On April 25, 2023, the President of the Russian Federation signed the Decree of the President of the Russian Federation of April 25, 2023 No. 302 “On the temporary management of certain property”.
This Decree states that if the Russian Federation, Russian legal entities, or individuals are deprived of the right of ownership to property located in unfriendly countries, or if there is a risk of such restrictions, the Russian Federation may introduce temporary management for the assets of persons from unfriendly countries that are located in Russia.
As a result, interim management has been introduced for the assets of the Finnish energy company Fortum and a share in the energy company Unipro, which is owned by the German company Uniper including:
- 83.73% shares of PJSC Unipro owned by Uniper SE;
- 69.8807% of shares in PJSC Fortum, owned by Fortum Russia B.V. (Fortum Russia B.V.);
- 28.3488% shares of PJSC Fortum, owned by Fortum Holding B.V. (Fortum Holding B.V.).
Nadmitov, Ivanov & Partners Law Firm advises on obtaining permission from the Government Commission for Control over Foreign Investments in the Russian Federation for transactions and operations with securities, sanctions, counter-sanctions and corporate law.
Email: info@nplaw.ru
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