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Edict on the Provisional Procedure for the Performance of Financial Obligations in the Sphere of Corporate Relations to Certain Foreign Creditors - Russian Federation - Russia and the Republics Legal Materials - Second Series
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Originally from Russia and the Republics Legal Materials - Second Series
Preview Page In addition to the measures provided by Edicts of the President of the Russian Federation of 28 February 2022, No. 79, “On the Application of Special Economic Measures in Connection with Unfriendly Actions of the United States of America and Foreign States and International Organizations Siding with Them, of 1 March 2022, No. 81, “On Additional Provisional Measures of an Economic Character with Regard to Ensuring the Financial Stability of the Russian Federation”, of 5 March 2022, No. 95, “On the Provisional Procedure for the Performance of Obligations to Certain Foreign Creditors”, of 18 March 2022, No. 126, “On Additional Provisional Measures of an Economic Character with Regard to Ensuring the Financial Stability of the Russian Federation in the Sphere of Currency Regulation”, of 31 March 2022, No. 172, “On the Special Procedure for the Performance by Foreign Purchasers of Obligations to Russian Suppliers of Natural Gas”, and of 1 April 2022, No. 179, “On the Provisional Procedure for the Performance of Financial Obligations in the Sphere of Transport to Certain Foreign Creditors”, I decree:
1. To establish a provisional procedure for the performance of obligations with regard to payment of the profit of limited responsibility societies, economic partnerships, and production cooperatives which are residents (hereinafter also – residents), participants of such societies, partnerships, and cooperatives who are foreign persons connected with foreign States which perform with respect to the Russian Federation, Russian juridical persons, and natural persons unfriendly actions (including if such foreign persons have the citizenship of these States, place of their registration, place of primary conducting by them of economic activity or place of primary derivation by them of profit from activity are these States), or by persons who are under the control of the said persons irrespective of the place of their registration (except for instances if the place of their registration is the Russian Federation) or place of primary conducting by them of economic activity (hereinafter – foreign creditors). In the event of the adoption of a decision concerning the distribution of profit of residents, the payment thereof to foreign creditors shall be effectuated in accordance with points 2 to 9 of the Edict of the President of the Russian Federation of 5 March 2022, No. 95, “On the Provisional Procedure for the Performance of Obligations to Certain Foreign Creditors”.
William E. Butler, Emeritus Professor of Comparative Law in the University of London, attached to University College London, is the John Edward Fowler Distinguished Professor of Law at the Dickinson School of Law, Pennsylvania State University, and Founder and Director of The Vinogradoff Institute.
An authority on the legal systems of Russia and former Soviet nations, he is the author, co-author, editor or translator of more than 3,500 books and articles on Russian, Soviet, Kazakhstan, Ukrainian, Uzbekistan, and other Commonwealth of Independent States legal systems. He has acted as Counsel to the EBRD, European Union, World Bank, United Nations, and Department for International Development of the United Kingdom on individual law reform projects.
The recipient of numerous honors for his service to Russian and international law, Professor Butler is Academician of the National Academy of Sciences of Ukraine and the Russian Academy of Natural Sciences, Associate of the International Academy of Comparative Law, and Member of the Russian Academy of Legal Sciences. He has been elected to his fourth term as a member of the Russian International Court of Commercial Arbitration. In 2003 Professor Butler was awarded the G. I. Tunkin Medal by the Russian International Law Association.
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