Client Alert

| February 10, 2012

New Developments in Russian Pledge Enforcement

New legislation in Russia seeks to improve the enforcement of pledges, and thus to enhance their use as a security mechanism. These amendments1 to prior law (the "Amendments") were adopted on December 6, 2011, and will take effect on March 7, 2012 (except that certain tax-related provisions are already in force). Although the Amendments are designed to remedy certain gaps in current rules, they have left a number of issues unresolved.

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383