Putin expands regulation obliging strategic Russian companies to obtain preliminary approval for carrying out requirements of foreign governments

MOSCOW. Oct 16 (Interfax) - Russian President Vladimir Putin has broadened the application of regulations obliging strategic Russian enterprises to obtain approval for carrying out requirements of foreign governments and authorities as related to disclosing information, amending contracts and making deals.

The list of scenarios requiring approval has been expanded to include various situations in which obligations of a Russian company arise from the application of foreign legislation.

The president has made the corresponding amendments to Decree 1285, which lists measures designed to protect Russia's interests when Russian companies conduct foreign trade. The decree is dated September 11, 2012 and can be viewed on the official legal information portal.

According to the decree, strategic Russian joint-stock companies and subsidiaries involved in foreign trade must obtain preliminary approval from Russian government-authorized bodies before carrying out certain requirements of foreign regulators and government bodies, international organizations, foreign alliances and regulatory and supervisory authorities. These requirements include disclosing information on business operations, if this information is not subject to disclosure already, making amendments to contracts with foreign counterparties, and alienating property, shares in foreign organizations and rights to conduct business on the territory of a foreign state.

The requirement to obtain approval for such actions will now extend to cases in which regulations from foreign legislation are applied to strategic Russian enterprises.