A law was signed (Law No. 422-FZ of 08/04/2023) allowing the blocking of money and property of foreign legal entities under Russian sanctions. It will enter into force in February 2024.
- The law allows the blocking of property, accounts and operations of foreign individuals and legal entities under Russian sanctions;
- The decision to impose restrictions will be made by the president;
- Financial institutions are prohibited from servicing transfers abroad if the recipient is a sanctioned person;
- For violation of the ban, the Central Bank may restrict the activities and fine brokers, investment funds or management companies in the amount of up to 5 million rubles.
See: Federal Law No. 422-FZ of 04.08.2023 “On Amendments to Certain Legislative Acts of the Russian Federation”
Nadmitov, Ivanov and Partners Law Firm advises clients on transactions and operations, including those involving foreign entities from "unfriendly" jurisdictions, sanctions legislation.
Email: info@nplaw.ru
Tel.: +7 (495) 649-87-12