Artur Zurabyan | comment for Advokatskaya Gazeta: Lawyers assessed the draft law to introduce external management for foreign companies in Russia
Artur Zurabyan, laywer, Head of the Dispute Resolution and International Arbitration Practices at ART DE LEX, noticed that the draft introduced to the State Duma more clearly defined criteria that determine the range of businesses that may fall under the legislation. A significant reservation is made that if foreign entities exercise shareholder rights just technically and the real beneficiaries of such companies are Russian entities with their status disclosed, the law does not apply to these foreign entities.
Artur Zurabyan added that the draft law specifies in more detail the procedure to introduce external administration and options for its authority (trust management of shares or transfer of authority of management bodies), as well as possible procedures for the owner to restore the management and the related guarantees and obligations.
