The Russian Parliament has adopted a draft law that allows the executive branch to exempt certain goods from intellectual property rights protection. The draft law gives the Government authority to temporarily annul the rules on protection of intellectual property rights in relation to goods or groups of goods specified in the relevant act of the Government or authorized agency. We believe that the measure is likely to apply to certain essential goods, medicines and medical…
From 2 March 2022, Russia introduced special rules for real estate transactions with foreign legal entities and individuals associated with foreign states that adopted measures targeting Russian legal entities and individuals (“Foreign States”): Russian residents may carry out transactions resulting in the change of ownership of real estate assets with (a) the counterparties from the Foreign States and (b) with persons, including Russian and non-Russian legal entities, controlled by such counterparties, only upon obtaining a…
On 25 February 2022, Dmitry Medvedev, the ex-President of Russia and now the Deputy Chairman of the Russia’s Security Council, announced that in response to Western sanctions Russia may start seizing funds of foreign companies and individuals and nationalize assets of Western companies. These measures may be introduced against nationals and companies of any foreign state which starts confiscating and seizing money and other property of Russians located on its territory. Over the last three…
Consistent with the Australian Foreign Minister’s announcement on 22 February 2022, the Prime Minister on 23 February 2022 announced that Australia is working on imposing additional sanctions measures on Russia that are aligned with those that the US and UK have announced. Key aspects highlighted by the Prime Minister for the new measures are: expansion of the individuals and entities subject to designated party sanctions (and travel bans);sanctions on the Russian State Development Bank, VEB,…