On October 30, 2024, the web site of the Russian Ministry of Finance published an extract from minutes of the meeting of the subcommittee of the Government Commission for Control over Foreign Investments in the Russian Federation dated October 15, 2024 No.268/1.

Starting from September 1, 2024, the fact that a decision to elect/appoint the single-person executive body of a limited liability company must be notarized by a Russian notary.

In mid-June 2024, the official web site of the Federal Tax Service published information that state registration of changes in the composition of shareholders in limited liability companies under notarized transactions is now carried out within twenty four hours. Reduction of the timeline was made possible due to optimization of technological processes when receiving electronic documents from notaries. In this brief, we will examine the main aspects of this innovation and assess the prospects of its impact on civil turnover and business.

Despite the sanctions imposed by western countries, a significant number of foreign companies maintain their presence on the Russian market and continue to operate, mainly through subsidiary limited liability companies. In this connection, we bring to your attention a review of Russian laws governing the legal consequences of a foreign shareholder's failure to fulfill (or improper fulfillment of) its obligations to manage an LLC established under Russian laws.

On December 22, 2022, the Government Commission on Monitoring Foreign Investment in the Russian Federation  issued additional restrictions on transactions with shares (participatory interest) in joint stock companies and limited liability companies, as well as on payment of dividends in favor of shareholders from so-called “unfriendly” states.

On January 1, 2023, a new law took effect, extending a number of anti-crisis measures – the Federal Law No.519 “On introducing amendments to certain legislative acts of the Russian Federation an on suspending the effect of certain provisions of legislative acts of the Russian Federation. In this brief, we will examine the most significant measures in corporate relations. Let’s have a detailed look. 

On September 20, 2022, Government Resolution No.1651 was published, which approves the rules for obtaining a permission from the Government Commission for Control over Foreign Investments in the Russian Federation for transactions involving shares, real estate, etc. 

On April 12, 2022, Draft Law No.104796-8 “On external administration for managing a company”  was introduced to the State Duma of the Russian Federation. The Draft Law allows external administration of companies with non-friendly foreign participation of at least 25%.

In the first half of March 2022, the list of Russian “anti-sanctions” measures changed significantly. Current acts of the Russian state authorities in this area are aimed at solving two key tasks, namely, reducing the outflow of foreign currency from the Russian banking system and limiting the exit of foreign investors from Russian assets.

Starting from July 1, 2021, remote voting of company shareholders is allowed for meetings in person and new rules on absentee voting enter into force.