The Presidential Decree No. 430 dated 20 May 2024 establishes a temporary procedure for the acquisition of exclusive rights to the results of intellectual activity and means of individualization by Russian citizens and organizations from persons associated with “unfriendly states” and persons controlled by them, as well as for the execution (enforcement) of monetary obligations arising from such transactions.
Permissions of the Governmental Commission for Control of Foreign Investments in Russia (Commission) are required for the execution and performance of such transactions. Permissions are issued upon the request of the right holder, the acquirer or their representatives.
The Decree provides for a separate regulation of payments for transactions concluded prior to its entry into force that have not been fully or partially performed as of that date. Such payments must be made by transferring funds to a special “O” account opened in the name of the “unfriendly” right holder. At the same time, it is possible to apply to the Commission for withdrawal of funds from the “O” account to another account, including a foreign one.
The permissive procedure does not apply to the following transactions:
- Acquisition of exclusive rights to scientific, literary and artistic works, performances, phonograms, radio and cable television broadcasts,
- Transactions with amounts not exceeding RUB 15 million (or its equivalent in foreign currency).