Ministry of Finance Published List of Appraisers Recommended for Valuation of Assets to Obtain Permits from the Government Commission

03 March 2023

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.

From 1 September 2023, Cargo Vehicles Will Be Able to Cross the Border of the Russian Federation Only After Preliminary Reservation

27 February 2023

On 17 February 2023, Federal Law No. 24-FZ of 17.02.2023 “On Amendments to Certain Legislative Acts of the Russian Federation” was published, amending the regulation of the movement of freight transport across the Russian border.

According to the new rules, starting from 1 September 2023, the crossing of the state border by cargo vehicles will be carried out through special crossing points after reserving the date and time.

Russian Banks Are Now Responsible for the Frozen Funds On Bank Accounts of Russian Clients

21 February 2023

Arbitrazh court for the Moscow City issued a judgement under the claim of a Russian entity to Alfa-Bank JSC. By this decision the court ordered the Russian bank to make a refund of the frozen funds allocated on the accounts of a correspondent bank to its client as well as charged the bank with penalties and interest for the use of its client’s money.

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.