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On November 29, 2018, a conference devoted to the topic "Russia and sanctions: together forever?" organized by the Russian Union of Industrialists and Entrepreneurs (RSPP) jointly with the VEGAS LEX law firm.

The moderators of the conference were Evgeniy Rodin, the partner, the Head of energy practice of VEGAS LEX and Victor Petrov, the Head of Litigation practice of VEGAS LEX.

Marina Larionova, the Vice-President of RSPP, made a welcome speech and gave different assessments to costs incurred by the Russian and foreign companies due to unjust sanctions.

Dmitriy Timofeyev, acting Director of the Department for control over external restrictions of the Ministry of Finance of Russia (MinFin of Russia), spoke of what for the new Department had been created in the structure of the governmental agency. According to him, the key task of the Department is interagency coordination inside the Government of the Russian Federation aimed at reducing negative implications of the foreign restrictions. This includes rendering assistance to the sanctioned companies at a "one-stop shop" in order to help them interpret the effect of the sanctions imposed.

Mr. Timofeyev underlined that the Russian government, including the department of the Ministry of Finance, is implementing a consistent action plan on countering the US sanctions. Among such actions there is promotion of international trade settlements by means of the domestic currencies. "In any case, we assess the influence of the American sanctions on the Russian economy as relatively slight. This is also because of some macroeconomic decisions made", he marked.

Steve Ganis, an American expert, the partner of Mintz Law Firm, and Adam Smith, the partner of Gibson, Dunn & Crutcher, who used to be a senior counsellor of the Head of the Office of Foreign Assets Control (OFAC), made a speech during the conference.

Steve Ganis and Adam Smith dwelt upon the issues of both primary and secondary US sanctions. They also made assumptions with respect to political situation that may further develop between these countries.

Natalia Abtseshko, the Head of International projects group of VEGAS LEX, spoke of the current situation and the practice of application of the EU sanctions against Russia. The expert highlighted the particularities of different categories of the EU sanctions against Russia and drew special attention to the matter of liability for violation of the sanctions regime.

Maxim Grigoryev, the partner, Head of special projects of VEGAS LEX, emphasized the state arrangements of support of the businesses and stimulation of investments into the Russian economy struck by sanctions. While delivering the speech, the partner gave recommendations to prospective participants (investors) of special investment projects (SPIC). Besides, he carried out a comparative analysis based on key parameters between the federal SPIC and the new investment regime – the Agreement for the Promotion and Protection of Investments (SPZC), elaborated by the MinFin of Russia and highlighted the preferences for a private investor in terms of the both mechanisms.

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The source of the picture: RSPP.