Subsoil Users Association comments on current law re. foreign companies14 Jul 2022 16:31
From a couple of days ago - nothing we didn’t already know and obviously this isn’t advice as circumstances can change but good to see the view from “The Subsoil Users Association” in Russia around existing laws:
The Subsoil Users Association commented on amendments to the Law "On Subsoil"
July 12, 2022
The Interregional Association of Subsoil Users explained the latest changes in the laws governing subsoil use. Thus, in particular, the organization explained a number of nuances related to the involvement of foreign capital in mining projects in the territory of the Russian Federation.??According to the explanation of the Association, in accordance with the amendments to the legislation, legal entities formed in accordance with the procedure provided for by the laws of a foreign state are considered foreign. However, if a foreign legal entity creates an organization on the territory of the Russian Federation in accordance with the legislation of the Russian Federation, it does not give grounds for assigning the created organization the status of "foreign". At the same time, as noted in the Association, the volume of participation of a foreign legal entity in the authorized capital of the newly created organization does not play a role.??Employees of the Association in their explanation stressed that in case of obtaining a subsoil use license for a Russian subsidiary for foreign companies, there are no legislative obstacles to continuing work on the territory of the Russian Federation.
https://www.vnedra.ru/novosti/v-assocziaczii-nedropolzovatelej-prokommentirovali-popravki-v-zakon-o-nedrah-18775/
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