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At the present time, in various legal relationships there exists the acute problem of observing a balance of interests concerning the parties involved in these legal relationships, their legal rights, and their mutual economic needs. Judicial practice, when considering disputes between these kinds of parties, takes into consideration not only the formal requirements of legislation, but also the real economic and legal goals and interests of the participants.
It is well known that before making significant managerial decisions, the general director must obtain approval from the shareholders or the board of directors. Apart from that, if a director is personally interested in entering into a transaction, approval is also required to proceed with the transaction. In the absence of such an approval, the transaction can be challenged and, in certain circumstances, invalidated. In order to minimize such risks and to eliminate legal uncertainty for the parties to the transaction, the rules governing major transactions and interested transactions must be sufficiently clear. Previously, however, the application of these rules was associated with a large number of controversial legal issues, which were finally solved as a result of the legislative amendments, which will enter into force on January 1, 2017. According to the new amendments, the distinction between major and non-major transactions has been delineated more clearly, parties have been allowed more flexibility in relation to approving transactions, the burdensome obligation to obtain prior approval of interested transactions has been abrogated, and finally the procedure for challenging transactions in question has been made much more complex. Overall, the changes should have a positive influence on business, as they contribute to the establishment of firm legal certainty in this area of the law.
Goltsblat BLP nominated for one of the most prestigious Chambers Europe Awards 2016 as Russia Law Firm of the Year
The rent for leases, especially those in downtown Moscow and other large cities, is often based on the foreign currency exchange rate, which has recently increased almost threefold. Many businesses have been taken aback by this consequence of the economic crisis. Some of them have been put on verge of bankruptcy because of the increased rent and were forced to seek remedies in courts.
Andrey Goltsblat and Anton Sitnikov are among the world’s leading M&A lawyers
Andrey Goltsblat, Managing Partner of Goltsblat BLP and Senior Partner in Corporate / M&A and Investment Projects and Anton Sitnikov, Partner, Head of Corporate / M&A of Goltsblat BLP, the Russian practice of the international law firm Berwin Leighton Paisner (BLP), have been identified by the prestigious legal directory Who’s Who Legal as being among the world’s leading M&A lawyers.
Nadezhda Ilyushina Head of Employment Pensions & Benefits Practice, Goltsblat BLP
1 January 2016 will see the so-called Law “On Banning Borrowed Manpower” (the Law) come into effect, introducing substantial restrictions on hiring and using “leased personnel”.
Friends will be friends?
Practical aspects of JVs in Russia: conflicts between venturers, behavior patterns and typical mistakes Anton Sitnikov, Partner, Head of Corporate, Anton Panchenkov, Head of Group, Corporate/ M&A Goltsblat BLP is the Russian practice of Berwin Leighton Paisner, an award-winning international law firm.
Russian Corporate Law: Full Speed Ahead!
Matvey Kaploukhiy, Partner, Corporate/M&A, Goltsblat BLP
Why have Russian law shareholder agreements gained momentum recently? Some companies (primarily state-linked ones) had followed this route long before the Civil Code was reformed and the first amendments concerning shareholder agreements were introduced into specialised laws. Yet the political environment has now changed: the deoffshorisation law has given a fillip to JV establishment within Russia. A second factor consists in the sanctions: for companies not permitted to conduct business with foreigners, establishing a holding company in a European jurisdiction can no longer be considered an option. Finally, there is now a marked trend, especially among major state-owned or state-linked companies, favouring establishment of joint ventures in Russia.
Localised production and import substitution: new business opportunities under the sanctions
Partner, Customs & International Trade Practice, Goltsblat BLP
Senior Associate, Customs & International Trade Practice, Goltsblat BLP
The weakening of the Russian economy under the impact of the sanctions imposed by the West and against the backdrop of falling global energy prices is having an adverse effect on foreign trade, which has contracted significantly over the last year. In the current situation, the Russian authorities’ intent to support development of domestic manufacturing is both predictable and consistent.
An important step in this direction is Federal Law No.488-FZ dated December 31, 2014 "On Industrial Policy in Russia", which came into force on June 30, 2015.
SIAC broadens its appeal beyond Singapore with new model clauses
Kent Philips, Partner, Head of International Arbitration BLP
Rimma Malinskaya, Dispute Resolution Practice, Head of Group in the Goltsblat BLP