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Legislative amendments to ensure Russia’s financial stability in connection with hostile moves by foreign states and international organisations

March 14, 2022

Vladimir Putin signed Federal Law On Amendments to Articles 6 and 7 of the Federal Law On Amendments to the Federal Law On the Central Bank of the Russian Federation (the Bank of Russia) and Certain Legislative Acts of the Russian Federation Concerning the Modification of a Loan Agreement or a Credit Contract, and Article 21 of the Federal Law On Amendments to Certain Legislative Acts of the Russian Federation.

The Federal Law is aimed at ensuring the financial stability of the Russian Federation due to the hostile moves by foreign states and international organisations and introduces a special regulation of relations in the financial market and corporate relations for the period until December 31, 2022.

Specifically, under the Federal Law, Russian insurers are prohibited from closing deals with insurers, reinsurers and insurance brokers from the unfriendly states, while the Bank of Russia Board of Directors shall be granted the authority to determine the obligations that are not subject to transfer by a cedent (an insurer) to a national reinsurance company for reinsurance. To prevent disclosure by financial organisations of any information that can be used by the unfriendly states to impose sanctions, the Bank of Russia Board of Directors shall have the right to determine the data that financial organisations have the right not to disclose to the public at large. The Federal Law specifies the conditions under which a borrower may have their obligations under a loan agreement suspended or loan payments reduced during a grace period. The law also specifies the terms of share buyback by stock companies.

March 14, 2022