Analytics and brochures
Amendments to ease the restrictions have been made to the list of foods banned from being imported into the Russian Federation. This may be treated as a circumstance that stops a force-majeure regime from applying and that restores the obligation of counterparties to perform theirt contractual obligations.
Pepeliaev Group advises you that the Russian Federal Law No. 218-FZ “On Amending Certain Legislative Acts of the Russian Federation” came into effect on August 2, 2014. The Law simplifies the procedure for foreign securities to be admitted to the Russian financial markets.
Pepeliaev Group advises that Russia's imposing retaliatory sanctions may be treated as a force-majeure event. Currency risks are possible.
Law firm Pepeliaev Group draws your attention to recommendations of the Presidium of the Russian Supreme State Commercial ('Arbitration') Court (the 'SSCC') with regard to applying the criteria for disputes being considered by state commercial ('arbitration') courts to be regarded as complex. Using these recommendations may assist in the development of the practice for recovering legal expenses.
Pepeliaev Group advises that Federal Law No. 218-FZ dated 21 July 2014 has expanded the list of cases when funds may be credited to foreign accounts of Russian residents and has provided for an obligation on the part of individuals who are Russian residents to provide reports to the tax authority concerning operations on foreign accounts.
On 16 July 2014 the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury extended its Specially Designated Nationals List (the “SDN List”) with respect to the Ukrainian crisis. Additions have been made both to the general and to the sectoral parts.