SEPTEMBER 2014
AUSTRALIA EXPANDS AUTONOMOUS SANCTIONS RELATING TO RUSSIA
On 1 September the Australian Government
• restrict arms exports to Russia; announced
additional autonomous sanctions relating to Russia (in coordination with sanctions being imposed in the United States, Canada and Europe).
The new sanctions expand the list of designated persons and entities subject to targeted financial and travel sanctions. On 2 September 2014, a total of 113 Russian and Ukraine individuals and 32 entities became subject to Australia’s targeted financial and travel sanctions.
In addition, the Autonomous Sanctions Regulations 2011 will be amended to:
• prevent the export of goods and services for use in Russia’s oil exploration or production;
• restrict access of Russian state owned banks to Australian capital markets; and
• restrict Australian trade and investment in Crimea.
The Australian Government has indicated it may take a couple of months to amend the Regulations to include the new Russian sanctions. Based on the current Regulations, we expect to see the new Russian sanctions implemented as sanctioned supplies / exports, sanctioned services and sanctioned commercial activities.
These new sanctions will significantly broaden the scope of sanctioned activities relating to Russia and, accordingly, expand the screening processes businesses need for their Russian business dealings. In particular, businesses need to be aware that sanctioned services and sanctioned commercial activities for a country are usually given a very broad meaning by the Regulations. By way of example, "sanctioned service" for a country typically includes technical advice, assistance or training, financial assistance, a financial service or another service, if that service assists with, or is provided in relation to the relevant sanctioned subject- matter.
BAKER & MCKENZIE PROVIDES LEGAL SUPPORT TO NEW HIGH TECH PARK
Baker & McKenzie successfully advised HT Park LLC (a new technology park under the Ministry of Communications and High Technologies of the Republic of Azerbaijan) on the legal aspects of the tender documentation for the High Tech Park to be built on Pirallahi Island, Absheron Peninsula, Azerbaijan.
Baker & McKenzie worked on the tender documentation for the selection of an international technical
consultant, and
prepared and negotiated the technical consultancy services agreement. It also worked together with the selected consultant to prepare tender and contractual documentation for the selection of an international designer.
“We are grateful to Baker & McKenzie for the value and expertise they bring to our project,” says Seymur Aghayev, director of HT Park LLC.
Baker & McKenzie’s Baku office team was led by Kamil Valiyev
with support from senior associate Simuzar Feyzullayeva and junior associate Turkan Yusibova.
High Tech Park Azerbaijan is the cornerstone project in Azerbaijan’s planned high-tech economic development. Its mission is to foster a high-tech economy in Azerbaijan by providing a business-friendly environment composed of state- of-the-art facilities, economic
incentives, and business services. The aim is to achieve this by being a change agent in the ecosystem – making policy recommendations that support the high-tech sector, holding a series of events to become the hub of high-tech knowledge activities in the region, and by partnering renowned international institutions that share this vision.
World Report - Asia & Australasia
MORGAN LEWIS
ADVISES INTERGAS CENTRAL ASIA ON SUCCESSFUL CONSENT SOLICITATION
Intergas Central Asia (ICA), the operator of Kazakhstan’s national natural gas pipeline system, has completed a successful consent solicitation in respect of its outstanding $600 million 6.375% Notes due 2017.
ICA solicited consents from noteholders to amend certain of the covenants and event of default provisions in an English law trust deed and the terms and conditions of the notes in order to address planned changes in the legal arrangements pursuant to which ICA operates Kazakhstan’s national natural gas pipeline system. The successful consent solicitation was commenced on July 28, 2014 and expired on August 15, 2014. The noteholders meeting was held in London on August 19, 2014.
Morgan Lewis served as English, U.S. and Kazakhstan legal adviser to ICA on the consent solicitation. The Morgan Lewis team was led by Business and Finance Practice partner, Carter Brod, who was joined by Business and Finance partner Aset Shyngyssov and Business and Finance associate Konstantin Lukhnov.
www.lawyer-monthly.com
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