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…
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…