LEGAL ALERTS

On 27 May 2022 Russia’s President signed a decree “On the temporary procedure for fulfilling obligations to certain copyright holders”[1] (hereinafter referred to as the Decree). The Decree allows Russian companies to fulfil obligations in rubles to copyright holders who: are associated with unfriendly countries or are under the control of such foreign copyright holders, support […]

The President of the Russian Federation recently signed Decree No. 254 of 4 May 2022 (“Decree No. 254”) [1].  Adding to measures already taken, Decree No. 254 establishes, from 4 May 2022, a temporary procedure for fulfilling obligations to pay profits of resident LLCs, business partnerships, and production cooperatives to their foreign participants who are from

A draft law (the “Law”)[1] providing for amendments to the Law “On Protection of Consumer Rights”[2] has been submitted to the State Duma. According to the State Duma’s website,[3] the Law is scheduled to take effect on 1 September 2022. The purpose of the Law is to limit forcible, non-transparent or unintentional collection of consumers’

On 18 March 2022 the Russian President signed a decree on additional economic measures that introduces new restrictions on currency transactions[1]. Specifically, the decree prohibits the following cross-border transactions from being consummated in 2022 without special permission from Russia’s Central Bank: for a resident to pay for a participation interest, contribution or share in property

On 14 March, a decision of the governmental commission for monitoring foreign investments (the ‘Governmental Commission’) was published on the website of the Russian Ministry of Finance providing for certain exceptions to the previously introduced prohibition on residents crediting foreign currency to foreign accounts. According to the new rules, foreign currency can be credited to

It should be recalled that on the 1st of March 2022, a Presidential Decree[1] came into force, which provides for the introduction from 02 March 2022 of a special procedure for transactions by residents of the Russian Federation entailing the emergence of title to immovable property with persons from “unfriendly” countries[2] Explanations from the Bank

On 2 March 2022, the Russian President signed a Decree[1] to promote the accelerated development of the IT sector in Russia. The benefits are aimed at encouraging and supporting domestic developers of mobile applications and companies engaged in implementing, installing and testing locally produced IT solutions. Only companies accredited by the Russian Ministry of Digital Development,