It will be easier for Russians with dual citizenship to conduct transactions

It will be easier for Russians with dual citizenship to conduct transactions. As Izvestia found out on October 15, such a bill was developed by the Ministry of Economic Development.

"The bill provides for expanding the grounds for applying the current simplified (accelerated) procedure for preliminary approval of a transaction or approval of control over Russian strategic enterprises carried out by foreign investors who are citizens of the Russian Federation, including those with other citizenship, and who are Russian tax residents, against whom sanctions have been imposed by unfriendly states," it says. in the explanatory note that Izvestia has.

The document notes that in the current legislation there are obstacles to the establishment of direct control over enterprises of strategic importance for ensuring the defense and security of the state, their ultimate beneficiaries are citizens of the Russian Federation, in cases where restrictive measures have been introduced against them by foreign states.

"Despite the fact that such an approach was fully justified at the time of the adoption of the relevant regulations, in the current conditions of unprecedented sanctions pressure on Russian enterprises and their owners, it seems that it requires clarification. In particular, in the case of personal sanctions imposed on a Russian owner who also has a different nationality, in practice he loses touch with a foreign jurisdiction, while having to quickly make transactions to transfer the ownership structure to a Russian jurisdiction, including pre—approving transactions or establishing control over the company," the document says.

This procedure does not allow timely taking the necessary measures to maintain asset manageability to ensure their stable operation, the document says.

Andrey Glushkin, a member of the Council of the MRO Delovaya Rossiya, told Izvestia on September 10 that from October 1, a new tool for supporting small and medium—sized businesses, as well as the self-employed, begins to operate in Russia - credit holidays. According to federal law, entrepreneurs will be able to temporarily suspend loan payments for up to six months.

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