ANNOUNCEMENT 27 May 2015In May 2015, the government of the Russian Federation announced a rule change for international private debt transactions.
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On 27 May 2015 in the State Duma, the Lower House of the Russian Parliament, was registered for discussion draft bill 802943-6. It proposes to prohibit Russian state-owned banks from financing international projects for the construction of hotels in Russia.
In order the new draft law to enter into force, it must be approved by the State Duma on three readings, by the Federation Council and by the President of the Russian Federation.
The GTA will provide further details, when they become available.