On August 5, 2022, the Russian President Vladimir Putin signed Presidential Decree No. 520 (the
“Decree”) which prohibits transactions with shares and participating interest of certain Russian
companies owned by residents of “unfriendly states”.
In particular, the Decree prohibits transactions involving:
— shares of Russian strategic entities and companies in which such strategic entities owns shares or
— shares and participating interest of Russian companies engaged in production of equipment for energy industry or provision of maintenance services of such equipment;
— shares and participating interest of Russian financial institutions;
— shares and participating interest of certain Russian subsoil users.
The above transactions are generally prohibited and may only be made under a special license. Any
transactions made in violation of the Decree will be considered null and void.
If you are engaged in Russia-related business operations, it is advisable to check any and all transactions for compliance with the current sanctions and restrictions imposed by both the Russian authorities and the U. S. or European governments.
The Russin & Vecchi attorneys closely monitor the changes in the current legal environment and advise clients on various legal implications of the U. S., EU and Russian sanctions.