By decision of the Duma, the Russian president received new powers to ensure economic sovereignty. The procedure for relations with businesses from unfriendly countries will apply retrospectively.
From January 1, 2024, writes Vedomosti publication, the President of the Russian Federation will have new powers in relation to the property and assets of foreign companies that have left the Russian market due to sanctions. The State Duma at the legislative level granted the president the right to establish a special procedure for the fulfillment of obligations to persons from unfriendly foreign states and to introduce temporary management in relation to their movable and immovable property in Russia.
Experts do not have a clear opinion on whether the adopted law can be considered an opportunity to carry out the actual nationalization of the property of persons of unfriendly foreign states.
According to Dmitry Kletochkin, partner of the company Rustam Kurmaev and Partners, interim management is de facto it. Alexander Bychkov, head of the International Trade Law practice at Melling, Voitishkin and Partners, disagrees with him. writes The Moscow Times. He believes that this is not quite nationalization: the measures limit the right of ownership, turning the owner into a de facto nominal owner, and the property must at some point return to him, unless the right of ownership is subsequently completely taken away.
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