Russian Federation:
Transactions By Foreign Investors In Respect Of Russian Businesses Became Subject To Discretionary Governmental Control
14 August 2017
Cleary Gottlieb Steen & Hamilton LLP
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On July 30, 2017, new Federal Law No. 165-FZ of July 18, 2017
entered into effect, introducing amendments (the
"Amendments") to Federal Law No. 160-FZ "On Foreign
Investments in the Russian Federation" of July 9, 1999 and
Federal Law No. 57-FZ "On the Order of Accomplishing Foreign
Investment in Entities Having Strategic Importance for Procuring
State Defence and Security" of April 29, 2008 (the
"FSIL"). The Amendments, among other things, granted the
Government of the Russian Federation a discretionary power to
decide whether a transaction by a foreign investor in respect of
any business entity incorporated in Russia is subject to a prior
governmental control in accordance with the procedure set forth by
the FSIL, even if such transaction does not involve any
strategically important Russian entity. Significant changes were
also introduced into the FSIL. The alert memorandum summarizes the
key provisions of the Amendments.
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