Exchange of assets: New opportunities for “unfriendly” owners of type “C” accounts
Russian legislation now provides new options for the “exchange” of de facto frozen assets. If a Russian resident has assets (property, securities, etc.) maintained abroad, the disposal of which is restricted due to “unfriendly” actions of foreign states (a very broad definition), and the “unfriendly” person holds securities in Russia, these can be “exchanged”.
Are provisions on the place of dispute resolution no longer effective?
In June, the Arbitration Court of Moscow (ASGM) considered a dispute between Hong Kong-based GTLK and American J.P. Morgan Chase Bank with a prorogation clause (i.e. a clause specifying the transfer of the dispute to the jurisdiction of a specific state court, in this case - Hong Kong). It is noteworthy that the dispute was between foreign companies (such disputes rarely reach Russian courts), as well as the fact that the court ignored the clause in favor of the "neutral" Hong Kong (which is not on the list of "unfriendly" jurisdictions).
Assignment from a "unfriendly" entity to a "friendly" one
We previously wrote about a case in which the court unexpectedly ruled that an assignment from a non-friendly entity (the Kharkiv plant KhZPTO) to a friendly one (India) could be deemed invalid, as it causes harm to the Russian debtor (MMK), which, according to the courts, is unable to utilize a set-off under the provisions of Article 412 of the Civil Code of the Russian Federation.
A subsidiary (does not) bear the debts of a foreign parent company
Recently, a judicial practice has developed in which Russian plaintiffs, filing claims against foreign companies from unfriendly jurisdictions, involve their subsidiaries as joint defendants.
Special regulation: Transactions with foreigners. Update 2024
Traditional update of our special regulation memo.
Conversion of Depository Receipts (DRs) into Russian shares
Our clients often ask us questions about the conversion of DRs. We have also collected frequently asked questions and provide our answers.
Business name, trade name and trademark: what is the difference?
A new webinar in the "IP Case of the Month" series, where we examined the key differences between a business name, trade name and trademark.
MAGENTA Legal has completed the forced conversion of TCS Group Holding depositary receipts
MAGENTA Legal has completed the forced conversion of TCS Group Holding depositary receipts: a detailed overview of the procedure, documentation, and new opportunities for investors
"Leveling" of increased customs duties, difficulties with payment agents, and other foreign economic activity issues
A conference for specialists in the field of customs law and foreign economic activity was held in Moscow, organized by the publication "PRAVO.ru." Representatives from law firms, including MAGENTA Legal, as well as businesses that regularly face various difficulties in the area of foreign economic activity participated in the event.
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