As the pandemic spreads, and states adopt restrictive measures, companies will become unable to fulfill their contractual obligations. Under such circumstances, applicability of force majeure rules in each case becomes of paramount importance. It is important to make correct legal qualification from the very outset, and to take all the necessary steps in order to subsequently be able to refer to force majeure, including the collection of evidence in case of a subsequent dispute.
The rapid of spread of coronavirus will have an adverse effect on a braod range of businesses. Government bodies of the Russian Federation have announced a number of operational measures, aimed at reducing business risks in the context of the global coronavirus pandemic.
The spread of coronavuirus (COVID-19), as well as the introduction of a broad range of restrictive measures to contain it, will have a negative impact on many sectors of the Russian economy. How will this situation affect taxpayers' obligations in relation to making mandatory payments to the budget? Further considering the restrictive measures and the fact that most employees will start working remotely, will there be a change to the overall interaction between taxpayers and tax authorities?
Protecting shareholders from coronavirus: annual meetings of shareholders in 2020 can be held in absentia
On March 18, 2020, Federal Law No. 50-FZ “On the acquisition by the Government of the Russian Federation of ordinary shares of the PJSC Sberbank of Russia from the Central Bank of the Russian Federation and on the recognition of certain provisions of the legislative acts of the Russian Federation” (hereinafter - the Law No. 50-FZ) was published.
On December 2, 2019 the RF President signed a new law that establishes significant fines for violations of the localization rule in respect to the personal data of Russian citizens.
The Russian media is increasingly aware of the news about the initiation of criminal prosecution by enforcement agencies against the top management of large companies due to the qualification of their actions of transferring capital to foreign jurisdictions as illegal (especially in countries with special conditions for doing business for foreign companies).
On August 3, 2018 the Russian President signed the Federal Law which provides for establishing effective January 31, 2019 of the Russian Open Register of Ships to register ships that are owned not only by Russian companies and individuals but by foreign ones as well.
On December 21, 2018 the new Decree No.8 established by the President of the Republic of Belarus simple and transparent rules for running innovative business models for Belarusian Hi-Tech Park residents (HTP).
Starting September 2017, the EU-Ukraine Association Agreement (the “Agreement”) entered into force. According to the Agreement, Ukraine, among other things, has taken certain obligations for IP, though it was not clear whether they should apply with an immediate effect or after conflicting Ukrainian laws are changed. Recently, the Patent office finally explained that the Agreement will be applied in full and prevail over the national legislation, including the most relevant changes as follows.
Federal Law No.259-FZ dated July 29, 2017 (the “Law”) introduced significant amendments to the Civil Code of the Russian Federation (“the Civil Code”) in regard to the regulation of inheritance-related matters. One of the key novelties was the emergence of a new tool – estate funds. The Law provides for procedures to set up an estate fund, determines the legal status of its beneficiaries and sets forth procedures for managing the fund. The Law will take effect on September 1, 2018.
On July 1, 2017 entered into force the Federal Law dated July 1, 2017 No. 155-FZ “On amendments to Article 5 of the Federal Law “On the Privatization of State and Municipal Property” and the Federal Law “On the Procedure for Making Foreign Investments in Companies which are of Strategic Importance for Ensuring the National Defense and State Security” (hereinafter – “Law No. 155-FZ” and “Strategic Investments Law” respectfully).
Within the last month the National Bank of Ukraine (the “NBU”) adopted several resolutions aimed at further liberalization of the existing currency control restrictions.
In March 2017, Ukrainian Government approved the new National Essential Medicines List for Ukraine (the “NEML”), which is to become a single basis for the procurement and reimbursement of medicines in the public sector, as well as price controls.
The National Agency for Prevention of Corruption (the “NAPC”) introduced new minimum standard for compliance and anticorruption efforts mandatory for large state-owned enterprise and participants of major public procurement.
Over March 2017, Ukrainian Government and Ministry of Health (“MOH”) approved a number of regulations to finalize the framework for reimbursement of several groups of medicinal products. “Available Medicines” pharmacy reimbursement program (the “Program”) is scheduled to be launched from 1 April 2017, with its cornerstones being as follows: