5 Dec 2022 21:41

Russian ban on transactions with 'unfriendly' non-residents without special permit extended by one year

MOSCOW. Dec 5 (Interfax) - The Russian president's decree No. 520, of August 5 of this year, which has become a key element of the system of restrictions and controls imposed on transactions involving non-residents from "unfriendly" jurisdictions, has been extended by a year.

Its expiry date has been changed from December 31, 2022, to December 31, 2023, by another of Vladimir Putin's decrees, dated December 5.

The decision was expected: the option of "repeated prolongations" was laid down in decree No. 520 from the start.

The decree, entitled "On the application of special economic measures in finance and the fuel and energy sector in relation to unfriendly actions by certain foreign states and international organizations," explicitly bans non-residents from the countries deemed unfriendly to Russia from withdrawing from a number of assets without special permission from the head of state.

The decree applies to strategic enterprises, energy companies, banks with foreign participation, servicing and production of fuel-energy equipment, and users of mineral deposits (including under product sharing agreements), including gold, nickel, diamonds, platinum group metals, and so on.