OBS_VALUE: As from 2023 the law introduces mechanisms to exclude foreign holding companies from “unfriendly” states from the chain of ownership of Russian economically significant organizations (ESO), if such foreign companies own at least 50% of the voting shares of the ESO. ESOs are defined as Russian companies essential for ensuring economic sovereignty and economic security, the list of such companies is to be compiled by the RF Government. Criteria for considering the company an ESO are quite broad. The inclusion of a company in the list of ESOs may entail, inter alia, the following consequences: - suspension of the corporate rights of the foreign holding company in respect of the ESO based on a court decision; - receipt of ESO’s dividends by Russian beneficiaries directly on the basis of a court decision, provided that such persons perform the obligation to assume direct ownership of ESO shares (interests); - establishment of a company through a judicial proceeding with the transfer thereto of the rights of the foreign holding company to the shares (interests in the authorized capital) of the ESO.  See Federal Law On the peculiarities of regulating corporate relations in business companies that are economically significant organizations, Федеральный закон от 04.08.2023 № 470-ФЗ Об особенностях регулирования корпоративных отношений в хозяйственных обществах, являющихся экономически значимыми организациями, http://publication.pravo.gov.ru/document/0001202308040071 As from 2022, the Order of the RF President provides for certain restrictive procedures concerning the payment of dividends to the foreign participants in Russian companies, which are residents of States that commit unfriendly actions against the Russian Federation. To obtain its dividends, the foreign participant must open a special rouble account in a Russian credit organisation; the dividends shall be transferred to such account in roubles at the exchange rate of Russian Central Bank on the date of payment. While the Order indicates that the established procedure is temporary, relevant legal acts do not contain any time limits applicable to the special economic measures that the President is entitled to enact. Also, RF Central Bank suspended (initially, until 30 September 2022) all transfers abroad from the bank accounts of non-residents - individuals from unfriendly States who do not work in Russia, as well as legal entities from such countries. Also, residents participating in foreign economic activity are ordered to carry out the mandatory sale of 50% of the amount of foreign currency credited to their accounts in Russian banks.