Admission of Foreign Digital Rights to the Russian Market: Bank of Russia Instruction 7036-U Takes Effect
Instruction No. 7036-U of the Bank of Russia “On Additional Requirements for Foreign Digital Rights That May Be Qualified as Digital Rights” (“Instruction 7036-U”) comes into force on May 26th.
According to Part 3.1 of Article 5 of Federal Law No. 259-FZ dated July 31, 2020, “On Digital Financial Assets, Digital Currency, and Amending Certain Legislative Acts of the Russian Federation,” foreign digital rights (“FDRs”) must be qualified as digital rights in order to be admitted for circulation in Russian information systems.
Instruction 7036-U establishes the following requirements for such qualification of FDRs:
FDRs must be issued based on a document outlining the procedure for issuance and/or circulation, disclosing information about the issuer, the issuance procedure, the scope of rights, as well as the procedure for fulfilling and securing obligations under the FDRs.
FDRs must not be linked to foreign entities – residents of unfriendly states and/or territories – according to the list approved by Decree No. 430-r of the Government of the Russian Federation dated March 5, 2022 (“unfriendly entities”):
Unfriendly entities cannot act as issuers of FDRs;
FDRs must not certify rights in relation to securities of unfriendly entities;
An unfriendly entity cannot be an obligated party under the FDRs;
Payments under the FDRs must not be made through unfriendly entities;
The place of fulfillment of obligations must not be limited to the territory of unfriendly states and/or territories;
Disputes regarding FDRs cannot be considered in state or arbitral courts of unfriendly states and/or territories.
FDRs must not certify the right to demand the transfer of digital currency or FDRs that are not admitted for circulation in Russia.
By establishing these requirements, the Bank of Russia protects the Russian market from financial instruments:
with opaque issuance terms;
linked to unfriendly entities;
linked to assets not admitted for circulation in the Russian Federation.
The assessment of FDRs’ compliance with the above requirements is the responsibility of the operator of the information system to which they are planned to be admitted.
KKMP team, including Partner Alexander Anichkin, Counsel Vadim Nikitin, Senior Associates Olga Zakharova and Andrey Lipin, Associates Vladimir Isaev and Aleksey Nedospasov, and Legal Assistants Kirill Grechishkin and Ivan Nabotov, advised Segezha Group PJSC and its majority shareholder AFK Sistema PJSC in the RUB 113 billion secondary share offering by Segezha Group PJSC.
On June 10th, Valerian Mamageishvili, KKMP Senior Associate, spoke at the international conference organized by the Russian-Asian Union of Industrialists and Entrepreneurs, titled “Localization of Production in Russia: Legislative Aspects and Production Opportunities for International Companies.”
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A special edition of the Dispute Resolution Club featured an article by Stanislav Dobshevich, KKMP Partner and Head of Dispute Resolution Practice, titled “Liability of Russian Subsidiaries for the Debts of Foreign Parent Companies,” dedicated to the Ruling of the Economic Dispute Collegium of the Supreme Court of the Russian Federation in the case of PJSC Sovcombank v Citibank N.A. v CB Citibank.
“Legal Trends in M&A Transactions – 2025”, joint article by Valerian Mamageishvili, KKMP Senior Associate, Anastasia Nerchinskaya, and Alexander Koloskov, VERBA Legal Senior Associate, was published in “Joint Stock Company” journal. The article provides a brief overview of changes in the business landscape and the related trends and tendencies in the legal aspects of structuring M&A deals.
On May 23rd, amendments to legislation came into effect in Hong Kong, allowing foreign companies to re-register in this special administrative region of China. Now, Russian entrepreneurs seeking an alternative to “unfriendly” jurisdictions can consider Hong Kong alongside the UAE, Mauritius, or Seychelles.
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Kyrgyzstan plans to launch USDKG – a state-backed stablecoin with a gold reserve and pegged to the US dollar – in the third quarter of 2025, targeting cross-border payments and international trade in Central Asia. Simultaneously, in the UAE, the country’s largest financial institutions, under the supervision of the Central Bank of the UAE, are issuing a stablecoin backed by the dirham, with the aim of accelerating and reducing the cost of payments, as well as developing the digital economy.
On May 27th, a roundtable discussion “Civil Code: Current Changes in Corporate Transaction Regulation” was held in Minsk . Experts discussed the application of Russian law in corporate transactions, the novelties of the Belarusian Civil Code, and the substitution of foreign law in corporate transactions.
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Elvira Khasanova, KKMP Senior Associate, gave comments to RBC regarding the complication by the European Union of challenging sanctions by Russian businessmen.
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On May 15, Chuck Peng, head of the KKMP China desk, spoke at the Singapore International Arbitration Center (SIAC) event "Navigating International Dispute Resolution in a Changing World: An SIAC Perspective", which was held as part of the Russian International Arbitration Congress (RIAC) 2025. The SIAC event, sponsored by Singapore's Ministry of Justice, brought together leading legal experts to discuss critical issues in dispute resolution and Russia's role in the international landscape.
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On April 24, Kommersant Publishing House presented the results of its annual ranking of legal consultants, identifying the most successful and in-demand law firms and practices in Russia. Traditionally, the federal ranking includes top legal practices and the best lawyers.
Since 2022, the Chinese market has become increasingly attractive to Russian companies. While previously, large state-owned companies were primarily working with China, now firms from a diverse range of sectors – from energy to electronics – are showing interest. However, doing business in China is not easy.
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In a special edition of Pravo.ru, experts analyzed current trends and features of the Chinese legal market, a complex and dynamic system that is strict both in terms of rules and scale of activity.
On April 21, within the framework of the course "International Banking Law," a joint lecture was held by KKMP Partner Anna Maximenko and Deputy Director of the Legal Department of the Bank of Russia Ekaterina Demkina on the topic "Digital Assets: A New Instrument of the Financial Market. Review, theory, practice."
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Analysts at Pravo.ru conducted a comprehensive study of the Russian legal market in China, ranking KKMP as #1 in the “Corporate Law/M&A” category. We sincerely thank the Pravo.ru analysts for their high evaluation of our work and recognition of our contribution to the development of Russian-Chinese cooperation.
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On March 27th, KKMP Counsel Dmitry Raev spoke at the conference Modern Offices: From Space to Efficiency, organized by the Administrative Director magazine.
KKMP acted as a partner for Rostelecom’s event, held for its subsidiary companies on March 24th and 25th. This important event for the group is aimed at sharing best practices, developing, and strengthening legal expertise.
On March 25, KKMP Senior Associate Elena Klutchareva spoke at the XII Moscow Innovation Legal Forum during the session Responsibility of Managers and Founders of Business.
Chairman of the Government of the Russian Federation Mikhail Mishustin presented a report on the activities of the Government of the Russian Federation for 2024 at a session of the State Duma of the Russian Federation on March 26, 2025, where he indicated that foreign companies that had left Russia may return to the Russian market, subject to certain conditions.
On March 25, Dina Kravchenko, Senior Associate with more than 10 years of experience in advising on complex regulatory projects, joined the Regulatory and Digital Technologies practices of KKMP.
On March 18, KKMP hosted a joint seminar with Rustam Kurmaev & Partners law firm dedicated to the current issues of liability of managers and beneficiaries in connection with corporate governance.
In Pravo.ru editorial, KKMP Partner Stanislav Dobshevich and other experts discuss how arbitration works in the new conditions and what approaches are used by businesses to protect their interests.
The competition is organized by the Law School of Moscow State University and the Arbitration Institution of the Non-Commercial Organization SoyuzMash of Russia and is held annually. Following participation in the competition, teams and coaches are awarded monetary and other prizes from sponsors and also become eligible for internships in partner organizations of the competition.
On March 13-15, the in-person stage of the II Inter-University Student Competition on Legal Regulation of Financial Markets in the Russian Federation, FinLex 2025, took place. The competition was organized by the Bank of Russia jointly with the International Law Faculty of MGIMO and the MGIMO Law Club, with the support of the MGIMO Endowment Fund.
On March 14, Pravo.ru conference Legal Challenges and Opportunities in the Era of Post-Sanctions and Counter-Sanctions took place. KKMP Senior Associate Elvira Khasanova spoke at the session Turning the Tide: Prospects for Business Development in the Post-Sanctions Period presenting a report on the U.S. Sanctions Against the Russian Energy Sector. What Consequences To Expect?
On March 12th, the Construction. Risks. Insurance. 2.0 conference was held in Moscow, where critically important issues were discussed related to the implementation of large-scale projects in current conditions.
On March 10th, Senior Associate Elena Klutchareva held a webinar Digital Rights: Theory and Practice for MGIMO students. The webinar was organized by the MGIMO Career Center as part of the Career Week.
The Pravo.ru portal has published the results of its individual lawyer rankings for 2024. 18 KKMP associates (including all Partners and Counsels of the firm) received high rankings in 14 categories. KKMP became an undisputed leader in the number of recommended lawyers in one of the most competitive areas of the federal ranking – Corporate Law / Mergers and Acquisitions (high-market), where 9 KKMP associates were recognized.
We are pleased to share information about the independent initiative Russian Women in Arbitration (RWA), which makes a significant contribution to the development of women in international arbitration. Natalia Andreeva, Senior Associate at KKMP, will share an inspiring story about how she joined the RWA Steering Committee. We also have exciting news for young women practicing law in international arbitration and female students striving to develop professionally in this area.
The March issue of Joint Stock Company Journal published an article on the Mechanisms for Adjusting the Purchase Price in M&A Transactions co-authored by Valerian Mamageishvili, Senior Associate at KKMP, and Anastasia Nerchinskaya.
On February 24, the EU introduced significant updates to its sanctions regulation, affecting both sectoral sanctions and individual blocking sanctions. The UK also updated its list of sanctioned entities and individuals on the same day. These are the most extensive changes since the beginning of 2025.
On February 20th, KKMP Senior Associate Natalia Andreeva spoke at the ICC Russia conference International Contracts and Logistics: Incoterms in Action with a report on the Resolution of Disputes with Chinese Counterparties: Possible Forums and Current Features.
The event took place on February 19th at KKMP's office and was unique in its own way, as it involved not just a discussion of various jurisdictions, but a comprehensive study of BRICS and the practical application of its institutions.
On February 19th, KKMP Partner Anna Maximenko held a workshop on Digital Financial Assets: A New Instrument in the Financial Market for law students of leading Russian universities. She discussed the legal regulation of the digital financial assets market in Russia and current legal issues that lawyers face in the field of digitalization.
Pravo.ru published an article by senior associate Andrey Lipin and legal assistant Evgenia Druzhina "Accelerated" Redomiciliation of Foreign Holdings in the Russian Federation: Key Issues", where the authors discuss the advantages and possible risks of redomiciliation in the "accelerated" mode.
A team of KKMP lawyers advised Sveza Group, one of the leaders in the Russian timber processing industry, Russia’s largest producer of cardboard and aspen paper and the world’s leading producer of birch plywood, in connection with the acquisition of three large cardboard packaging and specialty paper businesses - MMPOF Packaging LLC, MMPOF Rotogravure LLC and Nevskie Grani LLC.
Elvira Khasanova, KKMP senior associate, commented for RBC on the outgoing Biden administration’s attempts to “protect” anti-Russian sanctions from Trump.
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KKMP is pleased to announce a strategic development: one of the brightest teams in the Russian legal market - Partner Alexander Anichkin, Senior Associate Olga Zakharova, Senior Associate Ekaterina Sharapova and Associate Damir Shakirov - is joining the firm. This prominent arrival of an experienced team of lawyers will strengthen the firm's core practices and facilitate the development of new practice areas, establishing KKMP as a leading full-service legal consultancy.
A team of KKMP lawyers assisted the buyer with the acquisition of Vremena Goda, one of Russia’s largest luxury shopping centres, formerly owned by RD Property Holdings.
Today, the EU Council published the 15th package of sanctions against Russian companies and individuals. In addition to new listings of Russian entities and individuals, the European sanctions legislation has been supplemented to include two new rules that must now be taken into account when initiating proceedings in Russian courts.
On 13 December, Valerian Mamageishvili spoke at the VII Annual Conference "Private Equity and M&A 2024" on the topic of the "Standards of Buyer Protection Tools in M&A Transactions: Key Trends". His report was recognised as one of the best out of those presented at the conference based on the poll results.
On 11 December, the First ICC Russia Award Ceremony was held by the International Chamber of Commerce - World Business Organisation. We are proud to announce that KKMP received the ‘Multifaceted Leader’ award.
On December 10, KKMP Counsel Dmitry Raev spoke at the Roundtable "Construction Contracts Typified: Is It a Necessary Requirement or a Restriction of the Freedom of Contract in Business?"
On December 7, Valerian Mamageishvili, KKMP Senior Associate, spoke at the XI Workshop "Trends in the Development of Private Law" organized by the Institute of Private Law of Kutafin University (Moscow State Law Academy).
On December 6, we held the webinar "The Art of Making Chinese Deal" with Chuck Peng, the Head of KKMP China Desk. The event provided a platform for more than 100 attendees to exchange legal and cultural experience between Russia and China.
On December 5, Pravo-300 Awarding Ceremony took place. According to the ranking results we received awards in 17 nominations. We are very grateful to our clients and all members of KKMP team, who made this achievement possible. We also express our gratitude to the organizers and experts of Pravo-300 ranking for their work.
Rossiyskaya Gazeta published the results of its large-scale annual research "Ranking of Lawyers and Law Firms". 13 KKMP lawyers were recognized as “top specialists” and “excellent specialists worth recommending by all means” in 13 nominations.
The November issue of the Vestnik of Economic Justice of the Russian Federation published an article by Valerian Mamageishvili, Senior Associate at KKMP, entitled “Revisiting Subjective Good Faith of the Recipient of Assurances about the Circumstances and Remedies Available to Them”.
As businessmen in many countries, Memoranda of Understanding (MOU) and Letters of Intent (LOI) are often used by Chinese companies and businessmen. However, the Chinese use of MOUs and LOIs and the Chinese rules governing these legal documents are so different that they can cause major problems when doing business with China. Below are the key points to consider when signing a MOU/LOI.
On November 27, a joint meeting of the Compliance and Healthcare Committees of the American Chamber of Commerce in Russia was held on the issue of legal compliance of projects for the localization of production of pharmaceuticals and medical devices in the EAEU countries.
On November 27, the Federation Council approved a package of bills (Bill No. 502104-8 and Bill No. 502113-8) adopted in three readings by the State Duma the day before. The bills provide for significantly tougher liability for offences related to the processing of personal data.
Summarizing the results of 2024, Kommersant has published its traditional ranking “Deals of the Year”, which highlights the most significant M&A deals on the Russian market. We are pleased to announce that 3 KKMP deals received high ranking by the experts in the Financial Institutions and Trade (FMCG) sectors.
On November 26, Bill No. 1065710-7 on Amendments to Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation was adopted in the second and third readings by the State Duma. The Bill sets forth the procedure for taxation of digital currency transactions.
KKMP was one of the contributors to a unique survey of M&A transactions in Russia for 2022-2024. The survey was presented at the conference Mergers and Acquisitions in Russia 2024 on November 14. In addition to KKMP, ALRUD, Nikolskaya Consulting, Orion, Stonebridge Legal, Mansors, Melling, Voitishkin & Partners also contributed to the survey.
On November 15, Elena Klyuchareva, KKMP Senior Associate, spoke at the "DigitalRight Forum" during the session "Use of DFAs, UDRs, Digital Currencies and Crypto Currencies in Company Operations", where she discussed the prospects of harmonization of decentralized finances with traditional financial instruments.
On November 14, KKMP Senior Partner Alyona Kucher took part in the Round Table on Legal Protection of Archaeological Heritage in Russia sponsored by the Institute of Archaeology of the Russian Academy of Sciences and Lomonosov Moscow State University.
On November 13-15, Kazan hosted the II Russian-Chinese Rostki Business Forum, a unique platform for strengthening and developing Russian-Chinese trade relations.
Pravo.ru published an article by Violetta Drondina "Does the Customer Need a Critical Path Schedule to Contractor Agreement", in which Violetta discusses how the critical path schedule helps to control the deadlines and minimize the risks of the parties to the contract.
KKMP partner Anna Maximenko and senior associate Elena Klyuchareva wrote the chapter "Health Care M&A Transactions in Russia" for Debevoise & Plimpton's "Health Care Mergers and Acquisitions Answer Book".
Today the conference “Mergers and Acquisitions in Russia 2024” took place. Among other things, a unique study of M&A practice for 2022-2024 was presented at the conference, prepared by a number of leading law firms, including KKMP.
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On October 30, KKMP Senior Associate Elena Klutchareva spoke at the first Russian specialized conference on application of DFAs in construction and development industry "DFA in Construction and Real Estate: New Opportunities for Developers and Investors".
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Anna Maximenko commented on mining regulation in Russia for Cointelegraph, a leading international media resource dedicated to cryptocurrencies and blockchain.
On October 31 and November 1, the Russian Government adopted a number of acts for the regulation of digital currency mining. We provided an update on mining regulation in Russia earlier.
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Elena Klutchareva commented for the business newspaper Vedomosti on a new approach to the liability of marketplaces for the infringement of intellectual property rights.
In December 2022, certain European bar associations and lawyers, specifically, The Netherlands Bar of Brussels (Ordre néerlandais des avocats du barreau de Bruxelles) (Case No. T-797/22), The Bar Association of the Court of Paris (Ordre des avocats à la cour de Paris) (Case No. T-798/22) and ACE-Avocats (Case No. T-828/22) filed their claims with the General Court of the EU (“EU Court”) contending that the Court should repeal the prohibition on provision of legal advisory services imposed by “sectoral” Council Regulation (EU) No. 833/2014 (“Regulation 833/2014”) as part of the 8th package of sanctions. On 2 October 2024, the EU Court decided to uphold the prohibition making a few important conclusions that we include below.
On October 7, KKMP Associate Samvel Vartanyan took part in a Business breakfast organized by representatives of Ajman Free Zone (UAE) led by H.E. Ismail Al Naqi, Director General of Ajman Free Zone.
From September 30 to October 4, with KKMP support, Istanbul Arbitration Week (ISTAW) organized by the Energy Disputes Arbitration Center (EDAC) took place.
KKMP partner Stanislav Dobshevich gave comments for Legal Report on the decision of the Moscow Arbitration Court to uphold the interim measures granted on the application of the Prosecutor General's Office seeking to challenge the sale of the Raven Russia’s business.
On September 18, KKMP Senior Partner Alyona Kucher spoke at the VIII Russian Legal Forum in the session “Realization and Protection of Corporate Rights”, where she discussed the protection of corporate rights in the preparation and conclusion of business contracts.
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From September 30 to October 4, Istanbul Arbitration Week (ISTAW), a prestigious international arbitration event, is hosted by the Energy Disputes Arbitration Center (EDAC).
On September 3rd, ICC Russia International Trade Day took place in Vladivostok. KKMP China Desk Head Senior Associate Chuck Peng participated in the special panel "Pivoting East: New Horizons for Dispute Resolution and Investment Protection" and gave a presentation on arbitration in China.
The annual landmark conference of Forbes Federal Legal Forum took place in Moscow yesterday. KKMP partner Stanislav Dobshevich spoke at the session Impaired Securities: How to Cross the Rubicon of Sanctions?
On August 23, OFAC and the U.S. Department of State published an update to the U.S. sanctions list and several general licenses under the sanctions regime against Russia.
On August 24th, the annual Taiyandao Business Conference was held in Harbin with more than 1 000 participants including Chinese officials, businessmen, industry experts and other attendees. KKMP China Desk Head Senior Associate Chuck Peng spoke at the conference in a panel on the digitalization of state-owned enterprises with a presentation on how legal services help Chinese enterprises to effectively invest in Russia.
KKMP team represented Rostelecom Group in the acquisition of “Medvedkovo-2” (one of the biggest data centers in Moscow) from Rental PRO closed-end unit investment fund managed by A Class Capital managing company.
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We continue to monitor the status and development of initiatives related to confiscation of Russian assets in the US and EU. In spring, we published an overview of legal mechanisms and measures for the confiscation of Russian assets in these jurisdictions. Certain changes have occurred since then, which may affect the foreign assets of Russian persons.
On July 31, together with partners from Rimon (USA), RK Partners (Austria), Radcliffe Chambers (UK) we hosted a joint webinar “Right to an Attorney: Understanding U.S., EU and UK Sanctions on Legal Services to Russian Persons”.
This week the Russian Institute of Modern Arbitration holds its 5th Summer Academy for aspiring arbitration practitioners. KKMP Partner Stanislav Dobshevich, one of the Academy speakers, delivered a lecture on Arbitration Agreement and Types of Reservations.
Alexey Chernyshev, a senior associate in the KKMP Dispute Resolution practice, has commented on conflicts between representatives of small and medium-sized enterprises and marketplaces to the business newspaper Vedomosti.
Elena Klyuchareva, KKMP senior associate , and Gleb Yakushev, the Head of Revera law Group Crypto & Blockchain Direction, have contributed to RBC Pro article ”Already in Belarus, be ready in Russia: how mining will be regulated”. The article describes the current regulation of mining in Russia and prospects of its development with account to the analysis of existing regulation of mining in Belarus.
We are delighted to invite you to an exclusive webinar titled “Right to an Attorney: Understanding U.S., EU and UK Sanctions on Legal Services to Russian Persons”, hosted in collaboration with our colleagues from Rimon (USA), RK Partners (Austria), Radcliffe Chambers (UK).
We are delighted to invite you to an exclusive webinar titled “Doing business in Oman”, hosted in collaboration with our colleagues from BSA Law, a leading law firm in the Middle East region.
Kucher Kuleshov Maximenko & Partners Law Firm (KKMP) is pleased to announce that it has become the exclusive sponsor of the Russian Civil Law Classics series published by Statut Publishing House.
The XII St. Petersburg International Legal Forum took place in St. Petersburg on June 26-28. Alyona Kucher, KKMP Senior Partner, spoke at 2 sessions of the forum: "Representations and warranties in Russian law: distribution of contractual and tax risks" and "Investing in Russia. Top 5 tools for protection against conflict with a local partner".
On June 27, 2024, in St. Petersburg, Stanislav Dobshevich, KKMP partner, spoke on the Recognition of Russian judgments abroad at the traditional Litigators’ Breakfast held by Pravo.ru for its SPB Legal Day.
On June 21, OFAC added Kaspersky Lab leadership to the SDN List. 12 top managers, including the Chief Legal Officer and Chief Human Resources Officer, were targeted by the sanctions. OFAC’s actions are related to the threat to the U.S. cybersecurity.
On June 20, 2024, KKMP partner Anna Maximenko and senior associate Andrey Lipin held a seminar devoted to practical aspects of redomiciliation of foreign holding companies to the Russian Federation.
Last week we reported on a major update to the US sanctions regime, including newly designated entities and individuals. The UK has also updated its sanctions list, adding 42 entities and individuals.
On June 12, OFAC issued a significant update to the SDN list and tightened the US sanctions regulation. It targets the Russian financial infrastructure and Russia’s operations with third countries. The SDN list was also supplemented by the US State Department.
KKMP team represents T-Bank Group in its acquisition of the controlling stake in factoring services companies of ROWI Group (Rowi Factoring Plus LLC and Rowi Technologies LLC) from QIWI JSC.
We are pleased to announce that KKMP Senior Associate Natalia Andreeva has joined the Guide to Next Generation of Russian Arbitrators Executive Board. The Guide is an independent database that aims to provide users with comprehensive information on arbitrators with Russia-related experience.
Recently we have received many enquiries about establishing a company in Oman. One of key advantages of Oman for Russian business is that the country positions itself as politically neutral.
On May 29, Corporate Secretaries Club of National Corporate Secretaries Association (NCSA) held a meeting to discuss the impact of the sanctions agenda on corporate governance practice. The Club meeting took place at SIBUR Polymer House.
KKMP supported Kazan Legal Week 2024 held on May 22-24 by Pravo.ru and ANP ZENIT. KKMP Senior Associate Elvira Khasanova spoke on “Sanctions Compliance Trend in 2024: a necessity or a mechanism for adapting to an unstable reality?” during the “Prospects for Business Development in 2024” session.
On May 16-18, the Central Bank of the Russian Federation, the International Law Faculty and the MGIMO Law Club with the Endowment support held the 1st Interuniversity Student Contest on the problems of financial markets legal regulation in the Russian Federation - FinLex 2024.
Vladimir Putin's visit to China, the first foreign visit by a Russian President since taking office, is in full swing. The Russian and Chinese leaders emphasized the importance of developing a comprehensive partnership between the states in the sphere of trade, in particular the need to strengthen cooperation between banking institutions and payment systems, and announced the expansion of joint projects in the hydrocarbon and nuclear energy sectors.
On April 17-18 ICG held its 16th Annual Corporate Insurance International Conference in St. Petersburg. KKMP Counsel and Head of Insurance Practice Roman Sadovsky spoke on the key features of directors and officers (D&O) liability insurance in Russia and recent court practice.
KKMP is pleased to announce the launch of its China Desk which will provide legal services to Russian and Chinese businesses in their cooperation. The firm has appointed Zeyu (Chuck) Peng, an experienced professional with a background in both Chinese and international law, to lead the desk.
Prior to the Council of Europe's adoption, the Directive was approved by the European Parliament on March 12, 2024. It will enter into force 20 days after its publication in the Official Journal of the European Union. EU member states will have 1 year to transpose provisions of the Directive into their national legislation.
On April 3, the Civilist Club organized a large scientific and practical conference "Freedom of Contract: 10 years later", where KKMP senior partner Alyona Kucher spoke on "Risk Sharing Contracts in the Context of Freedom of Contract".
KKMP reinforces its leadership positions in the Russian legal consulting market – on April 1, 2024, the firm welcomed a team led by partner Stanislav Dobshevich. Alongside Stanislav, the dispute resolution practice at KKMP is joined by senior associates Natalia Andreeva and Alexey Chernyshev, as well as associates Mikhail Blat and Kirill Palushin.
On March 14, the Pravo.ru conference "Legal Challenges and Opportunities in the Era of Sanctions" took place, where KKMP Senior Associate Elvira Khasanova participated in the session "Financial and Trade Restrictive Measures Regime. Doing Business in Global Isolation" speaking on sanctions regulation trends in 2024.
On March 13, the AmCham Russia conference "Key Compliance Results in 2023 and Expectations for 2024" took place, where KKMP Senior Associate Elvira Khasanova spoke on the factors affecting sanctions compliance in 2023 and expectations for 2024.
Elvira Khasanova appeared as a guest expert on RBC Investments channel. She discussed the decision of the European Union Council to allow separate accounting of profits from frozen Russian assets for possible use for political purposes.
On February 29, with the KKMP participation and sponsorship, the ICC Russia seminar "Digital Instruments for Real Business: Overcoming Borders" took place, where a representative of the Ministry of Finance and representatives of the legal community, financial market and FinTech discussed current issues of cross-border settlements using digital rights, cryptocurrency and central bank digital currency (CBDC).
On February 14th, the Pravo.ru conference "Legal Firm Marketing 17 PRO MAX" took place, during which KKMP partner Anna Maximenko spoke about Telegram channels as a communication tool in the new realities.
Head of KKMP Insurance Practice Roman Sadovsky spoke at the joint event of the AEB Insurance and Pensions Committee and Real Estate Committee "Real Estate Insurance". He covered real estate insurance, particularly fire risks.
Head of KKMP Insurance Practice Roman Sadovsky spoke at the CRE conference "What is the plan 2024?". He covered real estate insurance, particularly fire risks.
The development of digital technologies and the search for alternative methods of settlements and investments to traditional ones have stimulated the active development of the digital assets and digital currency market.
KKMP team has represented NordEnergoGroup LLC (a subsidiary of Severgroup) in the sale of its 50% stake in Kashirskaya GRES LLC to Inter RAO Group companies.
The year 2023 was marked by an intensification of sanctions pressure against Russia. According to some estimates, the number of personal sanctions imposed on Russian companies and individuals (“blocking sanctions”) alone is now approaching 20,000. Many countries have also started to develop legal mechanisms aimed at countering the sanctions circumvention. It is not easy to navigate such a large-scale and multifaceted sanctions regime and keep up with the details of how the sanctions are applied in practice. In this review, we present what we consider to be the key developments in the area of sanctions and their application in 2023, in the United States, the European Union and the United Kingdom, as well as likely trends in this area in 2024, which should be taken into account when doing business.
KKMP has supported Statut publishing house in releasing a new book from the "Classics of Russian Civilistics" series - "Private Law: Selected Works" by S.S. Alekseev.
We are pleased to announce that on December 14 KKMP Senior Associate Elena Klyuchareva defended her PhD thesis, Duties and Responsibilities of Members of Legal Entities’ Management Bodies under the Law of Russia, Germany, Great Britain and the State of Delaware (USA). Elena's supervisor was A.A. Kuznetsov, and she defended the thesis at the Russian Academy of National Economy and Public Administration.
In a special end-of-year issue of Pravo-300 KKMP Partner Maxim Kuleshov has commented on the role played by lawyers as intermediaries between the business community and government.
The X International Conference of Young Jurists, Trends in the Development of Private Law, was held at the Moscow State Law Academy’s Institute of Private Law with the support of KKMP on November 30 - December 1.
In the Pravo.ru conference Digital Markets and Ecosystems: Legal Issues, held on November 30, KKMP Senior Associate Elena Klyuchareva spoke in the session Regulatory Challenges for Digital Markets and Ecosystems in 2023, on the possible future role of central bank digital currencies (CBDCs) as a payment medium.
In the conference Mergers and Acquisitions in Russia - Results 2023 , held on November 30, KKMP Partner Maxim Kuleshov spoke in the session Topical Issues of M&A Transactions - Market Practice.
On November 28, RBC Event Center hosted the 2nd All-Russian Industry Conference on Construction Law and Legal Management. KKMP Associate Violetta Drondina spoke in the session Structuring construction contracts and effective management of investment projects on the various possible relations between general contractor, contractor and supplier.
On November 23, KKMP, in partnership with the public affairs consultancy Kesarev, held a seminar, Harmonization of Transactions and Transactions involving Foreign Participants: Key Trends and Expectations 2023-2024.
The Pravo.ru portal has published an article by Andrei Lipin entitled Specific Features of Russian Law Relating to the Acquisition of Shares in Foreign Companies.
KKMP Senior Associate Elena Klyuchareva participated in the ICC Russia conference New mechanisms for cross-border settlements, held on November 21. She made a presentation in the session National Digital Currencies (CBDCs) and Other Innovative Instruments for Cross-Border Settlements.
Pravo.ru has published an article by KKMP Counsel Elena Tchoubykina, Partnership Financing: Development Prospects, in which she discusses legal issues related to the trial introduction of partnership ("Islamic") financing in certain regions of the Russian Federation, and also explained how the new mechanisms will operate as part of the current banking system.
In the Pravo-300 Forum, held on October 27, KKMP Associate Andrey Lipin spoke in the session Tempest in a Teapot: Approaches to Business Development in a Period of Restrictions, in which he shared his observations on trends and specific features in the structuring of M&A deal closings over the past year.
In the annual Pravo.ru conference, Corporate Law and Corporate Governance — 2023, held on October 20, KKMP Partner Maxim Kuleshov spoke in the session Corporate Law News - The impact of sanctions on corporate governance in 2022-2023.
KKMP Managing Partner Alyona Kucher, Senior Associate Dmitry Raev and Associate Violetta Drondina have led a seminar, Price and Deadlines: Key Issues in Contractor Agreements.
KKMP has participated in Russia’s first practical forum on digital financial assets, Digital Finance: The New Economic Reality ,organized jointly by the ACRA rating agency and the Association of Company Treasurers.
On August 30, 2023 KKMP Senior Associate Elena Klyuchareva spoke at the Civil Lawyers’ Club Conference, Corporate Law: Current Problems, on the liability of members of legal entities’ and corporations' management bodies for inaction.
Pravo.ru has published an article by KKMP Senior Associate Dmitry Raev and Associate Violetta Drondina, How banks can implement development projects using non-core assets: instructions, in which the authors discuss legal issues related to the development of land plots in collaboration with third parties.
KKMP is advising Polyus on its planned acquisition of up to 29.99% of Polyus' ordinary shares for a total price of up to RUB 579.4 billion (approximately $6.4 billion).
KKMP Partner Maxim Kuleshov has participated in the English Law Day in Yerevan, organized by the Eurasian CIS Legal Professionals' Forum in cooperation with the British Embassy in Yerevan and the Bar Council of England and Wales.
KKMP Partner Anna Maximenko and Senior Associate Elena Klyuchareva have participated in the PILnet webinar Legal Regulation of Cryptocurrency and NFTs in Belarus, Kazakhstan and Russia.
During the Saint-Petersburg International Legal Forum KKMP Managing Partner Alyona Kucher gave an interview to Pravo.ru in which she describes how M&A deals have changed, and outlines the main challenges and some recent trends in the M&A market.
In an article for Cointelegraph, a major news resource dedicated to blockchain technologies and cryptocurrencies, KKMP Senior Associate Elena Kluthareva talks about what to expect from the Russian Central Bank's proposals to introduce a digital ruble.
Statut publishing house, with the support of KKMP, has released another book in its Classics of Russian Civil Law series, Russian Civil Law by D.I. Meyer.
Today the Moscow Chamber of Commerce and Industry hosted an academic legal conference, Civil Law: Current Problems related to the Present Stage of Development, timed to coincide with the release of a new compilation of articles, Civil Law Relations: Problems of Doctrine, Legislation and Judicial Practice, to mark the 75th birthday of Professor Evgeny Sukhanov LLD.
On April 7 KKMP Partner Anna Maximenko spoke about practical aspects of choosing a "friendly" jurisdiction in the session Legal Aspects of the Great Migration.
KKMP participated in the Pravo.ru conference Real Estate and Construction Market in 2023: Legal Risks, an event which brings together leading companies in the industry and legal experts.
A team of KKMP lawyers including Partner Maxim Kuleshov and Senior Associate Tamara Kulyk have advised Norilsk Nickel on its establishment of a joint venture with the Mining Division of Rosatom State Corporation. For the purposes of the joint venture, a new legal entity, Polar Lithium LLC, has been incorporated.
Statut publishing house, with the support of KKMP, has released another book in its Classics of Russian Civil Law series, Selected Works of S.M. Korneev.
In an article published by Garant.ru on January 24, Women's Labor Rights: Discrimination Issues and Key Court Cases , KKMP Partner Anna Maximenko and Senior Associate Elena Klyuchareva comment on the aspects of current labor law which they consider to be particularly successful in terms of protecting women's rights.
In an article for RBC KKMP Managing Partner Alyona Kucher comments on proposals by the Ministry of Justice to allow courts to determine the point at which contractual obligations cease.
In an article for RBC KKMP Senior Associate Dmitry Stakheev discusses the EU’s clarifications on its prohibition on European lawyers providing legal services to clients from the Russian Federation.
In an article for RBC, KKMP Partner Maxim Kuleshov comments on the criteria for dividend payments to non-residents from countries classed by Russia as "unfriendly".
In an article for RBC KKMP Managing Partner Alyona Kucher, has commented on the introduction by the Subcommission of the Ministry of Finance of criteria for "voluntary" contributions to the state budget following the sale of assets by foreign investors.
A team of KKMP lawyers including Managing Partner Alyona Kucher, Partner Anna Maximenko, Senior Associate Elena Klyuchareva and Associate Andrey Lipin has advised Sistema, a public Russian investment company, on its RUB 15.8 billion acquisition of a 47.7% stake in Melon Fashion Group, Russia's leading fashion manufacturer and retailer, from the Swedish companies Eastnine and East Capital Holding AB and a group of private investors.
A team of KKMP lawyers has advised Schneider Electric, a global leader in digital transformation and the automation of energy management, on Russian law issues in connection with the sale of its Russian division to local managers.
A digital version of the book Changes of Persons in Obligations, and Liability for Breach of Obligation: Commentary on Articles 330-333, 380-381 and 382-406.1 of the Civil Code of the Russian Federation, edited by A.G. Karapetov, has been published with the support of KKMP.
KKMP Managing Partner Alyona Kucher has led a round table on Force Majeure and Unenforceability in Sanctions at the Saint-Petersburg International Legal Forum.
Kucher Kuleshov Maximenko & Partners (KKMP), an independent Russian law firm formed by a team of partners and lawyers from the Moscow office of Debevoise & Plimpton LLP announces its opening for business.
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