Russian counter measures and measures aimed at business support. Recent developments
Special regime for transactions involving securities
On 3 March 2023 Russian President issued Decree No. 138 establishing additional measures involving securities.
Namely, the new Decree establishes a specific procedure for transactions / operations involving:
- shares of Russian joint-stock companies, sovereign bonds, bonds of a Russian issuer, held in collective safe custody of a Russian depository, as well as
- investment units in a Russian mutual fund,
if mentioned securities were acquired after 1 March 2022 from persons from unfriendly states (as defined by the government) and credited to a securities account with a Russian depository or a register from:
- A personal account of a foreign registrar opened in the registry of securities holders;
- A securities account of a foreign nominee shareholder opened with a Russian depository or a registrar;
- A securities account for depositary programs opened with a Russian depository;
- A securities account of a foreign custodian opened with a Russian depositary;
- A securities account opened by a Russian organization with a Russian depository or registrar – in relation to all securities.
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For more information on sanctions and Russian counter measures, please refer to our previous “Legal Alerts“.