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Brochure Template Russia Update: Legal and market developments in Russia Winter / Spring Issue 2013 The Russia Update is a periodic publication of Clifford Chance Moscow which aims to summarise significant legal and market news relating to the Russian Federation which have taken place during the relevant period. You can access our key client briefings, alerters and other recent publications from the electronic version of this publication. Macro Updates . 3 Legal and Regulatory Update . 4 s t General . 4 Corporate . 5 Real Estate . 5 n Regulatory . 6 Capital Markets and Securities . 7 e Tax . 9 t Russian Law Focus: Procurement Law . 10 Sector Update . 10 n Forthcoming Events . 15 o CC Moscow Update: News and People . 16 c © Clifford Chance, May 2013 Russia update: Legal and market developments in Russia 3 Winter / Spring 2013 Russia Update: Legal and market developments in Russia Winter / Spring 2013 Macro Updates Inaugural National Oil and Gas Forum out detailed terms of future cooperation. Prime Minister suggests considering and new Russia China agreements Rosneft will also annually supply over creation of a national offshore zone On 20-22 March 2013, Russia hosted the 9 million tonnes of crude oil to the In light of the anxiety caused by Cyprus’ inaugural National Oil and Gas Forum petrochemical plant in Tientsin operated closely escaped sovereign default, Prime organised by the Russian Ministry of by Vostok-Neftekhimiya (the China Russia Minister Dmitry Medvedev suggested at a Energy in cooperation with Russian oil and Eastern Petrochemical Company), a JV government’s meeting in March 2013 that energy majors. Representatives of the established by Rosneft (49%) and CNPC, a new offshore zone be created in Ministry stressed that the dialogue the state owned Chinese petrochemical Russia’s Far East. No further details have between the government authorities and major. Rosneft further signed a since been provided. business is a positive example of a private cooperation protocol with Seinopec, the public partnership. Chinese petrochemical corporation, with Russia’s exit from Kyoto Protocol respect to exploration and extraction of Along with Canada and Japan, Russia has On 22 March, the Russian Ministry of hydrocarbons, petrochemicals, processing opted out of the second phase of the Energy and the State Energy Committee LPG and supplies of Russian crude oil and Kyoto Protocol which started on 1 January of China signed an agreement on oil products to China. In addition, Rosneft 2013. Parties to the Kyoto Protocol cooperation in respect of oil exploration, will also borrow $2 billion from China discussed the future of emission targets extraction and trading. State owned Development Bank Corp. as part of a new at a conference held in Doha, Qatar, petrochemical majors from both countries arrangement expected to be signed by the in December 2012. Out of nearly signed a number of agreements setting companies in the near future. 200 countries which participated in the © Clifford Chance, May 2013 4 Russia update: Legal and market developments in Russia Winter / Spring 2013 majority of Russian privatisation deals scheduled for 2013 are currently expected to happen in the second half of the year, which should allow the state to increase its commercial gain. Mr Belousov stressed the importance of using domestic stock exchanges as part of the privatisation programme to promote domestic capital markets. Russia participates in BRICS summit Establishment of the BRICS bank was among the top items on the agenda of the fifth BRICS summit held in Durban, South Africa, in March 2013. Leaders of the BRICS countries agreed in principle that a new infrastructure-oriented development institution needed to be set up and be funded by the five participating countries. Particular terms would need to be further discussed by representatives of all BRICS countries. Legal and discussion and in the first commitment candidate to become the chairman of the period, only 37, including Australia, Belarus Central Bank of Russia (“ CBR ”). In April, Regulatory Update and members of the European Union, the candidacy of Mrs Nabiullina was General supported the new agreement which approved by the State Duma in Update on Civil Code provides for further reduction of emission accordance with the Russian targets in the second commitment period Constitution. She will officially take over As reported in our previous issues, the (2013 to 2020) from 5% to at least 18% of the position after appointment of the Civil Code is undergoing extensive the 1990 emission levels. current CBR head Sergey Ignatiev expires amendments. After a number of on 24 June 2013. postponements of the hearings in the World Bank lowers forecast for Parliament, it was decided in November Russia’s GDP CBR keeps refinancing rate 2012 that the large set of amendments that passed the first hearing in the State The World Bank has downgraded its unchanged Duma in April 2012 be split into several forecast for Russia’s GDP growth in In March 2013, the CBR confirmed the drafts of smaller sizes. The official 2013 from 3.6% to 3.3% in its latest refinancing rate at 8.25%. After an rationale was that this would facilitate the report ‘Russian Economic Report: increase by 0.25% in September 2012, Duma’s review process. Recovery and Beyond’. the current decision was made on the basis of CBR’s evaluation of inflation risks To date, two of such smaller drafts have Former Minister for Economic and economic growth prospects. been signed into law (which occurred at Development to head Russian the end of December 2012 and end of Central Bank Update on privatisation plans April 2013, accordingly). The first one In March 2013, President Vladimir Putin According to Andrey Belousov, Russian concerns general civil law provisions, nominated Elvira Nabiullina as a Minister for Economic Development, the legal status of individuals and status of © Clifford Chance, May 2013 Russia update: Legal and market developments in Russia 5 Winter / Spring 2013 private (peasant) farms – it entered into entities continue to be published in the to state owned land were required to force on 1 March 2013. In addition, texts Saturday issues of the business daily convert the title into either lease or of three further ‘smaller’ drafts have been Kommersant. However, a new ownership. To incentivise the published, these relate to other general governmental decree appointing conversion process, a restriction has provisions of the civil law, namely: Rossiyskaya Gazeta an official printing been introduced on use of land held on the permanent use title prohibiting source for such notices is expected to be n general provisions regarding types disposal of such land title until it is issued shortly. We reported in our and main features of legal entities; converted. With the statutory deadline previous issue that Kommersant’s for conversion expiring in July 2012, n provisions relating to types of objects contract expired on 2 August 2012. of civil law rights; and those in breach may now be Rossiyskaya Gazeta was pronounced subjected to administrative fines of n provisions regarding transactions, winner of the tender arranged by the RUB 20,000 to 100,000 (approx. invalidity of transactions, conditional Ministry for Economic Development for a EUR 500 – 2,500). transactions and options, powers of new 4-year term of publications, despite attorney, and limitation periods. n Town Planning Code clarified on ongoing litigation claims filed by property management issues and Kommersant and other participants of the certain liability aspects The second set of amendments state tender seeking to challenge Amendments state clearly that the addresses, among others, general rules appointment of Rossiyskaya Gazeta. on transactions (including conceptual duty to ensure safe operation of buildings and other structures rests review of grounds for setting them aside Corporate and respective consequences), statutory with the building owner, the tenant (or HAC practices: Offshore companies a person possessing the building on limitation periods for challenging in Russian courts other grounds) or the entity providing transactions and rules on powers of In certain circumstances Russian courts property management services. The attorney. Subject to ratification by the may refuse to grant protection for legal parties may now decide at their own Federation Council and signing by the entities registered in offshore jurisdictions. discretion which of them shall bear President, these amendments are to On 9 January 2013, the High Arbitrazh the liability, failing which the owner will become effective on 1 September. Court of Russia (the “ HAC ”) refused to bear the liability. Failure to comply grant protection to a legal entity with the technical regulations and One of the major changes relates to registered in the Commonwealth of design documentation may lead to introduction of the concept of a bad faith Dominica. The argument of VAS was that suspension of use of the building. counterparty whose ability to invalidate non-disclosure of the company’s the transaction may be restricted and by beneficiaries might be used to abuse Roadmap for reforms of cadastral amplifying the grounds for challenging rights of the company and therefore record-keeping and property rights registration approved transactions. The background of this and prevent the court from rendering a fair decision in the case. The HAC issued a some other changes was the court The roadmap is part of the initiative to similar decision recently but the legal practice which has been developing the improve the investment climate in Russia rationale has not been published yet. announced in 2012 and aimed at reducing basic principles of the Civil Code ever red tape and streamlining existing since their original adoption in mid-1990s. Real Estate procedures. The new roadmap focuses on the state system for formalising property Some other of these smaller draft laws are New pieces of real estate regulation in force from 1 January 2013 rights.
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