Establishes a legal framework for temporary administration of assets owned by certain investors associated with "unfriendly" States

On 25 April 2023, by the Presidential Decree No. 302 the Russian Federation established a legal framework to authorize the Government to take control of Russian assets owned or managed by investors associated with "unfriendly" foreign States. The Decree is applicable under two circumstances: (i) when there are threats to Russian Federation's national security, or (ii) when Russian Federation or Russian individuals are deprived of their ownership rights to assets abroad. A list attached to the Decree identifies the specific properties subject to external administration, which may encompass both movable and immovable assets, securities, shares or stocks in Russian companies, and other property rights. According to the Decree, only the President can decide to terminate the temporary administration regime.

• Type:

  • Treatment and operation (Nationalizations and expropriations)

• Industry:

  • Not industry specific

• Sources:

  • publication.pravo.gov.ru, Указ Президента Российской Федерации от 25.04.2023 № 302 "О временном управлении некоторым имуществом", http://publication.pravo.gov.ru/Document/View/0001202304250033?index=3&rangeSize=1, 25 Apr 2023
  • Jdsupra, Russian Countersanctions: New Measures Targeting Foreign Investors in Russia, https://www.jdsupra.com/legalnews/russian-countersanctions-new-measures-5268935/?origin=CEG&utm_source=CEG&utm_medium=email&utm_campaign=CustomEmailDigest&utm_term=jds-article&utm_content=article-link, 12 May 2023