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On 20 May 2022, The Italian Parliament confirmed Law-Decree No. 21/2022 which the Government had enacted in March 2022 to introduce certain significant changes to the Italian rules on foreign investments review (FIR) in response to the invasion of Ukraine by Russia (see our article here). The result is Law No. 51 dated 20 May 2022 (Law 51/2022). By way of background, in the Italian constitutional framework, the issuance of State-wide laws falls within the…

Baker McKenzie’s Global Supply Chain Compliance Blog has published a new post on a sample letter issued by the U.S. Securities and Exchange Commission (“SEC”) Division of Corporation Finance advising companies on their potential need to disclose direct and indirect impact of Russia’s invasion of Ukraine and the related international response on their operations. The sample letter does not create any new disclosure obligations, though it indicates that companies should consider the various direct and indirect…

On 22 May 2022, the Parliament of Ukraine adopted draft law No. 7313 (“Draft Law”) aiming to prevent the turnover of pharmaceuticals manufactured in Russia or Belarus, or marketed by marketing authorization holders affiliated or otherwise related to companies with pharmaceutical manufacturing in these countries. To become effective, the Draft Law would need to be signed by the president of Ukraine and published in the official gazette. The Draft Law will come into force on…

Effective as of 24 May 2022, the Ukrainian sanctions legislation was amended to allow expropriation without compensation of assets owned directly or indirectly by the sanctioned individuals and legal entities that pose a significant threat to the national security, sovereignty or territorial integrity of Ukraine, or facilitate such actions being committed by other persons. Grounds for expropriation From 24 May 2022, and until martial law in Ukraine is lifted, the Ukrainian courts are allowed to…