How will the law to block the property of unfriendly foreigners work?
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SEM introduction procedure
The procedure for the application of special economic measures (SEM) was established by the Federal Law “On Special Economic Measures” of 2006. The decision to apply the SEM is made by the president on the basis of proposals from the Security Council of the Russian Federation with the obligatory immediate notification of the Federation Council and the State Duma about such a decision. The head of state also decides on their cancellation or extension.
Blocking financial restrictions, one of the types of EMS, were provided for by Government Decree No. 1300 in 2018. Later, in May 2022, the mechanism was expanded to include prohibitions on transactions (regulated in Presidential Decree No. 252) with individuals.
One of the latest cases of introducing serious restrictions on unfriendly companies was the transfer of shares of Unipro PJSC to the state.
On April 25, 2023, Putin signed Decree No. 302, according to which 83.73% of the shares of Unipro PJSC owned by the Uniper SE concern were transferred to the temporary management of the Federal Property Management Agency.
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