Sanctions Updates of “Unfriendly” States
The Bank of Russia’s Letter on Dividend Policy Was Published
Review of Legislative Amendments to the Arbitrazh Procedure Code
On 5 January 2024 Federal Law № 667-FZ dated 25.12.2023 “On Amendments to the Arbitrazh Procedural Code of the Russian Federation” (the “Law”) came into force, which introduced significant changes to certain procedural institutions, in particular, increased the time limits for procedural actions, expanded opportunities for consideration of cases in order proceedings and simplified proceedings, etc.
The Supreme Court Confirmed the Competence of Russian Courts to Bankrupt a Foreign Person
Decisions on Issuing Compulsory Licenses Will Now be Made by a Subcommittee Under the Russian Government
On 15 February 2024, the President of the Russian Federation signed Decree No. 122 “On Improving the Procedure for Decision-Making on the Use of Inventions, Utility Models and Industrial Designs to Ensure the Economic Security of the Russian Federation” (“Decree”), which requires the Russian Government to form a Sub-commission on the use of inventions, utility models and industrial designs (“Sub-Commission”). The Sub-Commission will be formed under the Government Commission on Economic Development and Integration.
The Procedure for Carrying Out Deals with Companies of Strategic Importance May Be Changed
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.
The Russian Federation May Allow Using Stablecoins in Foreign Trade Settlements
The draft Law № 540256-8 “On Amendments to the Federal Law "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation"” (hereinafter “Draft Law”) has been submitted to the State Duma.
The Draft Law introduces spot changes to the Digital Financial Assets Law1 in terms of the definition of the term “secured stablecoins” and the procedure for the use of secured stablecoins in foreign trade contracts.
Exemptions for Intergroup Deals and Other Amendments to the Rules for Obtaining Permissions for Deals with “Unfriendly” Shareholders of Russian Companies
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.
The Central Bank of the Russian Federation May be Authorized to Restrict the Granting of Risky Mortgage Loans
On 24 January 2024, the State Duma Committee for the Financial Market proposed to adopt for consideration Draft law № 531412-8 “On Amending Article 45-6 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)"” (hereinafter - the “Draft law”).
The authors of the Draft law were a group of senators and deputies led by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market.
The Draft law proposes to authorize the Bank of Russia to limit the share of loans secured by a pledge of buildings, structures, land plots, construction in progress, residential and non-residential premises and parts of buildings or structures (parking spaces) intended to accommodate vehicles.