Practices
Industries

The Central Bank of the Russian Federation May Be Vested With the Authority to Determine the Foreign Currencies that May Be Used to Pay for the Authorized Capital of Financial Organizations

26 June 2024

On June 21, 2024, Bill No. 653124-8 "On Amending Certain Legislative Acts of the Russian Federation" (hereinafter - "Bill No. 653124-8") was submitted to the State Duma of the Russian Federation, providing for changes in the procedure for payment for the authorized capital of credit organizations, insurance organizations and non-state pension funds (hereinafter - "financial organizations").

Recovery of Legal Fees in the Event of Procedural Succession

30 May 2024

On 28 May 2024, the Constitutional Court adopted Resolution No. 26-P “On the Case on the Verification of the Constitutionality of Part 1 of Article 110 of the Arbitration Procedural Code of the Russian Federation in Connection with the Complaint of Citizen E. M. Tumanina”, in which it analyzed the possibility of reimbursement of legal fees associated with the consideration of an application for procedural succession.

Damage to Russian Federation and Russian Central Bank Will Be Compensated at the Expense of Property of US and Related Persons

24 May 2024

On 23 May 2024 Russian President signed the Decree № 442 “On the Special Procedure for Compensation of Damage Caused to the Russian Federation and the Central Bank of the Russian Federation in Connection with Unfriendly Actions of the United States of America” (hereinafter – the “Decree”).

The Decree introduces a special procedure for compensation of damages caused to Russian Federation or Central Bank of Russian Federation (hereinafter – “Russian rightholders”) due to unfriendly actions of the US. 

Government Commission Will Coordinate Transactions on the Alienation of Intellectual Property of Rightholders from Unfriendly Countries

22 May 2024

Earlier we reported on the fact that the Ministry of Industry and Trade of Russia has developed a draft by-law extending a special procedure for the execution of transactions to transactions involving intellectual property objects.

This legislative initiative has been developed. On 20 May the Decree of the Russian President No. 430 “On the Temporary Procedure for Acquiring the Exclusive Rights of Certain Copyright Holders and Fulfilling Monetary Obligations to Certain Foreign Creditors and Persons Controlled by Them” (hereinafter referred to as the “Decree”) was signed and came into force.