The Russian President Has Introduced Sanctions Against Persons From Unfriendly States
Published date | 18 May 2022 |
Subject Matter | Corporate/Commercial Law, International Law, Corporate and Company Law, Contracts and Commercial Law, Export Controls & Trade & Investment Sanctions |
Law Firm | VEGAS LEX |
Author | Ms Anastasia Cheredova |
In response to the fact that the majority of foreign companies have decided to withdraw from the Russian market, the Government has implemented various restrictions on operations and transactions involving non-residents, especially from the so-called "unfriendly" states.
In May 2022, the Russian President has signed two more decrees that significantly affect existing contractual relationships between Russian entities and their foreign counterparties.
-
Presidential Decree 252 introduces special
economic measures in relation to legal entities, individuals and
organizations under their control ('Sanctioned
Persons') included into a special list.
The list was approved by the Decree of the Russian Government No 851 dated 11 May 2022 (the 'Sanctions List') and includes foreign companies operating in the energy sector across the Europe, UK, USA Singapore, and Switzerland.
Special economic measures include:
- A prohibition for federal and regional governmental bodies
municipalities, natural persons and legal entities under the
jurisdiction of the Russian Federations to:
- enter into transactions (including foreign trade contracts)
with Sanctioned Persons;
- perform obligations under contracts with Sanctioned
Persons;
- carry out financial transactions, if beneficiaries of such
transactions are Sanctioned
- enter into transactions (including foreign trade contracts)
with Sanctioned Persons;
- A prohibition to export products and raw materials produced in
Russia, provided that such products are supplied to Sanctioned
Persons, and/or by Sanctioned Persons to other persons.
- By the Decree of the Russian Government No. 851 dated...
- A prohibition for federal and regional governmental bodies
municipalities, natural persons and legal entities under the
jurisdiction of the Russian Federations to:
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