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Russia establishes foreign investors’ responsibility for law violations

January 07, 2012, 11:47 UTC+3
The Russian Federal Antimonopoly Service developed them within the framework of the third antimonopoly package
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MOSCOW, January 7 (Itar-Tass) — Amendments to Russia’s Code on Administrative Violations establishing foreign investors’ responsibility for violating the legislation on foreign investments have entered into force.

The Russian Federal Antimonopoly Service developed them within the framework of the third antimonopoly package.

As of January 7 any legal entity will face a fine ranging from 500,000 rubles to 1 million rubles, if it fails to file a request on preliminary approval of deals in relation to Russia’s economic entities to the Federal Antimonopoly Service that is empowered to control foreign investments.

“Such measures of administrative responsibility are targeted at preventing possible violations while foreign investors implement deals in strategic sectors of the Russian economy,” the deputy head of the Federal Antimonopoly Service, Andrei Tsyganov, said.

 

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