News and Insights
Nextons team has acted as deal counsel to LLC “Magnit Alyans”, a wholly owned subsidiary of Magnit PJSC (“Magnit”), in connection with an equity tender offer with respect to ordinary shares in Magnit. The transaction resulted in the acquisition of nearly 21.5% of Magnit’s issued shares for an aggregate consideration equivalent to approximately RUB 48.5 billion from almost 200 sellers from more than 20 countries.
Nextons experts have prepared a brief summary of offences, evolving judicial practice and the criteria for classifying information as "promoting non-traditional sexual relationships and/or preferences" as established by the Roskomnadzor Order that came into effect on September 1, 2023
In the last year and a half, a line of Russian court decisions has been actively developing on the forfeiture of shares (interests) of companies “strategic to national defense and state security” by the Russian Federation due to non-compliance by their shareholders (controlling persons) with the requirements of Federal Law No. 57-FZ dated April 29, 2008 “On the Procedure for Making Foreign Investments in Business Entities of Strategic Importance to National Defense and State Security” (hereinafter, “Law No. 57-FZ”). The development of this line of court decisions was reflected in the amendments to Law No. 57-FZ, which entered into force on May 9, 2023. According to the amendments, invalidity of void transactions (actions) executed by a foreign investor intentionally in violation of Law No. 57-FZ may result in direct forfeiture by the Russian Federation of shares (interests) of the “strategic” company and its fixed production assets, or income derived by the parties as a result of such transactions (actions).
On August 4, 2023, Federal Law No. 470-FZ “On the Specifics of Regulation of Corporate Relations in Companies That Constitute an Economically Significant Organization” (hereinafter, the “Law”) was published. The Law introduces mechanisms to exclude “unfriendly” foreign holding companies from the chain of ownership of Russian Economically Significant Organizations (ESOs). The Law comes into force on September 4, 2023.
Nextons experts have prepared an overview of the impact of Presidential Decree 585 of August 8, 2023 on IP royalties, particularly involving licensing and franchising.
On July 31, 2023, the President of Russia signed two Federal laws that amend Federal Law No. 149-FZ of July 27, 2006 (the “Law on Information”) and introduce new requirements.
On 8 August 2023, the President of the Russian Federation issued Decree No. 589 "On the Special Procedure for Settlements Under Foreign Trade Contracts for the Supply of Russian Agricultural Products" (Decree 589). The document, which took effect on the date of its official publication, was posted on the online legal information portal on 8 August 2023.
The St. Petersburg Federal Research Center of the Russian Academy of Sciences (SPC RAS) and Nextons law firm have launched a digital system for checking the originality of trademarks (logos) using artificial intelligence technologies.
Nextons IP, IT and telecommunications Practice has prepared an overview of 10 facts about the regulation of personal data in Russia for foreign businesses.
Amendments to the norms of the Russian Civil Code regulating protection of the rights of authors of derivative works and compilations went into effect on June 24, 2023.
Vladislav Vdovin has joined Nextons' Moscow office as a Counsel. Previously, he worked as a Counsel and Head of Commercial Practice at Alumni Partners. Vladislav also has experience with law firms BCLP, Pepeliaev Group and White & Case.
Michael Malloy joins Saint-Petersburg’ office and IP, IT and Telecommunications practice as a partner.
On 15 March 2023, the Bank of Russia published Directive No. 6347-U “On Securities and Derivatives for Qualified Investors” which lists financial instruments available to Russian qualified investors only, as discussed in more detail below.
Nextons lawyers have successfully defended Siemens Gamesa, which is part of the Siemens Energy concern, in a defamation case related to wind farm construction projects in Russia.
Nextons’ experts have prepared an overview of the major changes in legislation and practice in the field of information technology, information security and intellectual property for the year 2022.