The Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation (the ‘Sub-Commission’) has published a decision changing the criterion for permissions to be issued for transactions with shares, membership interests and deposits (‘Assets’) involving foreign parties connected with states taking hostile actions against the Russian Federation, in terms of the payment of a voluntary contribution to the state budget.
From now on, the obligation to make a voluntary contribution to the federal budget of at least 15% of the market value of an Asset is an official condition for obtaining permission for a transaction with that Asset.
Previous clarifications had set the minimum contribution of 5% or 10% of the market value of an Asset, depending on the percentage of the discount.
Under the new rules, no discount is relevant, and the minimum threshold of 15% of the market value is set for all transactions.
At the same time, in practice, when approving transactions with Assets, the Sub-Commission used to set the contribution at 15% even prior to the publication of the new rules.
 Extract from minutes No. 193/4 of the meeting of the Sub-Commission of the Government Commission for Overseeing the Making of Foreign Investments in Russia dated 26 September 2023.
 Sub-item 4, item 1, of the Extract from Decision No. 171/5 of the Sub-Commission of the Government Commission for Overseeing the Making of Foreign Investments in Russia dated 7 July 2023.