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Assistance in performance of obligations to foreign partners
Assistance in performance of obligations to foreign partners
Currently, there are a number of serious restrictions for Russian legal entities and individuals regarding payments to companies that are residents of unfriendly countries.
Restrictions apply to:
- Payment of dividends
- Transactions with real estate and securities
- Payment of income on credits, loans and financial instruments
- Payment of royalties for the use of the results of intellectual activity and trademarks
Consequences of restrictions
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The current situation entails the disruption of transactions and the destruction of relationships built by business with foreign partners
and in some cases, the imposition of penalties on Russian companies by foreign counterparties.
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Full performance of obligations to companies that are residents of unfriendly countries is possible only with a special permit from the supervisory authorities
The Central Bank of the Russian Federation and the Ministry of Finance of Russia
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Payments to legal entities that are residents of unfriendly countries shall be made in rubles to special accounts opened with Russian banks
The ability to dispose of such funds is limited
Services
Specialists of INTANA Legal possess successful experience in obtaining special permits from supervisory authorities and are ready to provide the following services to our clients:
Analysis of financial and other documents to confirm social and economic importance of your business in Russia
Consultations with specialists of relevant ministries and the Central Bank
Preparation and submission of applications and all necessary documents to government authorities responsible for payments with attachment of customer’s documents
Recently completed project
Obtaining a special permit from the Russian Ministry of Finance to pay dividends to a resident of an “unfriendly” country (Kingdom of the Netherlands)
The lawyers developed legal instruments to measure the ownership structure for the client’s business (Russia and Switzerland) considering the interests of the client and the new investor, for a scientific company.
The Client is one of the largest pet food manufacturers in the world.
Anti-crisis regulations introduced in 2022 set restrictions on the payment of dividends by Russian companies in favor of their foreign participants who are residents of states that carry out unfriendly actions against Russia. Thus, Decrees of the President of Russia No. 95, 254 established that Russian companies shall pay dividends to their European shareholders only to a special type “C” account opened with a Russian bank. Moreover, the debiting of funds from such an account is extremely limited. In exceptional cases, dividends may be credited to a European shareholder’s account with a foreign bank, but only on the basis of a special permit issued by the Russian Ministry of Finance for the payment of dividends.
INTANA Legal lawyers analyzed the Client’s business in Russia and in the world, substantiated the importance of the Company’s business development for the Russian market, Russian consumers, as well as its contribution to the socio-economic and scientific development of Russia.
After completing the necessary documents, our lawyers represented the Client’s interests in the Ministry of Industry and Trade of Russia and the Ministry of Finance of Russia, substantiating the need to issue a special permit to the Company for the payment of dividends.
THE RESULT ACHIEVED BY OUR LAWYERS ALLOWED THE CLIENT TO KEEP THE BUSINESS IN RUSSIA
The Client has received the necessary permission to pay dividends and performed the obligation to the Dutch founder to pay dividends by transferring them in EURO to an account with a European bank.
Dmitrii Barskii
Legal practice: 15 years
Dmitrii possesses large experience in consulting financial, agro-industrial and production companies.
For 15 years, Dmitrii consults and represents clients during tax audits, successfully protects the interests of taxpayers in administrative proceedings and in court, manages tax Due Diligence, and supports business restructuring projects.
See portfolio →
For 15 years, Dmitrii consults and represents clients during tax audits, successfully protects the interests of taxpayers in administrative proceedings and in court, manages tax Due Diligence, and supports business restructuring projects.
See portfolio →
- Dmitrii BarskiiLegal practice: 15 yearsDmitrii possesses large experience in consulting financial, agro-industrial and production companies.
For 15 years, Dmitrii consults and represents clients during tax audits, successfully protects the interests of taxpayers in administrative proceedings and in court, manages tax Due Diligence, and supports business restructuring projects.
See portfolio →
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