The “Third Antimonopoly Package” was approved on June 28, 2011 by the Russian Federation’s government and is expected to come into force in autumn, after being submitted to and adopted by the State Duma.
Under this Package, merger rules would be amended to clarify the application of Russian merger regime to foreign-to-foreign transactions.
Transactions resulting in an acquisition of control over foreign target companies, or of assets located in Russia that belong to foreign target companies, will only be subject to the Federal Antimonopoly Service’s clearance when the foreign target supplied goods for more than 1 billion rubles (approx. €24.75 million or US$35.90 million) to the Russian market during the last calendar year.
This clarification will be welcome as it will allow to reduce the number foreign-to-foreign transaction filings before the Russian Competition Authority.