Practices
Industries
Items
Items
Items

Bank of Russia Published Clarification to Presidential Decree on the Procedure for Fulfillment of Obligations to “Unfriendly” Creditors

29 March 2024
On 25 March 2024 the Central Bank of the Russian Federation published an official clarification “Clarification of the Procedure of Application of the Provisions of the Decree of the President of the Russian Federation dated 5 March 2022 No. 95 “On the Temporary Procedure of Execution of Obligations to Certain Foreign Creditors””.
Kirill Evstifeev
Junior Associate

Sanctions Watch in Russia: Advising Business

29 February 2024
A combination of extensive and complex trade sanctions and export controls against Russia imposed by EU, US and UK starting February 24th 2022 inevitably affected local and multinational companies in Russia. In response the Russian government imposed its own retaliatory measures affecting the business in the country.

Lidings closely monitors the developments of the current situation and offers complex assistance on various issues related to sanctions, helping our clients to maintain operations under the conditions of turbulence and elevated risks.
Stepan Guzey
Partner

The Bank of Russia’s Letter on Dividend Policy Was Published

29 February 2024
The website of the Central Bank of the Russian Federation published Information Letter No. IN-02-28/9 dated 08 February 2024 “Information Letter of the Bank of Russia on Approaches to Determination and Disclosure of Dividend Policy (“Information Letter”). The Central Bank of the Russian Federation recommends that companies whose securities are admitted to organized trading (“PJSC”) develop and implement a transparent and understandable mechanism for determining the amount of dividends and their payment.
Kirill Evstifeev
Junior Associate

Review of Legislative Amendments to the Arbitrazh Procedure Code

27 February 2024

On 5 January 2024 Federal Law № 667-FZ dated 25.12.2023 “On Amendments to the Arbitrazh Procedural Code of the Russian Federation” (the “Law”) came into force, which introduced significant changes to certain procedural institutions, in particular, increased the time limits for procedural actions, expanded opportunities for consideration of cases in order proceedings and simplified proceedings, etc.

Dmitry Filippov
Junior Associate

The Supreme Court Сonfirmed the Jurisdiction of Russian Courts to Bankrupt a Foreign Debtor

26 February 2024

Starting from 2021 bankruptcy of foreign legal entities in Russian commercial courts has been actively developing. Most of the judgments were issued by courts of appeal and cassation stages and then confirmed by “refusal” rulings of the Supreme Court. It is also interesting that such bankruptcy proceedings were initiated by either Russian state bodies or Russian legal entities.

Elizaveta Fursova
Counsel