Restrictions on Sale of Certain Russian Companies

10 August 2022

New prohibitions and limitations on the direct or indirect sale of certain Russian companies (the “Decree”)

In addition to previous measures adopted earlier this year, a Presidential Decree No. 520 was signed on 05 August, 2022, which introduce new prohibitions and limitations on the direct or indirect sale of certain Russian companies (the “Decree”).

The Decree toughens the procedure on getting the approval for the sale of assets in Russia, in some industry sectors such as are in energy & natural resources, banking and other strategic sectors.

In this context it is key for foreign investors deemed resident in certain “unfriendly” countries and planning to sell their assets in Russia to analyze in-depth whether the sale of such assets would be covered by the Decree or not, and, if so, be prepared to seek approval of the sale.

At this stage, the approval procedure is not yet clear, and it is planned that a list of companies affected in the banking and oil and gas sectors should be provided by the Russian Government by August 15, 2022.

We trust you will find these comments useful and remain at your disposal for further questions or assistance on the above.

Please note that this press release is based on information taken from open sources. Neither Lex Evolution, nor its authors, shall not be held liable for its contents, nor for the legal and other consequences of decision taken based on this publication.

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