The State Duma granted the president the right to introduce management of property of persons from unfriendly countries

The State Duma, in the third reading, adopted a law giving the Russian President the right to introduce temporary management of the property of persons from unfriendly countries. This is evidenced by the card on website lower house Currently, such measures are regulated by presidential decree.

The head of state will have the right to establish a special procedure for transactions between Russian citizens and legal entities with citizens and legal entities from unfriendly states, as well as with unfriendly countries.

The President has the right to introduce temporary management of any property on the territory of Russia that belonged to persons of unfriendly states. Including movable and immovable property, shares in the authorized capitals of Russian companies, securities, property rights.

He will also have the opportunity to introduce a special procedure for collecting debts and fulfilling obligations from foreign property in favor of Russian citizens, entities and others. The president will also be able to establish a special procedure for foreign exchange regulation and foreign exchange control, including in relation to foreign exchange transactions of residents and non-residents.

The law will come into force after official publication. The rules will apply to legal relations arising after February 24, 2022.

On July 16, 2023, Russian President Vladimir Putin signed a decree that transferred the foreign shares of Danone and Baltika to the temporary management of the Federal Property Management Agency.

Alexandra Goroshilova