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On 14 March 2022, a law came into force reviving the SPIC 1.0 mechanism for new investment projects, and allowing extending the terms of contracts already concluded due to foreign sanctions. The amendments were developed by the Government as part of a package of anti-crisis measures.

As part of the development of this law, the Government has also clarified the rules for concluding SPIC 1.0. The updated rules came into effect on 1 April 2022.

Under SPIC 1.0, an investor has the right to receive preferences similar to those provided for under SPIC 2.0: 

• guarantees of stability of tax and regulatory conditions; 

• tax benefits; 

• simplified acquisition of the "Made in Russia" status; 

• the possibility of applying accelerated depreciation; 

• special conditions for leasing public land; 

• industry subsidies, etc.

In this review, we will take a closer look at the new regulation and pay attention to the key differences between SPIC 1.0 and SPIC 2.0.

Read in detail about the recent amendments in the VEGAS LEX's analytical review:  SPIC 1.0. Investors are given back the proven mechanism and the right to extend contracts due to the sanctions.

A list of the firm's investment services can be found here.