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27May22

Putin approves procedure of payments to 'unfriendly' holders of rights

Russian President Vladimir Putin signed a decree on the temporary procedure of honoring liabilities to certain holders of rights. According to the document, authorities and residents of the country will be able to pay the fee and make other payments related to exclusive rights to 'unfriendly' companies by way of remitting funds to a special type 'O' ruble account. The relevant decree of the head of state was posted on Friday on the official web portal of legal information.

The debtor is to open an account in an authorized bank in the name of the holder of rights, which is intended to make payments against obligations. If the holder of rights does not give a written consent to payment making to a special account, the debtor will have the right not to make payment until receiving such consent and will not be regarded as the violator of liabilities in such case. "When the debtor performs properly requirements of this decree, its right to use the intellectual property deliverables and/or identifications will remain under earlier applicable conditions," the document says.

The decision will cover foreign holders of rights related to countries unfriendly to Russia along with holders of rights that publicly supported introduction of sanctions against Russia, performing public actions on discrediting of Russian Armed Forces, prohibiting or limiting use of their intellectual property deliverables in Russia after February 23, 2022, suspending or significantly limiting production or supplies of goods to Russia or provision of services.

[Source: Tass, Moscow, 27May22]
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