The Government Commission Has Unified the Requirements for Transactions on Sale of Shares in Russian Companies and Payment of Dividends, Which Carried Out with Shareholders from Unfriendly States

17 July 2023

The Ministry of Finance of the Russian Federation published the Extract from the Decision of the Subcommission of the Government Commission for Control over Foreign Investments in the Russian Federation (the “Subcommission”) No. 171/5 dated 7 July 2023, which unifies and clarifies the requirements for deals on sale and purchase of stocks (shares) in Russian companies by persons from unfriendly states and payment of dividends to such persons. At the same time, the previously published Extracts from the Minutes of the Subcommission meetings No. 118/1 dated 22 December 2022 and No. 143/4 dated 02 March 2023 are no longer in force.

The table with the main criteria used by the Subcommission when considering the issue of approving transactions is set out in this update

Lidings – Strategic Partner of the Conference on Legal Issues in Pharmaceutical Industry

26 April 2023

April 26th,2023 annual conference Pharmaceuticals – 2023: Legal Issues will take place in Moscow organized by Lidings lawyers take an active part in the event’s program.

As a strategic partner of the conference, we aimed to make the program rich and actual. Together with pharmaceutical industry experts and lawyers, we will discuss topical issues of industry regulation, changes in the pharmaceutical market in the ongoing era of sanctions and talk about how to protect intellectual property.

OFAC Has Restricted Payments of Mandatory Contributions to the Budget of the Russian Federation for American Companies and Individuals

05 April 2023

On 27.03.2023 the Subcommission of the Government Commission for the Control of Foreign Investments published an Extract from the minutes of its meeting dated 02.03.2023. This document provides for a new requirement which has to be fulfilled in order to obtain Subcomission’s permission with regard to sale of shares of Russian companies. Foreigners from unfriendly states are now obliged to transfer funds to state budget in the amount of 5%-10% of the target’s valuation.