News

Presidential decree adopted in Russia on “mandatory replacement” of Eurobonds

On 22 May 2023, Decree No. 364 of the President of the Russian Federation “On Amendments to Decree of the President of the Russian Federation of 5 July 2022 No. 430 ‘On the Repatriation by Residents Participating in Foreign Economic Activity of Foreign Currency and the Currency of the Russian Federation’.”

Double taxation treaties with unfriendly jurisdictions (update)

The proposal made earlier by the Russian Ministry of Finance and the Ministry of Foreign Affairs to suspend double taxation treaties with unfriendly countries has received its new impetus to the development.

Jurisdiction of Abu Dhabi Global Market expanded to Al Reem Island

On 24 April 2023, Abu Dhabi Global Market, an international financial centre as a free zone, was expanded significantly to include Al Reem island.

European Union adopts new sanctions regime due to political situation in Moldova

On 28 April 2023, the European Union introduced a new sanctions regime against Moldova concerning, as the EU claims, “restrictive measures in view of actions destabilising the Republic of Moldova.”

Amendments to the Law on Strategic Investments signed by the Russian President

Amendments to Law No 57-FZ have been adopted to clarify the consequences of the invalidity of transactions performed in breach of Law No 57-FZ and to extend the definition of “foreign investor” to Russian citizens with foreign residence permits.

OFSI updates its Legal Services General Licence

On 29 April 2023, the UK Office of Financial Sanctions Implementation issued an updated Legal Services General Licence INT/2023/2954852.

Decree of the President of the Russian Federation on temporary management of foreign assets

On 25 April 2023, the President of the Russian Federation signed Decree No 302 “On Temporary Management of Certain Property,” which introduces a mechanism for the temporary management of assets held by persons of unfriendly states in the event that restrictive measures are imposed against Russian persons abroad.

OFAC updated its FAQ on “exit tax”

On 30 March 2023, the US Treasury Department’s Office of Foreign Assets Control issued an update to its FAQ No 1118 in relation to the payment of the so-called “exit tax” (according to the OFAC wording).

Double taxation treaties with unfriendly jurisdictions

On 15 March 2023 the Russian Ministry of Finance and the Ministry of Foreign Affairs published a proposal to suspend double taxation treaties with all countries that have imposed unilateral economic restrictive measures against Russia.

Overview of court practice on unauthorised construction in Russia

On 16 November 2022, the Supreme Court of the Russian Federation issued an overview of court practice on unauthorised construction.

Insights

Insights