On March 28, 2023, the Bank of Russia provided official clarification regarding the procedure for applying Decree No. 138 of March 3, 2023, on additional temporary economic measures to ensure the financial stability of Russia ("Decree No. 138").
Decree No. 138 establishes that some transactions must be approved by the Government Commission on Control over Foreign Investment.
In its official clarification No. 1-OR, the Bank of Russia determined that currently the provisions of Decree No. 138 apply to transactions (operations) with Russian securities and Eurobonds between residents of Russia and unfriendly countries, if two following conditions are simultaneously met:
• securities and bonds are accounted for and/or stored by a foreign organization that is entitled under its own law to account for and transfer rights to securities;
• settlements for such transactions (operations) are made through accounts opened in foreign financial organizations.
In accordance with paragraph 2, this document is applicable from the date of its publication on the official website of the Bank of Russia http://www.cbr.ru/ - from March 29, 2023.
Nadmitov, Ivanov & Partners Law Firm advises on obtaining permission from the Government Commission on Monitoring Foreign Investment.
Tel.: +7 (495) 649-87-12