Under a new Decree No. 529 "On the temporary procedure for the performance of obligations under bank account (deposit) agreements denominated in foreign currency and obligations under bonds issued by foreign entities" several amendments were made to the way credit institutions and entities could fulfil their obligations.

The National Economic Crime Centre (NECC) and OFSI as one of its members in July 2022 published “red alert” to provide information on some common techniques designated persons are suspected to be using to evade financial sanctions against Russia.

The US Financial Crimes Enforcement Agency (FinCEN) and the U.S. Bureau of Industry and Security (BIS) have issued a joint review of recommendations and "red flags" that they suggest financial institutions should use to prevent violations of export regulations and restrictions imposed on Russia.

The new sanctions measures have affected the sphere of consulting services – now their provision on the territory of the Russian Federation is significantly limited.

Under the bill “On Amendments to Article 201 of the Criminal Code of the Russian Federation”, introduced to the State Duma on April 7, 2022, it is proposed to bring to criminal liability for the performing in line with sanctions imposed on Russian persons.

Review of the most notable bankruptcy disputes in Russia - 4 Quarter 2021 (in Russian).

• pdf, 285.67 kb

Lidings in cooperation with Legal Academy, an innovative educational project in Russia, will run a free webinar Doing Business in Russia Under Sanctions scheduled to take place on Friday, 27 May 2022, at 17:00 MSK.

Review of the most notable court cases in International Commercial Arbitration - 4 Quarter 2021 (in Russian).

• pdf, 272.25 kb

The purpose of the economic restrictions imposed in February-April 2022 is officially declared to be “changing Russia’s behavior” and exerting “pressure” on those involved in the events in Ukraine. To this end, restrictions were imposed on various sectors of the Russian economy, as well as on citizens of the Russian Federation.

Prior to the new “packages” of economic restrictions in 2022, citizens of “unfriendly states” were not included in the SDN lists by the respective states. The situation is gradually changing: now the EU, the US and the UK citizens and companies are under attack.