News

Summary of the 11th package of EU restrictive measures

On 23 June 2023, legal acts formalising the “Eleventh 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 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 “eleventh 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.

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.

Insights

Insights