On March 11, 2022, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) imposed restrictions on the exports, reexports, and transfer of luxury goods to all end users in Russia and Belarus and to certain Russian and Belarusian oligarchs and malign actors located worldwide. This action is part of a new round of measures targeting Russia and Belarus announced by the White House today (see here and here) that are being implemented in…
Due to the Russian invasion of Ukraine that started in late February 2022, on 3 March 2022, the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On the Basic Principles of Forced Expropriation in Ukraine of Property of the Russian Federation and Its Residents” (“Law”). The Law came into force on 7 March 2022 and is aimed at enabling Ukrainian authorities to expropriate the property owned by the Russian Federation and its residents for…
The Russian Parliament is expected to shortly adopt a draft bill that is now reported in the Russian media as the “law on nationalization”. We expect this draft bill to become law by the end of this week. The key highlights are the following: The draft law introduces the regime of external administration in a Russian company that the court may establish at the request of a board member or the state authorities. By intent,…
On 8 March 2022, the European Commission published a communication on a Joint European Action for more affordable, secure and sustainable energy. The communication outlines a plan to make Europe independent from Russian fossil fuels well before 2030, starting with gas. It sets out the short-term measures to be undertaken by the EU and Member States to (i) protect European consumers from energy price hikes and (ii) ensure that the EU will have sufficient gas…