Law360: Russia and former shareholders of Yukos Oil Co, who are trying to enforce US$50bn in arbitral awards against the Kremlin, are disputing the significance of the DC Circuit's August 2024 opinion concluding that district courts have jurisdiction to enforce some US$395m in arbitral awards against Spain.

Law360: A Canadian appeals court has affirmed that Russia can present new evidence as it challenges an international tribunal's assertion of jurisdiction over a US$701m arbitration blaming the Kremlin for the downfall and eventual bankruptcy of Yukos, once Russia's largest oil company.

Law360, London: Russia cannot rely on state immunity to stave off a claim from former Yukos Oil investors to enforce an arbitration award of almost US$60bn, a judge ruled on 1 November 2023.

Law360, London: The Russian Government said on 25 March 2022 that the credit ratings of the country's banks will stay frozen for five months to ensure financial stability as Western sanctions hit following the invasion of Ukraine.

The World Trade Organization (WTO) has received a request for consultations from Russia challenging the European Union's Carbon Border Adjustment Mechanism (CBAM). The dispute targets EU Regulation 2023/956 establishing CBAM, Directive 2003/87/EC on emissions trading, and related implementing acts. Russia claims these measures violate multiple WTO agreements, including the General Agreement on Tariffs and Trade 1994, the Agreement on Import Licensing Procedures, and the Agreement on Subsidies and Countervailing Measures. The challenge also cites inconsistencies with WTO Accession Protocols of Bulgaria, Croatia, Estonia, Latvia, and Lithuania. The consultation request initiates the WTO's formal dispute settlement process.

NOTE—to see whether notification thresholds in Russia and throughout the world are met, see further: Where to Notify. 1. There have been recent developments regarding the Russian merger control regime. What are the main points of interest and are any further updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Russia? Merger control in Russia is governed by Federal Law No 135-FZ of 26 July 2006 'On Protection of Competition' (the Competition Law), together with decrees and guidelines issued by the Russian competition authority, the Federal Antimonopoly Service of the Russian Federation (the FAS). The FAS regulates the procedure and specific requirements for obtaining merger control clearance. In addition to the general procedures and rules established under the Competition Law, specific regulations apply to foreign investments—namely, (1) the Federal Law No 160-FZ of 9 July 1999 'On Foreign Investments in the Russian Federation'(the Foreign Investment Law) and (2) to foreign investments in companies of strategic importance (the Federal Law No 57-FZ dated 29 April 2008 'On Foreign Investments in Business Entities which

Law360: The increasing compliance burdens that come from a price cap on Russian oil has led to the exodus of 800 tankers from the Western insurance market, a trade association has warned.

Law360, London: This article is part of a quarterly column exploring recent developments in sanctions imposed on Russia by the UK, EU and US, following its invasion of Ukraine in 2022, and the compliance implications. In this installment, we look at the divergent approaches emerging from these regions, and how this will affect businesses with international operations.

Law360, Expert analysis: This article by Alexandra Melia, partner at Steptoe LLP, is part of a quarterly column exploring recent developments in sanctions imposed on Russia by the UK, EU and US, following its invasion of Ukraine in 2022, and the compliance implications. In this instalment, we look at the designation of Russia's two largest oil companies, Rosneft and Lukoil, and the expansion of sanctions targeting the Russian energy sector.

Law360: A recent D.C. Federal Court decision supports the Russian Federation'sapplication to dismiss an arbitration enforcement action stemming from a tax dispute with Yukos Capital Ltd, Russia told the same court.

Law360, London: Russia's former Deputy prime minister has failed to end EU sanctions against him after the European Court of Justice (ECJ) upheld on 13 March 2025 the conclusion that he actively supports the Russian government as president of its state investment company VEB RF.

In a keenly anticipated judgment issued on 9 December 2021, the Russian Supreme Court concluded (inter alia) that the fact that a Russian party is subject to international sanctions at the seat of an arbitration outside Russia constituted an obstacle to access to justice which entitled the sanctioned party to withdraw unilaterally from relevant arbitration agreements, and to apply for anti-suit injunctive relief from the Russian courts. The court's decision was made following the June 2020 amendments to the Russian Arbitrazh Procedure Code to provide Russian courts with (inter alia): (a) exclusive jurisdiction over any disputes with individuals and entities subject to international sanctions against Russia (in case there is no dispute resolution clause to the contrary, or if this clause is unenforceable due to 'obstacles to access to justice' caused by sanctions); and (b) issue anti-suit injunctions with respect to such disputes.