Founder of a Major Russian Pharmaceutical Company Listed as SDN in the UK

09 February 2023

On 8 February 2023 Alexey Repik, the founder of R-Pharm – Russian pharmaceutical company, producing, among other things, drugs for COVID-19 (e.g. coronavir (favipiravir) and artlegia (olokizumab)) was listed in the UK Sanctions List.

Reasoning behind this decision is that he holds the position of the Chairman of the Board of R-Pharm, which receives financing from the Russian Direct Investment Fund – a Government of Russia-affiliated entity. Moreover, Alexey Repik is also designated as a person associated with Vladimir Putin, the Russian President.

Sanctions Watch in Russia: Advising Business

01 February 2023
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.

US Has Authorized Provision of Accounting, Trust and Corporate Formation, and Management Consulting Services to Russian Persons in Spheres of Agricultural Commodities and Medicine

30 January 2023

The new General license No 6C published by OFAC on January 1, 2023, establishes exceptions from US sanctions related to the spheres of agricultural commodities, medicine, medical devices, replacement parts and components for medical devices, or software updates for medical devices.

Certain Russian Companies Will Be Able to Make Decisions Without Calculating Votes of Minor Shareholders Associated with Unfriendly Foreign States

23 January 2023

On 17 January 2023, the Decree of the President of the Russian Federation "On the temporary procedure for decision-making by the bodies of some business companies" was signed and published. It introduces several changes in decision-making for a number of large Russian companies.