Rybalkin, Gortsunyan, Dyakin & Partners (RGD) follows new legal changes and initiatives and informs its clients and partners about their application. In regular Legal Alerts, RGD’s lawyers explain new legal acts from various law fields and provide professional recommendations in order to help organisations change their business and financial policy comply with applicable Russian legislation.

Suren Gortsunyan, RGD’s founding and managing partner, commented: “In current situation, within sanctions against Russia, when Russian legislation is constantly changing and many international law firms closed their offices in Russia, our firm works as usual and provides clients with legal advice. We understand the importance of doing our business within instability and uncertainty. We are always ready to provide legal support to our clients justifying given trust and confirming our professionalism”.

The list of RGD’s Legal Alerts:

• The Russian Ministry of Finance Requires Exporters to Sell 80% of Currency Proceeds of 28 February 2022

  
  

  On requirements to sell 80% of currency proceeds pursuant to all foreign trade contracts based on the proposals of the Russian Ministry of Finance and the Bank of Russia.

  
  

• On special economic measures being applied in Russia of 1 March 2022

  
  

  In line with the Russian President Decree No. 79 On Taking Special Economic Measures in Connection with Hostile Moves of the United States of America and Foreign Countries and International Organisations that Have Joined Them.

  
  

• First Deputy Prime Minister proposed the options for the foreign investors of 4 March 2022 in English

  
  

  The First Deputy Prime Minister of the Russiam Federation Andrei Belousov after meetings with the RUIE (Russian Union of Industrialists and Entrepreneurs) and “Business Russia” proposed three options for the development of relations with foreign investors within the economic situation and sanctions against Russia.

  
  

• Vladimir Putin has signed a Decree which allows Russian companies to pay debts to some foreign creditors in Rubles of 7 March 2022 in English

  
  

  Explanation of the Decree No. 95 dated 5 March 2022 On Temporary Procedure for Performing Obligations to Certain Foreign Creditors.  

  
  

• The Russian Government has approved the rules for permissions to transactions with foreign persons, which are to be granted by the Government Commission for Foreign Investments of 7 March 2022

  
  

  About the rules introducing a special procedure that the Government Commission for Foreign Investments in Russia should follow when issuing permissions to perform certain transactions and operations in line with the Russian Government Executive Order No. 295 dated 6 March 2022.

  
  

• The Central Bank of Russia addressed frequently asked questions about operation of the Russian financial system under sanctions of 8 March 2022 in English

  
  

  The summary of Q&As from the Central Bank of Russia.  

  
  

• “Patent Amnesty” cancels the payment of compensation to patent owners for violations of patent rights on the territory of the Russian Federation for persons with citizenship of states that have imposed sanctions against the Russian Federation of 9 March 2022

  
  

  The Government of the Russian Federation entered into force Resolution No. 299 On Amendments to Paragraph 2 of the Methodology for Determining the Amount of Compensation Paid to the Patent Owner when deciding to Use an Invention, Utility Model or Industrial Design without his Consent, and the Procedure for Its Payments.  

  
  

• Bank of Russia to establish “C” type account regime for payments relating to loans and financial instruments

  
  

  In accordance with Presidential Decree No. 95 dated 5 March 2022

  
  

• On the measures of state support to Russian businesses in the context of international sanctions, and new export and import restrictions

  
  

  RGD’s lawyers would be happy to provide any additional information on further development of legal initiatives and changes upon the request and are ready to provide legal support.

• On the list of commodities and types of equipment that are temporarily banned from exports outside of Russia

• On appointing external administration for managing companies with foreign capital from unfriendly countries

  
  

  The Russian Government has developed a draft law (“Draft Law”) whereby an external administration (“External Administration”) may be appointed to manage companies with foreign capital from unfriendly countries.

• On Changes in the Rules for Crediting Funds in Foreign Currency to Residents’ Accounts

  
  

  On 14 March 2022, the Russian Finance Ministry (the ‘Finance Ministry’) announced[1] that, on 10 March, the sub-commission of the Government’s Commission for Controlling Foreign Investments in Russia had adopted a decision amending the rules whereby residents credit funds in foreign currency to their accounts (deposits) with banks and other financial market institutions located outside of the Russian Federation.

Should you have any questions on these alerts or in case you wish to subscribe, please contact us at alerts@rgd.legal.