December 30, 2008, the President of Russia signed the Federal Law “On the Introduction of Amendments to Part One of the Civil Code of the Russian Federation and Certain Legal Acts of the Russian Federation” No. 312-FZ (the New Law) significantly amending the rules governing Russian limited liability companies (LLCs). In addition to amending the Civil Code, the New Law also makes certain amendments to a number of other laws, including the Federal Law “On Limited Liability Companies.” The New Law will take effect on July 1, 2009.

The purpose of the New Law is to create a more favorable legal environment for the operation of LLCs, to protect their owners against criminal takeovers and LLCs against abuses by participants, and to discourage the formation of fly-by-night companies used for tax evasion. Read the entire article here.

For more information on this topic, please contact V&E Russia/CIS lawyer Natalya Morozova or Maria Shangina. Visit our website to learn more about V&E's Russia/CIS Practice.