This memorandum summarises the counter sanctions the Russian Federation has imposed against the unfriendly actions of the USA and their allied foreign countries and international organisations from 21 February to 7 April 2022 (13:00).
On March 02, 2022, the Arbitration Court of the Kirov Region made a ruling in widely discussed case No. A28-11930/2021, which refused to satisfy the claim of Entertainment One UK Limited for compensation for infringement of the rights to trademarks and works of art (“Peppa Pig”, "Daddy Pig").
This memorandum summarises the counter sanctions The Russian Federation has imposed against the unfriendly actions of the USA and their allied foreign countries and international organisations from 21 February to 14 March 2022.
In recent days, several Decrees of the President of the Russian Federation and instructions of the Central Bank of the Russian Federation have been published, which introduce serious currency restrictions in addition to those already in force under the Federal Law “On Currency Regulation and Currency Control”. A number of restrictions also apply to the conditions for investors to withdraw from projects in the Russian Federation.
The Decree establishes significant restrictions on cross-border monetary transactions and is directly related to both: transactions of individuals and participants in foreign economic activity.
On February 24, 2021, the President of the Russian Federation signed a law providing for the possibility of holding general meetings of JSC or LLC, including annual meetings, by absentee voting.
On February 24, 2021 the President of the Russian Federation has signed a law increasing liability for violations in the field of personal data. The changes will take effect on March 27, 2021. Special attention to these changes should be paid by operators who process large volumes of personal data.
On December 30, 2020, a law was adopted establishing new rules for the disclosure of personal data to an indefinite circle of persons and processing personal data from open sources. The changes will take effect on March 1, 2021. The new rules apply to all operators of personal data and affect both the distribution of data online and offline.
Daria Sergeeva, Senior Associate at Intellectual Property / TMT Practice, speaks about Intellectual Property ownership due diligence as an important part of M&A transactions in Russia.
Alexey Karchiomov, Counsel of International Trade & Customs Practice, discusses the most important issues for companies supplying to Russia.
Elena Agaeva, Head of M&A and Corporate Practice in St. Petersburg office, gives a few significant tips on closing an entity in Russia.
Alexey Karchiomov, Head of Maritime Shipping / Transport Law Practice, speaks about the options for registering a vessel in Russia.
On July 31, 2020, the Federal Law dd. July 31, 2020 No. 259-FZ "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation" (hereinafter - the Law) was published on the official web portal of legal information http://www.pravo.gov.ru. The Law regulates relations arising from the turnover of digital currency in the Russian Federation, as well as relations arising from issuance, accounting and circulation of digital financial assets, certain aspects of activities of information system operators and operators of exchange of digital financial assets. The Law comes into force on January 1, 2021, except for certain provisions.
On June 25, 2020, pharma giant Novartis AG and two of its subsidiaries agreed to pay the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) $346.7 million in penalties and disgorgement to resolve FCPA offenses in Greece, Vietnam and South Korea. This settlement highlights that, irrespective of economic downturns various countries are experiencing or a pandemic gripping the world, the FCPA will continue to be enforced by the relevant authorities.
On 08 June 2020, the President of the Russian Federation signed the Federal law “On amendments to the Arbitrazh Procedure Code of the Russian Federation in order to protect the rights of individuals and legal entities in connection with restrictive measures imposed by a foreign state, state association and (or) union and (or) state (interstate) institution of a foreign state or state association and (or) union” (hereinafter – the Law). The Law comes into effect on 19 June 2020.