Investor Presentaiton
What's Newest (cont'd)
Russia
Controversial anti-sanctions dispute law - came into effect in June 2020
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Seeks to force into Russian court many disputes involving Russian (and other) sanctioned persons/entities ...
whether or not the dispute relates to the sanctions
And provides for Russian court to issue anti-suit injunction against proceedings in foreign courts or arbitral tribunals,
and to award damages up to amount of damages claimed by foreign party in proceedings abroad
See our Lawflash of June 2020; and court practice is developing since then (we can elaborate)
See slides 89-93 for other enacted and pending further countermeasures against US/EU sanctions (and
Ukraine)
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Including draft amendments (re asset blocking, and low 25% control threshold, etc.) to Special Economic Measures
Law
And newest April 2021 proposed amendments to same law and to Currency Control Law
Recent statement by a Russian official urging cut in use of USD - and continued reports of Russian
companies (including oil producers) trying to do this, to Euro (or other currencies), for deals having no
other US link - see slides 20 and 82 below
And some other Russian gov't initiatives
directing pension and similar funds away from banks that are under or are supporting anti-Russian sanctions
advancing establishment/acceptance of Russian institute certification of Russian-produced oil & gas industry
equipment as substitute for US API certification
Also, developing Russian court practice and general view that a contract clause allowing termination /
escape from liability on account of anti-Russia sanctions may violate public policy / be unenforceable
Morgan Lewis
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