News

UK prohibits legal services for certain transactions

On 30 June 2023, amendments to The Russia (Sanctions) (EU Exit) Regulations 2019 entered into force. The amendments to the Regulations prohibit UK Persons who are UK lawyers from providing legal advisory services to clients who are not UK Persons (ie, not only Russian clients), and in respect of certain financial or trade activities prohibited by UK sanctions.

EU extends ban on selling securities to Russian persons

On 23 June 2023, regulations formalising the European Union’s “Eleventh Package” of restrictive measures were published and entered into force.

Summary of the 11th package of EU restrictive measures

On 23 June 2023, legal acts formalising the 11th package of European Union restrictive measures were published and entered into force.

What has changed in the practice of including licence payments (royalties) in the customs value of imported goods

Case law has undergone significant changes since the end of 2022 when the Supreme Court of the Russian Federation issued rulings on disputes between Bershka CIS LLC, Pull & Bear CIS, LLC and the customs authorities over the inclusion of intragroup licence payments in the customs value of imported goods.

EU Council finalises the proposal for a directive criminalising the violation of EU sanctions

On 9 June 2023, the Council of the European Union announced that it had finalised the text of the Directive on the definition of criminal offences for the violation of EU restrictive measures (sanctions). Once adopted, the Directive will become an important tool for enforcing EU sanctions.

EU expands criteria for listing Russian businesspersons and their close associates

On 5 June 2023, the Council of the European Union amended the criteria for imposing blocking sanctions on Russian persons. The Amendment applies to businesspersons operating in Russia and their associates.

EU imposes sanctions in anticipation of 11th package taking into account the new restrictive measures regime concerning Moldova

On 30 May 2023, the Council of the European Union updated its list of persons subject to blocking sanctions.

OFSI Publishes its General Licence – Prior Obligations

On 22 May 2023, the UK Office of Financial Sanctions Implementation issued a General Licence INT/2023/2954852 covering payments under prior obligations.

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.

Insights

Insights