Polina Lyadnova

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The Russian financial services sector remains a key target of U.S., UK, and EU sanctions.  As discussed below, a number of recent such sanctions against Russia and countermeasures by the Russian government  have further complicated efforts for investors seeking to divest listed securities from Russia.Continue Reading Sanctions on Russian Securities Infrastructure Create Additional Hurdles to Divesting from Russia

As anticipated by recent media coverage, the Governmental Commission for Control over Foreign Investments (the “Governmental Commission”) published its October 15, 2024 decision tightening conditions for exits by investors from “unfriendly” jurisdictions (i.e., those that have imposed sanctions against Russia) (the “Decision”).  Prior to the Decision, the Governmental Commission had already imposed various conditions when approving sales of equity in Russian companies by parties from “unfriendly” jurisdictions.  Such conditions were typically communicated to the applicants in the excerpts from the minutes of the Governmental Commission meetings.  The Decision lists the revised conditions that should generally be imposed by the Governmental Commission when approving such sale transactions:Continue Reading Russian Countermeasures: The Governmental Commission Tightens Conditions for Exits by Investors From Unfriendly Jurisdictions

Following a long and somewhat sleepy existence on the margins of contractual interpretation case law, force majeure clauses (“FMCs”)  found themselves subject to a rude awakening with the global onset of COVID in 2020, and consequent interruptions to all manner of contracts relating to global supply chains, major sporting events, and many other facets of business. The judicial analysis of how and when FMCs are engaged in international commerce has continued post-COVID, with the introduction of wide-ranging Sanctions against Russia.Continue Reading Sanctions, Certainty and Pragmatism – the Contemporary Context for Analysing Force Majeure clauses

On May 20, 2024, President Putin signed Decree No. 430 (the “Decree”), effective the same day.  The Decree establishes restrictions on the acquisition of IP rights by Russian persons from so-called “unfriendly” jurisdictions.  The term “unfriendly” jurisdiction has been used in other countersanctions regulations and includes all foreign states that commit unfriendly acts towards the Russian Federation and Russian legal entities and natural persons (i.e., countries that have introduced sanctions against Russia, including the European Union, United Kingdom, and United States).Continue Reading New Russian Decree Imposes Restrictions on Transfer of IP Rights

On May 23, 2024, Russian Presidential Decree No. 442 (the “Decree”), which establishes the framework that will allow the Russian government to seize any U.S. assets in Russia, was signed. This comes just weeks after the U.S. Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act, which authorizes the President of the United States to confiscate any sovereign assets of the Russian Federation that are in the U.S. territory, entered into force on April 24, 2024.[1]Continue Reading Potential Seizure of U.S. Assets in Russia

A key feature of the UK’s financial sanctions framework is that not only designated persons (listed on the UK’s Consolidated List) are subject to sanctions, but also entities that are ‘owned or controlled’ by designated persons, even if not themselves listed.Continue Reading The Control Test in the UK’s Sanctions Framework: Recent Developments

On October 23, 2023, the European Commission (the “Commission”) updated its non-binding Frequently-Asked-Questions guidance relating to the EU’s Russia-related sanctions regime (the “FAQs”).[1] Specifically, the Commission provided guidance on the meaning of ‘acting on behalf or at the direction of’ an entity in the context of sanctions targeting state-owned enterprises.Continue Reading European Commission Publishes New Guidance on Scope of Sanctions Prohibitions

In June 2019, PJSC National Bank Trust (the “First Claimant”) and PJSC Bank Otkritie Financial Corporation (the “Second Claimant”) commenced litigation in the English High Court, claiming substantial damages on basis of alleged conspiracies resulting in uncommercial transactions whereby loans were replaced with worthless or near worthless bonds.

Following the designation…