Russia

News & Analysis as of

President Signs Russia Sanctions Law But Does Not Intend To Impose New Sanctions At This Time

On December 18, 2014, President Obama signed into law the Ukraine Freedom Support Act of 2014 (the “Act”), authorizing sanctions related to Russia’s defense, energy, and financial sectors. The Act is the latest in US...more

New Law Significantly Expands Legal Basis for US Sanctions Against Russia

On 16 December 2014, President Obama announced that he will sign the Ukraine Freedom Support Act of 2014 (hereinafter the “Act”) into law. As discussed in our update dated 12 December 2014, the Act represents a potentially...more

Megatrends in M&A: 3 Key Regional Opportunities

With the rise in frequency of mergers & acquisitions (M&A) in Africa, the 26 percent growth of M&A in the Middle East this year and the global volume and value of M&A at its highest for years in the first three quarters of...more

U.S. Congress Passes Russia Sanctions Legislation

On Saturday, the U.S. Congress passed the Ukraine Freedom Support Act of 2014 (H.R. 5859), which, once signed by the president, will impose or authorize broad sanctions on Russia’s energy and defense sectors and increase...more

EU clarifies Russian sanctions

This alert follows our previous alerts on the Russia/Ukraine sanctions. On 5 December 2014, the European Commission published Regulation 1290/2014 (the Amending Regulation) with effect from 6 December 2014. This...more

US Clarifies Sanctions Provisions and US Senate Passes a Bill to Codify and Expand Sanctions

As noted in previous updates, the United States and European Union continue to impose sanctions against Ukrainian and Russian individuals and entities as a result of the turmoil in Ukraine. On 11 December 2014, the US Senate...more

“Deoffshorization” measures

On 24 November 2014 the Russian President signed Federal Law No. 376-FZ “On amending parts one and two of the Tax Code of the Russian Federation (in the part related to taxation of profits of controlled foreign companies and...more

Trade & Manufacturing - News of Note - December 2014

White House Announces Action Items To Strengthen U.S. Manufacturing - On October 27, President Obama unveiled new executive actions aimed at strengthening U.S. manufacturing. The actions were announced at a meeting of...more

Amendments to EU Sanctions against Russia

The EU adopted amendments to the current EU sanctions against Russia on 4 December 2014. These amendments are implemented via Council Regulation (EU) No 833/2014 (as amended) (“Regulation 833/2014”). They are intended to both...more

New Senate Bill Significantly Expands U.S. Sanctions Against Russia

The bill, if passed, would impose severe sanctions on “foreign persons” that make significant investments in Russian crude oil projects....more

Russian Legislation Update

In This Issue: - Currency Control - Banking - Patronage of Arts - Environment - Employment/Foreign Citizens - Excerpt from Patronage of Arts: On 4 November 2014 the President signed Federal...more

Compliance Attitudes in High-Risk Markets

A Chief Compliance Officer has a direct responsibility to promote the company’s business. That sounds like a controversial statement but it is not. Every officer and employee of a company has that responsibility....more

Information Letter: Management Liability: Potential Risk Zones (Russia)

The recent court practice shows that lawsuits seeking compensation of damages caused to company by its management are being filed with increasing frequency. It is largely due to courts' departure from formalistic approach to...more

UPDATED – Russia Issues Draft Legislation Prohibiting Virtual Currencies – Translation Available

The Ministry of Finance recently revised its proposed legislation banning virtual currency activity, reducing the applicable fines by approximately 20-50%. However...more

Guide to the Russian “Deoffshorization” Law

The Federal Law No 376-FZ dated 24 November 2014 “Concerning the Introduction of Amendments to Parts One and Two of the Tax Code of the Russian Federation (Regarding the Taxation of the Profit of Controlled Foreign Companies...more

EU Imposes Further Sanctions on Ukrainian Separatists

On 29 November 2014, the European Union (EU) published measures targeting additional individuals and organisations to be added to the scope of EU sanctions measures against Russia. These measures widen the EU sanctions in...more

"St. Petersburg Stock Exchange — Listing Notice"

A number of companies have recently received a letter from the St. Petersburg Stock Exchange (Exchange) in Russia stating that it has decided to admit the company’s securities to public trading on the Exchange. These letters...more

Bank of Russia Has for the First Time Published Marginal Values of Full Cost of Payday Loans

On November 14, 2014, the Bank of Russia has for the first time published information on the weighted average of full cost of consumer loans calculated for the period from September 1 to September 30, 2014 and the marginal...more

Bennett Jones Fall 2014 Economic Outlook

We expect a modest strengthening of global growth over the next two years relative to 2013 and 2014, largely originating from the advanced economies, and the U.S. in particular. Growth in the emerging economies as a whole...more

Russian Legislation Update

In This Issue: - Foreign Investments: Mass Media - Project Finance - Environment - Electric Power - Banking - National Payment System - Securities: New Issue Standards - Excerpt from Electric...more

CrunchedCredit.com’s 5th Annual Golden Turkey Awards

This is our fifth annual Golden Turkey Awards at CrunchedCredit. It just gets easier and easier. There are simply so many worthy contenders for an award this year. You know, we don’t stop and take a moment often enough to...more

Michael Garcia Now Just Taunting FIFA

And I say that in the most complimentary way. If you haven’t been following this story, here’s a quick recap: FIFA awarded the 2018 and 2022 World Cups to Russia and Qatar, respectively. This raised eyebrows, as they say. ...more

Defendant Entitled to New Trial After Trial Court Erroneously Admitted “Russian Equivalent of Facebook” into Evidence (New York)

United States v. Vayner, 2014 WL 4942227 (2d Cir. Oct. 3, 2014). In this criminal case, the defendant was convicted “on a single count of unlawful transfer of a false identification document.” The government relied...more

Medical Company Settles FCPA Claims With SEC and DOJ

On November 3, a medical company agreed to pay a total of $55 million to settle DOJ and SEC allegations that the company violated the FCPA in Russia, Thailand, and Vietnam. According to the SEC’s cease-and-desist order,...more

"Expansion of Military End-Use Controls Creates Potential Pitfalls for Exporters"

On November 7, 2014, the U.S. Commerce Department’s Bureau of Industry and Security (BIS) announced a final rule implementing controls on exports, re-exports and transfers of a variety of goods, software and technologies for...more

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