The President of Russia, Vladimir Putin, has enacted the law that allows the revocation of the right of foreign companies to repurchase their assets sold after withdrawing from the Russian market.
The document offers new Russian owners the possibility to apply in court for the annulment of repurchase clauses included in the sales contracts signed by foreign investors upon leaving Russia.
The law applies exclusively to companies from states considered “unfriendly” by Moscow, which ceased their activity in Russia after February 24, 2022.
The new owners or relevant ministries will be able to request the cancellation of the right of redemption if the foreign company has publicly supported sanctions against Russia, called for their introduction, “discredited” the Russian army, or failed to fulfill its contractual obligations.
Details, HERE