Anastasia Samusenko explained to NP what the reshuffling of the owners of the dairy products producer Galaktika might be related to
There have been changes in the ownership of the large dairy products manufacturer Galaktika. According to Kontur.Focus service, until recently 32% of shares of Galaktika Ltd. belonged to Lateo Ltd. associated with the founder of Latvian holding Food Union Andrey Beskhmelnitsky. Another 26% was held by Altair Holding JSC, 3.79% by Igor Dyu, 19.3%…
04.09.2024
Nikita Deynega discussed with DP what legal services will be most in demand by businesses in the near future
A research conducted by Delovoy Peterburg newspaper showed that, local lawyers expect that in the second half of the year business will most often turn to them on issues related to the application of sanctions and anti-sanctions legislation. Sanctions imposed by foreign countries, as well as countermeasures to support domestic businesses, not only…
13.08.2024
Sergey Tarasevich has assessed for RBC the results of the first round of frozen assets exchange
The Russian authorities managed to carry out the buyout of blocked assets of Russians by foreigners despite sanctions and other restrictions of the European Union, including a direct ban on the participation of the EU citizens in the procedure. Recall that this is a mechanism where foreign investors can buy back blocked foreign assets from…
13.08.2024
Sergey Tarasevich has assessed for RBC whether the extension of OFAC's general licences for certain transactions with Moscow Exchange and its constituent entities will affect private investors whose assets are blocked at Euroclear
The US Office of Foreign Assets Control (OFAC) has extended until 12 October 2024 the licences allowing foreign counterparties to complete transactions with the Moscow Exchange and its constituent entities - the National Clearing Centre (NCC) and the National Settlement Depository (NSD), which have been placed under blocking sanctions. At RBC's…
02.08.2024
Dmitry Uryakin has explained to Mashnews why the court was able to recover almost RUB 17bn from Volkswagen under the framework agreement
The Commercial Court of the Nizhny Novgorod Region, applying Swiss law, recovered RUB 16.9 bn from Volkswagen Acciengesellschaft in favour of Gorky Avtomobilny Zavod (Gorky Automobile Plant). The companies entered into a contract under which Volkswagen undertook to supply diesel engines and spare parts to Nizhny Novgorod. At the same time,…
01.08.2024
Sergey Tarasevich has explained to RBC how the EU ban on participation in asset swaps with Russians could affect foreign investors
In November 2023, the Russian President signed a decree allowing Russian and foreign private investors to exchange blocked assets. The transactions are scheduled for 12 August 2024, with Russian investors offering to redeem about 2,500 assets worth a total of RUB 35 bn. However, on 24 July 2024, the European Commission banned citizens and legal…
25.07.2024
Sergei Bakeshin has outlined for Mashnews the prospects for Baltic Shipyard to recover €7.6m from Wartsila Oyj Abp
The Thirteenth Commercial Court of Appeal recovered from Wartsila Oyj Abp in favour of Baltic Shipyard the amounts of bank guarantees in the amount of almost EUR 7.6 million for non-delivered equipment. In its ruling, the court stated that Wartsila Oyj Abp could not refuse to fulfil its obligations ‘due to the fact that the circumstances in which…
23.07.2024
Sergei Bakeshin has commented for Mashnews on attempts by processed Karat cheese producer to recover €4.8 million from French counterparties Sas Steap Stailor and SA Societe Generale
Karat-Togliatti, the Samara-based subsidiary of processed Karat cheese producer, is suing Sas Steap Stailor. The French company failed to supply equipment for the plant in Togliatti, explaining its failure to fulfil its obligations by sanctions despite the fact that the restrictive measures imposed by the EU do not apply to the supply of…
18.07.2024
Sergey Tarasevich has explained to Cbonds Weekly News whether the position of Clearstream and regulator Euroclear will affect the prospects for the exchange of blocked assets
On 8 May 2024, the deadline for accepting bids for the exchange of blocked assets worth up to RUB 100,000 expired. According to the data of the exchange bidding organiser, the demand for the redemption of assets from non-resident investors exceeded the potential supply of Russians. At the same time, Clearstream depository and the Belgian Ministry…
08.05.2024
Nikita Deynega has explained to Delovoy Peterburg the sudden surge of business interest in ‘Russian offshores’
Delovoy Peterburg newspaper drew attention to the growing interest in ‘Russian offshore’ - special administrative regions (SARs) - separate territories of the Russian Federation with a flexible tax and currency regulation regime (profit tax exemption, the ability to hide the ultimate owners, lack of currency control, etc.). Formally, the idea to…
06.05.2024