The Bank of Russia Extended Restrictions on Payment by Residents for Shares in the Authorized Capital of Non-resident Legal Entities
Key Changes to the Law on Circulation of Medicines
The legislative novelties are primarily aimed at harmonizing national regulation and rules established in the EAEU unified market.
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 Сonfirmed the Jurisdiction of Russian Courts to Bankrupt a Foreign Debtor
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
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.