On September 15, 2020, CEE Legal Matters reported that Debevoise & Plimpton had advised Norilsk Nickel on its USD 500 million Eurobond offering due 2025. CEEIHM spoke with Andrey Gavrikov, Head of Direction for Legal Support of Treasury Operations at MMC Norilsk Nickel, to learn more about the issuance.
To prevent foreign investors from abusing their rights in relation to Russian strategic companies, the prior-clearance rules have changed to qualify transactions for a stake in this type of company. The change was made to protect strategic companies from undisclosed foreign interference and has resulted in a more transparent foreign investment environment in Russia.
Partly due to the Covid-19 pandemic, Russia’s legislative process has slowed down, says CMS Moscow Partner Anton Bankovskiy. “However,” he says, “the ‘regulatory guillotine,’ – the ongoing process of amending or eliminating the many laws remaining from the country’s Soviet past – has picked up pace.” In addition, he says, “the State Duma recently passed new laws introducing the ‘regulatory sandbox’ framework, which enables companies and entrepreneurs to implement innovative technologies, unrestricted by the current legal limits related to those technologies.”