Asset freeze measures enacted by the United Kingdom against designated persons (DPs) can, under certain circumstances, extend to entities “owned or controlled” by DPs. To date, there have been few—and at times partly...more
The Russian President on May 23 issued Decree No. 422, establishing a procedure to seize the assets of US persons within Russian jurisdiction. The announced purpose of the decree is to provide compensation for the damage...more
The Russian Government Commission on Control over Foreign Investments approved the terms and conditions of the bidding process carried out within the framework of the blocked investment exchange mechanism....more
The Russian president issued Decree No. 844 on November 8, establishing the framework for release of blocked shares held by foreigners in Russia and their exchange for assets of Russian investors blocked abroad....more
The Russian Ministry of Finance recently announced the development of a mechanism for releasing blocked foreign investments and exchanging them for Russian assets blocked abroad. If approved, the initial stage will apply to...more
The Russian Parliament required in 2022 Russian issuers to terminate their depository receipt programs that entailed the conversion of depository receipts into Russian underlying shares. This LawFlash discusses the current...more
The European Union adopted its 8th sanctions package of restrictive measures against Russia on 6 October 2022 in response to the ongoing conflict in Ukraine. ...more
10/10/2022
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Cryptoassets ,
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Ukraine
Russian Decree No. 430 was signed on July 5, establishing a basic framework for the replacement of Eurobonds with Russian bonds. The Decree also confirms that debts owed to Russian participants of international syndicates of...more
Russian President Vladimir Putin signed Decree No. 394 on June 22, establishing the new mechanism for settlements under the sovereign bonds of the Russian Federation denominated in foreign currency (Eurobonds)....more
The State Duma, Russia’s parliament lower chamber, adopted draft law No. 116264-8 on June 29, 2022, containing rules allowing the conversion of depository receipts into the underlying Russian shares without a need to go...more
A new statement from the Russian Ministry of Finance requires Russian borrowers to repay debt owed to Russian lenders participating in international syndicates directly (bypassing mechanisms established by the relevant loan...more
Russia President Vladimir Putin signed the federal law, “On Amendments to the Federal Law ‘On Measures of Influence (Counteraction) on Unfriendly Actions of the United States of America and Other Foreign States,’” on May 1,...more
Following previously adopted restrictions on payments of dividends in joint stock companies, Decree No. 254 requires that any dividend payment from a limited liability company to its foreign participant connected with an...more
Russian President Vladimir Putin issued a decree listing several retaliatory special economic measures against legal entities and individuals, as well as organizations controlled by them, to be designated by the Russian...more
The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this...more
The Central Bank of the Russian Federation has recently been active in adopting secondary legislation clarifying and implementing presidential decrees on cross-border transactions. Such legislation imposes new restrictions...more
Following Russian President Vladimir Putin's pronouncement that buyers from “unfriendly states” pay for Russian gas in rubles, it has been largely unclear, until recently, what this demand would imply in practice....more
An insolvency moratorium first introduced during the COVID-19 pandemic applies to nearly all Russian legal entities, individuals, and sole entrepreneurs, and bans the commencement of insolvency proceedings against Russian...more
In response to sanctions adopted by the United States, the European Union, and other countries in relation to Russia’s operations in Ukraine, the Russian government is taking steps to adopt measures affecting foreign...more
President Vladimir Putin issued a decree introducing a special procedure for repayment of debt by the Russian state bodies as well as Russian residents (Russian Debtors) to non-Russian creditors related to foreign states that...more
In response to the coronavirus (COVID-19) pandemic, Russia has changed its bankruptcy laws to provide for a moratorium on bankruptcies and a freeze on certain transactions. ...more
Russian courts introduced certain measures to prevent the coronavirus (COVID-19) spread. Affected parties should take these measures into consideration when developing their litigation strategies. ...more
Russian courts introduced certain measures to prevent the spread of the coronavirus (COVID-19). Parties should take these measures into consideration when developing their litigation strategies....more
Several changes have been made to the requirements applicable to subordinated debt instruments issued by Russian banks....more