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Amendments to laws regarding reinstatement of beneficiary’s previously lost control over foreign legal entity

February 16, 2022

Vladimir Putin signed the Federal Law On Amendments to Articles 28 and 29 of the Federal Law On Competition Protection and the Federal Law On Foreign Investment in Businesses of Strategic Importance to the Defence and Security of the Country.

The Federal Law deals with specific aspects of transactions intended to reinstate a beneficiary’s previously lost control of a foreign legal entity, which has been redomiciled as an international company in a special administrative area in the Russian Federation.

In particular, provided that certain conditions are met, the transactions specified in the Federal Law On Competition Protection are no longer subject to prior approval by the Federal Antimonopoly Service; and the approval process has been simplified for transactions covered by the Federal Law On Foreign Investment in Businesses of Strategic Importance to the Defence and Security of the Country.

February 16, 2022