On 16 February 2024, a draft law No. 554499-8 “On Amending Article 10 of the Federal Law ‘On the Procedure for Foreign Investments in Business Entities of Strategic Importance for Ensuring National Defense and State Security’” (the “Draft Law”) was submitted to the State Duma of the Russian Federation. The Draft Law provides for assessment of the economic and social consequences of foreign investments in Russian business entities of strategic importance.

Resolution of the Government of the Russian Federation No. 295 dated 6 March 2022, which establishes the general procedure for issuing permissions for deals prohibited by presidential decrees, was amended by Resolution of the Government of the Russian Federation No. 40 dated 22 January 2024 (“Resolution No. 40”).

The amendments concern the list of documents and information that should be submitted to the subcommission of the Government Commission for Control over Foreign Investments in the Russian Federation (“Commission”) to obtain permission for deals with securities (shares, contributions) of Russian legal entities.

On 3 January 2024 a new Presidential decree No. 8 (“Decree No. 8”), which supplements Presidential decrees No. 95 dated 5 March 2022 and No. 665 dated 9 September 2023 regarding the regulation of special accounts of type “C” and type “I”, entered into force.

Over the past two years, the number of arbitration disputes on the recovery of unjust enrichment from foreign IT-companies has increased significantly. For the period from 2022 to 2023, according to the Arbitration Case File, dozens of claims were filed by Russian legal entities against the largest foreign software manufacturers: IBM Eastern Europe/Asia LLC, Dell LLC, Hewlett Packard Enterprise LLC, and HP Inc LLC.

On 20 October 2023, the draft law “On Amending Article 13 of the Federal Law 'On Peculiarities of Regulation of Corporate Relations in Business Companies that are Economically Significant Organizations'” was submitted to the State Duma. The Draft Law amends Federal Law No. 470 and cancels some restrictions for transactions aimed at obtaining direct control over ESO by Russian citizens and residents indirectly owning stocks/shares of ESO owned by a foreign holding company.

The rule on 80% mandatory sale of foreign currency proceeds was introduced by Presidential decree No. 79 dated 28 February 2022 and was one of the anti-crisis measures taken to stimulate the economic situation in the country.