Sanctions Watch in Russia: Advising Business

29 February 2024
Sanctions, which have been a part of economic reality since at least 2014, nowadays pose more than ever before threat to Russian and foreign companies, regardless of whether economic operations are directly related to activities in Russia.

A combination of extensive and complex trade sanctions and export controls against Russia imposed by EU, US and UK starting February 24th 2022 inevitably affected local and multinational companies in Russia. In response the Russian government imposed its own retaliatory measures affecting the business in the country. 

Lidings closely monitors the developments of the current situation and offer complex assistance on various issues related to sanctions, helping our clients to maintain operations under the conditions of turbulence and elevated risks.

At the moment the following needs are the most relevant for business in Russia:

  • General and special issues related to sanctions: what is to be afraid of and what is not
  • You or your counterparties are affected by sanctions: immediate actions and planning
  • A decision was made to withdraw from Russia/freeze the business/sell assets: a sequence of steps and risk minimization
  • Further life under the sanctions imposed: what you should do to keep the business going

We help our clients to solve issues related to currency payments, restrictions on the export and import of goods, services and technologies, opening and maintaining accounts in foreign banks, opening subsidiaries and affiliates abroad.

We also accompany and advise individuals in connection with problems that arise when obtaining documents, crossing the border in conditions of restrictions on communication between countries, provide assistance in solving problems related to the preservation of personal funds and savings in foreign currency etc.

For any further questions, please don’t hesitate to contact us on our «Hot Line»: Stepan Guzey, Partner, Lidings,, +7 (495) 989 44 10.

Recent legal updates and reviews related to sanctions and restrictive measures in Russia:

29 February 2024
Sanctions Updates of “Unfriendly” States

12 May 2023
Restrictions on Corporate Rights of Foreigners in Russia

30 January 2023
US Has Authorized Provision of Accounting, Trust and Corporate Formation, and Management Consulting Services to Russian Persons in Spheres of Agricultural Commodities and Medicine

23 January 2023
Certain Russian Companies Will Be Able to Make Decisions Without Calculating Votes of Minor Shareholders Associated with Unfriendly Foreign States

30 December 2022
Till the End of 2023, Retail Chains are Allowed to Purchase/Lease Additional Retail Space from Companies Controlled by Foreign Organizations that Have Ceased Their Activities in Russia

17 November 2022
Update of the Foreign Legal Entities List Subject to Russian Special Economic Measures

7 November 2022
Legal Advisory Services Under Newly Applied Sanctions

19 October 2022
New Restrictions on Transactions with Foreign Persons From “Unfriendly” States

29 September 2022
“The European Commission Updated FAQ on EU Sanctions, Concerning Intellectual Property

29 July 2022
“Red alert” on Financial Sanctions Evasion Typologies Issued by OFSI and the National Economic Crime Centre

14 July 2022
BIS Published Guidelines on Suspicious Transactions under Sanctions

23 June 2022
Сompanies Under Sanctions May Get the Opportunity Not To Elect a Board Of Directors and Other Corporate Exemptions

1 June 2022
Criminal Liability for Performing in Line with Sanctions Imposed on Russia

30 May 2022
Mandatory Payments in Rubles for Intellectual Property

17 May 2022
Additional Rules for the Fulfillment of Financial Obligations in Corporate Relations with Foreign Creditors

16 May 2022
Retaliatory Special Economic Measures Have Been Introduced in Russia Against Certain Persons

13 May 2022
It is Proposed to Prohibit the Payment of the Contract Price in the Equivalent of the Amount in Foreign Currency or World Commodity Indices

27 April 2022
Green Light to Parallel Import in Russia

14 April 2022
The New Version of the Draft Law “On External Administration to Manage a Company”

4 April 2022
From April 1, 2022, Russia Introduces a Moratorium on Initiating Bankruptcy Proceedings Under the Claims of Creditors

4 April 2022
The EU, the US and the UK Have Consistently Imposed Economic Restrictions on Their Own Citizens

24 March 2022
Sanctions. Changes to the criminal legislation in February-March 2022

23 March 2022
Bill on Exemption from Contractual Liability Due to Foreign Sanctions

15 March 2022
Winding-up a Company in Russia During Sanctions. Summary Guide

11 March 2022
Considerable Sanctions-Related Changes in Regulations and Intellectual Property in the Pharmaceutical Sphere

9 March 2022
Sanctions Monitoring. Aviation Sector

5 March 2022
New Legal Requirements: Government Amendments

4 March 2022
Sanctions Monitoring. Banking Sector