A participation interest (i.e. an ownership share) in an LLC is not considered a security under current Russian legislation. Therefore, in contrast to the shares of a joint stock company, LLC participation interests do not need to be registered.
Participation interests in an LLC may be sold to third parties, but they are subject to the right of first refusal of other participants to purchase the participation interests at the price offered to the third parties. The participants in an LLC also have a unilateral right to withdraw from the LLC and to be compensated for their participation interests.
Finally, a participant (participants) with more than a 10% ownership interest in an LLC may demand the expulsion of any participant who grossly violates his obligations as a participant, or whose actions (or lack thereof) substantially hinder the LLC or make its activity impossible.
Source: Doing business in Russia by Baker & McKenzie
