BGP Litigation senior associate Denis Savin speaks with Rossiyskaya Gazeta about the prohibition barring the allocation of public funds to foreign legal entities located in offshore zones
18.01.2017

"From 2017, offshore companies will not be able to receive state and municipal guarantees, says Denis Savin, senior associate at BGP Litigation: "An exception will be Russian state guarantees provided to support exports of industrial products".

Such companies will also be ineligible to act as a principal or beneficiary in respect of guarantees, and any Russian legal entity in which offshore companies hold a stake of more than 50 percent will be ineligible to act as a principal. "If this is discovered, money paid under the guarantee will have to be returned by the beneficiary to the relevant budget", adds Denis Savin".

The full article (in Russian) is available here: "Отошли от бюджета". 

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