The Russian Government has adopted a decree[1] which will allow local companies and individuals to use inventions, utility models and industrial designs held by owners from “unfriendly countries” without their consent and without paying any compensation. The decree relies on the provisions in the Russian Civil Code which give the government the right, in case of extreme necessity associated with supporting the defense and safety of the state, the protection of citizens’ life and health,…
In the past few days the following key restrictive measures were introduced to support the ruble exchange rate and the Russian economy: Russian foreign trade participants (e.g. exporters of goods and services) must sell 80% of their foreign currency revenues resulting from any kind of foreign trade contracts within 3 days from receiving them on their Russian bank accounts. This requirement applies to revenues received starting from 1 January 2022.Starting from March 2022 Russian residents,…
Heightened geopolitical global activity can lead to an increase in cyber risk for businesses. “Grey zone” and “hybrid” are two terms relating to cyber attacks that are widely used at the moment. Both terms now typically relate to geopolitical activity; “grey zone” activity is activity by or attributed to a nation state actor which is between normal peacetime relations and traditional kinetic warfare. Hybrid is a reference to the fact that modern warfare is almost…
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…