Imposes restrictions on intellectual property transactions with "unfriendly" countries
20 May 2024
On 20 May 2024, the President of the Russian Federation issued Decree No. 430, introducing temporary restrictions on transactions involving the acquisition or alienation of exclusive intellectual property rights between entities from the Russian Federation and “unfriendly” countries. Such transactions now require approval from the Government Commission for Monitoring Foreign Investment, which may impose conditions, including payment via a special ruble account (Type “O”) in a Russian bank.
The decree applies to all industries, excluding science, literature, broadcasting, and transactions below 15 million rubles (approx. $160 000). These restrictions supplemented already existing restrictions on licensing agreements.
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Type:
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Treatment and operation (Capital transfer and FOREX, Operational conditions )
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Industry:
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Sources:
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publication.pravo.gov.ru, Указ Президента Российской Федерации от 20.05.2024 № 430 "О временном порядке приобретения исключительных прав некоторых правообладателей и исполнения денежных обязательств перед отдельными иностранны, http://publication.pravo.gov.ru/document/0001202405200027, 20 May 2024
