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Vladimir Putin signed Executive Order On Measures to Protect Russian Federation Interests in Russian Legal Entities’ Foreign Economic Activities.
Under the Executive Order’s provisions, open joint stock companies on the list of strategic enterprises and their subsidiaries should supply information on their activities (unless such information must be published or disclosed in any case) upon request from the authorities and agencies of foreign countries, international organisations, associations and groups of foreign countries, only subject to prior consent of a respective federal executive body authorised by the Russian Government.
The same procedure shall apply if the aforementioned economic actors make amendments to contracts concluded with foreign counteragents and other such documents pertaining to their business (pricing) policy in foreign countries, or for the purposes of alienating their shares and stakes in foreign entities, rights to conduct business activity on foreign soil, and titles to real estate located abroad, should the above actions are accomplished on demand of the abovementioned organisations, bodies and groups.
The Executive Order states that the authorised federal executive body must refuse to grant its consent to these actions to proceed if they could harm Russia’s economic interests.
The Russian Government has been given one month to appoint federal executive bodies that will be authorised to grant consents to economic actors to carry out the aforementioned actions.
September 11, 2012