On 16 January 2024 the State Duma adopted in the first reading the draft law No. 412669-8 “On Amendments to Chapter 4 of the Federal Law “On the Basics of State Regulation of Trade Activities in the Russian Federation” (“Draft law”). The Draft law proposes to introduce a number of changes to the regulation of companies engaged in consumer market research, provided they receive revenue in the amount of more than 30 million rubles per year.

On 18 December 2023 the President of the Russian Federation issued decree No. 958 “On Amendments to Certain Decrees of the President of the Russian Federation”, according to which restrictions on certain types of deals with persons from “unfriendly” countries were extended.

On 14 August 2023 the Tenth Arbitration Court of Appeal invalidated a real estate purchase and sale deal completed without the permission of the Government Commission for Monitoring the Implementation of Foreign Investments in the Russian Federation (hereinafter referred to as the “Government Commission”). On 16 October 2023 the Arbitration Court of the Moscow District upheld the decision of the Court of Appeal, confirming the illegality of such transactions bypassing the procedure provided for by current legislation.

The Federation Council approved on 28 July 2023 a draft law¹ regulating the procedure for the exercise of corporate rights by foreign participants of Russian companies.

Legal update on general ad requirements in CIS countries, Georgia and Mongolia.

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In reply to economic and financial sanctions within the last 15 months the Russian state has introduced various restrictions for persons from ‘unfriendly’ states. These limitations also affected their corporate rights in Russian companies – disposal of shares, receipt of dividends and other aspects of corporate management. 

On 22 February 2023 the Government has approved the rules for conducting an experiment on the remote sale of prescription medicines. The experiment is carried out in the territory of Moscow, Moscow and Belgorod regions from 1 March 2023 to 1 March 2026.

The State Duma has adopted in the first reading amendments to article 238.1 of Criminal Code, establishing liability for circulation of unregistered medicinal drugs and devices in Russia.

The bill proposes to exclude from note 3 to the article 238.1 a case of non–criminalization – the existence of a recommendation by the World Health Organization for the use of appropriate unregistered medicinal drugs and devices.

On 22 February 2023 the Ministry of Finance published on its official website a list of appraisers that the Ministry recommends to involve in the valuation of assets to obtain permits from the Government Commission within the framework of Presidential decrees No 79 of 28 February 2022 and No 81 of 01 March 2022. The list includes 42 appraisal organizations recommended for evaluation of business (stocks, shares, units) and real estate, and only real estate.