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from the Minutes of the Subcommission meetings No. 118/1 dated 22 December 2022 and No. 143/4 dated 02 March 2023 are no longer in force.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

Federal Law No. 301-FZ “On Amendments to the Federal Law “On Protection of Competition”” (the “Law”) was signed by the President of the Russian Federation on 10 July 2023 and will enter into force on 1 September 2023. As follows from the explanation note, the Law provides a set of norms aimed to improve antitrust regulation in the digital economic development. The main amendments of the fifth antitrust package you can find in this legal update.

On 29 June 2023, Federal law of 28 June 2022 No. 193-FZ came into force, amending Part 4 of the Russian Civil Code, including the subjects that can be trademark holders.

From 1 September 2022 a new regulation in the field of advertising has been enacted. Federal Law No. 38-FZ “On Advertising” was supplemented by provisions, according to which Internet advertising should be marked and is subject to registration in the Unified Register of Internet Advertising, the operator of which is Roskomnadzor.

On May 23, 2023, the Government submitted to the State Duma a bill designed to simplify the procedure for voluntary liquidation of small and medium businesses companies.

According to the draft Federal Law “On Amendments to the Federal Law “On the Basics of State Regulation of Trade Activities in the Russian Federation" (the “Draft”), Russian retail chains must ensure the availability of a certain number of non-food products of Russian origin.

In reply to economic and financial sanctions within the last 15 months the Russian state has introduced various restrictions for persons from ‘unfriendly’ states. These limitations also affected their corporate rights in Russian companies – disposal of shares, receipt of dividends and other aspects of corporate management. 

On April 25, Russian President signed a decree on the introduction of temporary asset management of persons from unfriendly states in response to the seizure or restriction of rights to Russian property abroad.

Decree No. 529 of the Russian Government dated April 3, 2023 entered into force on April 18, 2023. It amends the Rules for Granting Subsidies for Research and Development in the Realization of Innovative Projects, approved by Decree No. 1649 of the Russian Government dated December 12, 2019.

On 22 February 2023 the Government has approved the rules for conducting an experiment on the remote sale of prescription medicines. The experiment is carried out in the territory of Moscow, Moscow and Belgorod regions from 1 March 2023 to 1 March 2026.