Russia

• Published in: The International lawyer 2010-04, Vol.44 (1), p.737
• Main Authors: Heath, Jesse, Budylin, Sergey, Dyakin, Dmitry, Evseev, Dmitri, Gill, Ekaterina, Kelley, Christopher
• Format: Article
• Language: English
• Subjects: Arbitration; Foreign investment; Recessions; State budgets
• ISSN: 0020-7810; 2169-6578

[...] Section IV examines one of die latest international investment tribunal decisions involving Russia. InJuIy 2008, the Russian government assigned responsibility for the Law's implementation to the Federal Anti-Monopoly Service (FAS) and the Governmental Commission on Control of Foreign Investment in die Russian Federation (Commission).7 Shortly thereafter, the FAS established die Administration on die Control of Foreign Investment to handle all Strategic Sectors Law issues.8 The government also took steps to clarify some of the Law's details, such as creating a list of all critical technologies9 and publishing model formats of die Law's various applications.10 Finally, in October 2008, the FAS announced that acquisition of Russian banks by foreign investors would not be covered by the Strategic Sectors Law and thus would not require prior approval.11 B. IMPLEMENTATION OF THE LAW Despite the recent decline of investment in Russia, the FAS and the Commission received a relatively steady flow of applications pursuant to the Strategic Sectors Law.