Bank of Russia Published Clarification to Presidential Decree on the Procedure for Fulfillment of Obligations to “Unfriendly” Creditors

29 March 2024
On 25 March 2024 the Central Bank of the Russian Federation published an official clarification “Clarification of the Procedure of Application of the Provisions of the Decree of the President of the Russian Federation dated 5 March 2022 No. 95 “On the Temporary Procedure of Execution of Obligations to Certain Foreign Creditors””.

Key Changes to the Law on Circulation of Medicines

14 March 2024
On January 30, 2024, the President of Russia signed Federal Law No. 1-FZ, which introduced substantial amendments to Federal Law No. 61-FZ dated April 12, 2010 ("Law on Circulation of Medicines").

The legislative novelties are primarily aimed at harmonizing national regulation and rules established in the EAEU unified market.

The Bank of Russia’s Letter on Dividend Policy Was Published

29 February 2024
The website of the Central Bank of the Russian Federation published Information Letter No. IN-02-28/9 dated 08 February 2024 “Information Letter of the Bank of Russia on Approaches to Determination and Disclosure of Dividend Policy (“Information Letter”). The Central Bank of the Russian Federation recommends that companies whose securities are admitted to organized trading (“PJSC”) develop and implement a transparent and understandable mechanism for determining the amount of dividends and their payment.

Review of Legislative Amendments to the Arbitrazh Procedure Code

27 February 2024

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 Сonfirmed the Jurisdiction of Russian Courts to Bankrupt a Foreign Debtor

26 February 2024

Starting from 2021 bankruptcy of foreign legal entities in Russian commercial courts has been actively developing. Most of the judgments were issued by courts of appeal and cassation stages and then confirmed by “refusal” rulings of the Supreme Court. It is also interesting that such bankruptcy proceedings were initiated by either Russian state bodies or Russian legal entities.

Decisions on Issuing Compulsory Licenses Will Now be Made by a Subcommittee Under the Russian Government

26 February 2024

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

20 February 2024

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

05 February 2024

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.