The Association of Lawyers of Russia in support of the Yenisey Siberia Development Corporation initiated a video conference to discuss legal measures to protect investor rights. The participants went over various investor protection measures, including the legal instrument of concession agreements and public-private partnerships, analysed the possibilities of the new legislation that focuses on investor protection and state support for investors, and talked about the investment potential of Russian regions and prospects for foreign investment.
“Despite the global economic downturn, the government claims that all infrastructural projects are to be completed and funded, which implies that both public-private partnerships and investor protection measures, including foreign investment, are very relevant issues. As a community of lawyers, we have to be ready to address questions that will be put to us by both authorities and entrepreneurs alike,” Elena Spiridonova, head of the Directorate of the Association of Lawyers of Russia, underscored the relevance of the topic in discussion.
The round table talks were hosted by Mikhail Krutskikh, Deputy Director General of the Yenisey Siberia Development Corporation and Director of the Office for the Republic of Khakassia, who joined his colleagues from the regions where the Corporation has its presence to come up with a set of questions for the Association members about the legal aspect of investment activities.
The main agenda was centred around the interaction between the Corporation and investors, measures taken to protect their rights, operating procedures to be used with overseas partners, foreign investment security, and overall legal stability in Russia.
In this respect, a particular emphasis was given to the discussion of the new Federal Law on the Investment Protection and Promotion Agreement (IPPA) that was approved by Vladimir Putin on 1 April 2020. The new mechanism of investment protection in investment projects was discussed in detail by Oleg Ushakov, Counselor to the Egorov, Puginsky, Afanasiev and Partners Law Office. The experts pointed out that despite the advantages of IPPA, the law is mostly oriented at larger businesses, which leaves small and medium ones still uncovered. Anna Batuyeva presented a report on the instruments of public-private partnerships and stated that it is the most secure legal regulator since it serves as a guarantor of financial liabilities.
Another highly discussed matter concerned the interaction with foreign investors who demonstrate caution when it comes to the security of their investments. The experts believe that overseas partners should be offered more elaborated options of cooperation, all the more so as all legal instruments for it are already in place in Russia.
Among other topics brought up by the experts were procedures and requirements for agreements. It was agreed to continue on the joint venture to attract further investment and ensure a better investment climate in the areas of Yenisey Siberia.