Sergei Bakeshin commented for Delovoy Petersburg on the nationalisation of assets of one of the largest warehouse chains in Moscow and St. Petersburg

The Moscow Commercial Court has ruled on the lawsuit filed by the Prosecutor General’s Office against Raven Property Group Limited (Guernsey), Phoenix Real Estate Investment Holdings Limited (United Arab Emirates, UAE), Phoenix Property Group Limited (UAE), as well as Igor Bogorodov and Yaroslav Shuvalov.

16 warehouse complexes built and acquired by Raven Russia, one of the largest warehouse chains in Moscow and St. Petersburg, were recognised as transport terminals operating under a natural monopoly and subject to transfer to the The Federal Agency for State Property Management (Rosimushchestvo).

In August 2024, Kommersant, citing sources in the Prosecutor General’s Office, reported that the lawsuit contains references to No. 57-FZ Federal Law ‘On Procedures for Foreign Investments in Companies having Strategic Importance for the National Security and Defense’, allegations that the investor conducted its transactions without approval of the Government Commission for Control over Foreign Investments in the Russian Federation, etc.

Sergei Bakeshin, Counsel, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, reminded the Delovoy Petersburg newspaper that the claims for conversion of shares in the Petersburg Oil Terminal, Domodedovo Airport, Rodnye Polya and other companies into state assets are also based on No. 57-FZ Federal Law.

At the same time, at the moment, the claims of the Prosecutor General’s Office have not affected the Raven Russia business centres.

‘The activities of business centres are not yet recognised as strategic, so the Prosecutor General’s Office will not be able to challenge the sale of business centres and nationalise them on the same basis. But if it is established that the real estate objects or the companies owning them directly or indirectly belonged to non-residents from unfriendly states, and the transactions were made in violation of counter-sanctions restrictions, the transactions may be challenged,’ explained the Maxima Legal expert.

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