On Monday 5th June, the EU published an amendment to the existing sanctions against Russia, which came into force on Monday 5th June. The implementing regulation is available here. These measures permit the designation of leading business persons operating in Russia, along with: These amendments were made on the basis that leading Russian business persons have engaged in a systematic practice of distributing their funds and assets amongst their immediate family members and others in…
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 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…
On 3 May, President Putin signed Decree No. 252 on Russian countersanctions against individuals and entities of the countries which have imposed sanctions on Russia (“unfriendly states” in the Russian official terminology). In essence, this new Decree introduces the legal framework for blocking sanctions prohibiting: (i) Russian persons (comprising federal and regional state authorities, other state bodies, municipalities, organizations and individuals under the jurisdiction of the Russian Federation) from entering into transactions with (or discharging…