More information about countries that carry out unfriendly actions against Russia

An official list of countries carrying out unfriendly actions against Russia has been published. As expected, it includes the USA, EU countries, Great Britain (including overseas territories), Switzerland, Singapore and a number of others (the full list can be found at the link). Of the countries not included in the list - the UAE, Hong Kong, Panama, Seychelles, Near and others.

By Presidential Decree of 05.03.2022, controlled foreign companies (CFC) declared by Russian persons are removed from Russian restrictions even if they are registered in countries that carry out unfriendly actions against Russia. This means, for example, that a Russian person can purchase shares or other securities from such a CFC without obtaining a special permit.

The Government of the Russian Federation has adopted the rules for obtaining permits from a special commission for transactions with residents of countries that carry out unfriendly actions against Russia (the full text is available at the link). It is necessary to apply to the Government Commission for the Control of Foreign Investments in the Russian Federation for permission, for example, in the case of contracts for the purchase or sale of securities with "unfriendly" foreigners, in the case of loans, in the case of funds credited by Russian residents to their accounts abroad. When applying for permission, it will be necessary to disclose the purpose, subject and terms of the transaction. The deadline for receiving a response by the Government has not been set (taking into account the predicted popularity of such appeals, it is difficult to assess the efficiency of providing a response).

Our company has already started preparing the first applications and soon we will have more accurate information about the timing and features of obtaining such permits.