Courts Will be Able to Terminate and Modify Contracts Retroactively
The Government of the Russian Federation has submitted to the Parliament bill providing for amendments to paragraph 3 of Article 453 of the Civil Code. According to the current wording, in the case of a change or termination of the contract by court, the obligations are considered changed or terminated from the moment the court decision on the change or termination of the contract enters into force.
Residents of the Russian Federation Сan Оbtain the Rights of Shareholders and Participants in Russian Legal Entities Through Controlled Foreign Companies
The Federation Council is considering a Federal Law “On Amendments to Part Two of the Tax Code of the Russian Federation (on Certain Measures of Tax Support)”.
Russian Shopping Centers Will Be Able to Terminate Lease Agreements With Tenants From Unfriendly Countries Until the End of 2022
On July 14, 2022, the Federal Law No. 323-FZ "On amendments to certain legislative acts of the Russian Federation" came into effect. The Law, among other things, amends the Federal Law No. 46-FZ of March 8, 2022 and provides for the specifics of regulating relations with tenants in the field of trade and (or) catering from unfriendly countries until the end of 2022.
BIS Published Guidelines on Suspicious Transactions under Sanctions
The US Financial Crimes Enforcement Agency (FinCEN) and the U.S. Bureau of Industry and Security (BIS) have issued a joint review of recommendations and "red flags" that they suggest financial institutions should use to prevent violations of export regulations and restrictions imposed on Russia.
Branches (representative offices) of foreign companies in Russia can be transformed into LLC
On July 06, the State Duma adopted in the third reading a draft federal law establishing the conditions for the transformation of branches and representative offices of foreign companies in Russia into Russian limited liability companies (the “Draft law”) .
Сompanies Under Sanctions May Get the Opportunity Not To Elect a Board Of Directors and Other Corporate Exemptions
On June 10, 2022 the Government of the Russian Federation submitted to the State Duma a Federal Law “On amendments to certain legislative acts of the Russian Federation and on establishing the specifics of regulating corporate relations in 2022” (the “Draft Law”).
Additional Rules for the Fulfillment of Financial Obligations in Corporate Relations with Foreign Creditors
Decree of the President of the Russian Federation No. 254 of May 4, 2022 (“Decree No. 254”) establishes additional rules for the fulfillment of financial obligations in corporate relations with foreign creditors and clarifies the procedure for the implementation of several previously published Presidential Decrees.
Retaliatory Special Economic Measures Have Been Introduced in Russia Against Certain Persons
Presidential Decree No. 252 of 03.05.2022 (the “Decree”) introduced special economic measures due to unfriendly actions of some foreign states and international organizations. These measures are introduced because of illegal deprivation or restriction of the property rights of Russians and Russian companies to their property abroad.
It is Proposed to Prohibit the Payment of the Contract Price in the Equivalent of the Amount in Foreign Currency or World Commodity Indices
A draft law has been submitted to the State Duma, proposing amendments to the rules for setting prices in civil contracts.