From 1 March 2022, Russian business owners will be able to transfer business and personal assets worth at least RUB 100 million to new private foundations established under Russian law. As opposed to inheritance foundations, which have not caught on in Russia, private foundations can be established and tested during the lifetime of their founders.
Sergey Krokhalev is a partner in Baker McKenzie’s Mergers & Acquisitions Practice Group in Moscow. Mr. Krokhalev is the deputy chairman of the Association of European Businesses Legal Committee, and a member of the Franco-Russian Chamber of Commerce and Industry Energy Committee and the working group to set up an International Financial Center in Moscow. Prior to joining Baker McKenzie in 2006, he worked as a lawyer at the ACS-Most law firm and at EASK-Invest.