As stated by the President of Russia Vladimir Putin, the state is ready to help domestic businesses on a Pro Bono basis to return capital from abroad by issuing foreign currency bonds. This good for the part of entrepreneurs the news the President announced on December 21 at a meeting in the Kremlin. The issue of the “bonds of external loans denominated in foreign currency” is scheduled for next year. According to the President, the government and the Central Bank has already elaborated this issue, it remained for the technical issues – issue details and conditions.
Senior Associate Alexey Karchiomov and Associate Yulia Beliakova have become the authors of Russian Overview for Getting the Deal Through: Shipping 2018.
Federal Law No.259-FZ dated July 29, 2017 (the “Law”) introduced significant amendments to the Civil Code of the Russian Federation (“the Civil Code”) in regard to the regulation of inheritance-related matters. One of the key novelties was the emergence of a new tool – estate funds.
The Law provides for procedures to set up an estate fund, determines the legal status of its beneficiaries and sets forth procedures for managing the fund. The Law will take effect on September 1, 2018.
A team of associates from the Corporate and M&A Practice at EPAM provided legal advice on a transaction involving the sale of shares in one of the companies belonging to National Media Group.
On July 1, 2017 entered into force the Federal Law dated July 1, 2017 No. 155-FZ “On amendments to Article 5 of the Federal Law “On the Privatization of State and Municipal Property” and the Federal Law “On the Procedure for Making Foreign Investments in Companies which are of Strategic Importance for Ensuring the National Defense and State Security” (hereinafter – “Law No. 155-FZ” and “Strategic Investments Law” respectfully).
On 2 June, on the sidelines of the 21st St. Petersburg International Economic Forum, a cooperation agreement was signed between the Government of Leningrad Region and joint stock company Knauf Petrobord, a member of the Knauf Group. The agreement includes an investment by Knauf of at least RUB3.5bn to renovate production facilities for cardboard facing over the period to 2020, and provision of investor support by the Government of Leningrad Region.
The Constitutional Court of the Russian Federation has accepted arguments made by EPAM Partner Dmitry Stepanov and found Article 302, Paragraph 1 of the Civil Code of the Russian Federation unconstitutional.
EPAM has assisted Knauf Petrobord on its June 2, 2017 entrance into an agreement with the Government of Leningrad Region involving Leningrad's funding of at least RUB 3.5 billion to renovate production facilities for cardboard facing before 2020.
EPAM has advised Danone Russia on its entry into a joint project with Soyuzmultfilm.
EPAM has advised Danone Russia on its entry into a joint project with Soyuzmultfilm.
Some of Russia's super-rich have given up residency to escape a 2014 law requiring them to disclose offshore assets, wealthy businessmen told Reuters, a practice that could keep billions of dollars hidden from Moscow's tax authorities.
EPAM has acted as legal advisor to the special committee on the rights of Russian bondholders in the international debt restructuring of the Roust Corporation, which the firm describes as "one of the largest producers of vodka in the world."
EPAM has successfully assisted on the transfer of JSC Uralsib's motor insurance portfolio to JSC Reliance.
The information exchange, as such, is not prohibited by the effective Russian Federal Law On Protection of Competition (the Competition Law or Law), but the content of the information exchange between business entities and its consequences are important. Generally, a confirmed exchange of any commercially important information (about prices, production volumes, etc) may be treated as showing that there is an anticompetitive arrangement between companies that will be qualified as a cartel, if the information is exchanged between competitors and if the exchange agreement has resulted in variation of prices, lowering the number of market players or gaining a competitive advantage (article 11 of the Competition Law).