Insights | Denuo

Amendments to the Law on Strategic Investments signed by the Russian President

Amendments to Law No 57-FZ have been adopted to clarify the consequences of the invalidity of transactions performed in breach of Law No 57-FZ and to extend the definition of “foreign investor” to Russian citizens with foreign residence permits.

OFSI updates its Legal Services General Licence

On 29 April 2023, the UK Office of Financial Sanctions Implementation issued an updated Legal Services General Licence INT/2023/2954852.

Decree of the President of the Russian Federation on temporary management of foreign assets

On 25 April 2023, the President of the Russian Federation signed Decree No 302 “On Temporary Management of Certain Property,” which introduces a mechanism for the temporary management of assets held by persons of unfriendly states in the event that restrictive measures are imposed against Russian persons abroad.

Denuo advises Cosmos Hotel Group on EUR200m acquisition of hotel business from Wenaas Hotel Russia

Denuo has advised Cosmos Hotel Group, a subsidiary of diversified publicly traded Russian investment company Sistema, on the EUR200 million acquisition of a 100% stake in a number of Russian companies owning ten hotels, the majority of which are operated by Radisson Hotel Group, in four Russian cities from Norway’s Wenaas Hotel Russia.

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Acquisition of real estate for development purposes

Denuo tops 2022 Kommersant rating

Denuo received 24 firm ratings in the 2022 Legal Market Leaders guide. The ratings are based on multistage research by Kommersant, Russia’s leading publishing house.

OFAC updated its FAQ on “exit tax”

On 30 March 2023, the US Treasury Department’s Office of Foreign Assets Control issued an update to its FAQ No 1118 in relation to the payment of the so-called “exit tax” (according to the OFAC wording).

Denuo’s team leads Russia’s M&A for sixth consecutive year

For the sixth consecutive year, Denuo’s team has been recognised as the highest-ranked legal advisor in Russia for both M&A deal count and value, according to Mergers. ru league tables. The firm was involved in 23 transactions in 2022, valued at approximately USD1.5 billion.

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Debt capital markets under sanctions

Double taxation treaties with unfriendly jurisdictions

On 15 March 2023 the Russian Ministry of Finance and the Ministry of Foreign Affairs published a proposal to suspend double taxation treaties with all countries that have imposed unilateral economic restrictive measures against Russia.