Russia and the Gulf countries continue to deepen economic cooperation, which becomes especially important against the backdrop of sanctions restrictions. The Russian-Gulf Business Forum: New Ties, New Opportunities (took place in Moscow on 24 September 2024) provided an opportunity for a comprehensive discussion of both business prospects and legal issues related to the activities of Russian companies in the region.

Highlights of the event in our report.

On September 24, 2024, Moscow hosted the Russian-Gulf Business Forum: New Connections, New Opportunities, a central platform for exploring business prospects in the Gulf. The event highlighted new avenues for collaboration and showcased the commitment of key market players to deepen ties with one of the world’s fastest-growing regions.

On 8 August Federal Law No. 300-FZ came into force, introducing a number of amendments to legislation, the most important of which affect regulation of economically significant organizations (hereinafter – “ESO”). Read more about the status of ESO in our updates as of 4 August 2023.

On 8 August 2024, the Arbitration Court of the Moscow Region satisfied the claim of the Russian Ministry of Industry and Trade against foreign company – Besloten Vennootschap Megapolis Distribution B.V. (distributor of Japan Tobacco, Phillip Morris, Red Bull, Durex and other brands) for suspension of its corporate rights in an economically significant organization (hereinafter – “ESO”) JSC “Megapolis Trade Company”.

On 8 August 2024, federal laws introducing a number of changes to the regulation of Russian LLC and JSC activities were published: Federal Law No. 305-FZ dated 08.08.2024 “On Amendments to Articles 48 and 66 of the Federal Law “On Joint Stock Companies” and Certain Legislative Acts of the Russian Federation” (hereinafter – “Law No. 305”) and Federal Law No. 287-FZ dated 08.08.2024 “On Amendments to the Federal Law “On Joint Stock Companies” and Certain Legislative Acts of the Russian Federation” (hereinafter – “Law No. 287”).

On 9 July 2024, the State Duma passed Bill No. 638771-8 “On Introduction of the Draft Federal Law ’On Amendments to Certain Legislative Acts of the Russian Federation’” (the “Bill”) in first reading, which focuses on changes in the regulatory regime for the circulation of dietary supplements in Russia.

The proposed amendments would introduce significant changes affecting the circulation of dietary supplements and, to a certain extent, bringing it closer to the regime established for pharmaceuticals and medical devices.

On June 21, 2024, Bill No. 653124-8 "On Amending Certain Legislative Acts of the Russian Federation" (hereinafter - "Bill No. 653124-8") was submitted to the State Duma of the Russian Federation, providing for changes in the procedure for payment for the authorized capital of credit organizations, insurance organizations and non-state pension funds (hereinafter - "financial organizations").

Lidings has signed a cooperation agreement with Leadvisor Global, an international network of consultants. The firm has become the first national legal counsel to represent Russia.

We are delighted to announce that Lidings has updated The Pharma Legal Handbook: Russia - practical directory focused on the key aspects of legislative regulation of pharmaceutical industry in Russia.

Lidings takes high positions in the new rating of the leading legal advisors in Russia based on the analytical research held annually by the “Kommersant” newspaper. In 2024 the firm is ranked among the TOP leading legal advisors in Russia.