Russian authorities have introduced new tactics aimed at contesting deals involving foreign companies, adding further complexity to the business environment for foreign investors.
In the end of August 2024, the Prosecutor General's Office has filed a claim with the Arbitrazh Court of Moscow to invalidate the sale of Raven Russia's Russian business to local top management (Case No. А40-194926/2024). The authorities allege that the assets were originally acquired through dubious transactions and that the MBO concealed the company’s continued UK ownership despite restructuring to the UAE.
The prosecutors aim to invalidate the deal, seize the assets of the top executives involved, and potentially reverse the offshore transactions. This case signals new risks for foreign companies exiting Russia.
As of November 2024, the claim has been accepted for trial, with a preliminary hearing postponed several times and currently scheduled for 6 December.
We will monitor the case and inform on any relevant updates. This development underlines the complex legal challenges for foreign businesses in Russia.
Solstico Legal’s expert team is prepared to help clients navigate such disputes, ensuring compliance and protecting assets through strategic legal advice. Contact us to discuss how we can assist in mitigating risks during market exits.