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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’.”