons”) except for certain residential real estate developers. The moratorium is intended to protect Russian debtors against creditors’ claims and provide support for players on the Russian market given the challenging environment they operate in. It applies to all Persons irrespective of their solvency. The key consequences of the…
On 8 April 2022, a draft bill on nationalization of assets belonging to persons associated with “unfriendly” states (“Bill”) was submitted to the Russian State Duma. The Bill defines persons associated with “unfriendly” states very broadly to include foreign citizens and legal entities, their beneficiaries, affiliates and persons under their control. The Bill allows nationalization of all kinds of assets owned by such persons as of 24 February 2022 and located within Russia, including real…
The text of a draft bill criminalizing compliance with anti-Russian sanctions started circulating via unofficial sources on April 5, 2022. According to the media, it was submitted to the Russian State Duma (lower chamber of Parliament) on April 4, 2022. Currently, Article 201 of the Russian Criminal Code “Abuse of Authority” provides for liability of executives of companies who (a) use their authority against the company’s interests and (b) receive personal gains for themselves or…