May 29, 2022

Westside People

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Ukraine: Russia adopts a set of laws against sanctions

The Russian parliament on Friday approved a set of laws aimed at countering the effects of Western sanctions on the country’s economy, which was decided after the invasion of Ukraine.

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The text, accessible on Duma’s site, aims to “increase the stability of the Russian economy and protect citizens against sanctions.”

Unprecedented sanctions were imposed against Russia, which led to a sharp fall in the ruble and a massive flight of foreign companies from the country, along with other catastrophic effects on the Russian economy.

The law allows the government to increase pensions and the minimum wage “if necessary”.

In 2022, IT companies may be barred from researching SMEs until the end of 2024. This text introduces a simplified system for purchasing medicines and an expanded list of the latter.

The law also provides for a simplified “voting” procedure, meaning that a company repurchases its own shares. This will allow them to repurchase at a lower price to consolidate, if not destroyed, as the share price of Russian companies has plummeted.

The law also provides for the cessation of debt repayments for citizens and SMEs by 2022, a measure already introduced at the outset of the corona virus epidemic.

Finally, there are plans to extend a capital amnesty that has been in place for several years, allowing Russians to repatriate assets and capital abroad without prosecution.

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One measure that brings to mind controversies related to foreigners who are on the advisory boards of several large Russian groups is a rule that allows companies to modify the proposed candidates for their board of directors.

Asked during his daily press conference, the Kremlin spokesman Dmitry Peskov said, “The economy is now in a state of aggression.”

“The economy is of concern to all of us, the well-being of all citizens, and the blows being inflicted on our economy must be cushioned and reduced. This is what the government and the president are currently focusing on.”

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