Putin Restricts Russian Strategic Companies from Complying with Foreign Laws

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Strategic Russian companies must now obtain government approval before complying with foreign legal requirements, according to a decree signed by Russian President Vladimir Putin.

Under the new rules, joint-stock companies listed as strategic enterprises or strategic joint-stock companies, along with their subsidiaries, must seek approval from the Russian federal executive authority for any actions mandated by foreign laws.

Specifically, these companies are prohibited from disclosing information about their activities, amending contracts with foreign partners, or transferring ownership of foreign assets, including equity stakes in foreign organizations, rights to conduct business abroad, and overseas real estate, without prior government consent.

However, companies are allowed to disclose information required by Russian law or related to the issuance, trading, and acquisition of securities without prior approval.

The decree took effect on the day of its signing, October 15th.