Analytics Legal analytics Investments

SPIC 1.0. Investors are given back the proven mechanism and the right to extend contracts due to the sanctions

On 14 March 2022, a law came into force reviving the SPIC 1.0 mechanism for new investment projects, and allowing extending the terms of contracts already concluded due to foreign sanctions. The amendments were developed by the Government as part of a package of anti-crisis measures.

As part of the development of this law, the Government has also clarified the rules for concluding SPIC 1.0. The updated rules came into effect on 1 April 2022.

Russia to initiate termination of double tax treaty with Cyprus

In early April, Russia sent a letter offering to amend the text of the agreement on avoidance of double taxation (DTT) by increasing tax rates in terms of taxable dividends and interest payments to Cyprus. However, after almost four months of negotiations, the parties failed to reach a consensus.

According to the information published by the Russian Ministry of Finance, with due regard to close economic and historical ties between the two states, the Russian party formulated options for a compromise and offered to swiftly hold (the ongoing week) face-to-face negotiations in Cyprus but received a refusal. Consequently, Russia’s Ministry of Finance announced that it would initiate denunciation of the DTT.

SPIC 2.0: Mechanism for development of innovations and introduction of modern technologies

On 2 August 2019, the President of the Russian Federation signed a legislative package concerning significant reforms for the mechanism of special investment contracts. Amendments refer to legal regulation in industrial policy and affect tax and fiscal legislation.

In this review, VEGAS LEX experts have analyzed changes, goals and prospects of the updated SPIC mechanism.

Investment in the social catering: PPP and concession agreements

Advantages for investors and the state, new features, the latest trends, the ways to structure the project, the key parameters of the project, the project preparation stages

PPP Law: what's in a name?

July 1, 2015 the State Duma adopted a   the Federal Law "On public-private partnership, municipal-private partnership in the Russian Federation and the Introduction of Amendments to Certain Legislative Acts of the Russian Federation" regulates the relations connected with the preparation, conclusion and implementation of agreements on public-private and municipal-private partnership, establishes the authority of public law entities, public authorities and local governments in the fields of PPP and MPP, and also provides for changes in the legislation of the Russian Federation in terms of integration into a PPP agreement and MPP. (This legal update is available only in Russian)

IP Immunities For Drug Manufacturers On The Russian Market

On 23 September 2014 the Court of Appeal ruled that IP immunities may not be regarded as a valid excuse for a patent holder/trademark holder in case of abuse of dominance on the drug circulation market, inter alia in those cases where a drug manufacturer refuses to enter into a supply agreement with its distributor.

Experience of the Moscow aviation hub: opportunities and potential for public and private operators of regional airports

The main purpose of this research report is to present the results of the analysis of investment and institutional arrangements for the development of regional airports in Russia, taking into account the experience of preparing the draft project of the Moscow Aviation Hub (MAH) on the basis of concession agreements. (This legal update is available only in Russian)

Securitization of project financing

On the eve of the new year, the President of the Russian Federation signed Federal Law No. 379-FZ dated 21.12.2013 “On Amendments to Certain Legislative Acts of the Russian Federation”. The signing of this law has led to changes in the law on notaries, the rules regulating the legal regime for secured bonds, as well as additions to the RF Civil Code of articles governing the legal regime of nominal and the escrow accounts and the legal status of specialized companies. We present to your attention the analytical review of “Securitization of project financing”, which analyses the changes in legislation, in the most important spheres of public-private partnerships. (This legal update is available only in Russian)

LEGAL TWEET. Issue No. 11. Financing of infrastructure projects from the National Welfare Fund and pension savings: novel amendments to legal regulations

(This legal update is available only in Russian)

A share in the future object as the subject of a contract on the establishment of property

Implementation of investment projects in the field of capital construction is often carried out by several participants (co-investors). Regulation of relations between project participants depending on the nature of the agreements reached, and the role of each participant in the project can be carried out using a variety of contractual structures. (This legal update is available only in Russian)