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Disputes continue regarding the application of anti-suit injunctions and force majeure due to sanctions
Russian courts continue to consider disputes related to sanctions restrictions imposed by foreign states. In March 2024, further rulings were adopted which developed the existing practice of applying the provisions of article 248.1 of the Arbitrazh Procedure Code of the Russian Federation (exclusive jurisdiction of Russian courts), article 248.2 of the Arbitrazh Procedure Code of the Russian Federation (anti-suit injunction) and article 401 of the Civil Code of the Russian Federation (force majeure) in connection with the imposition of sanctions. Read further in our legal update.
EU adopts 13th package of sanctions against Russia
On 23 February 2024, the EU published new regulations formalising the 13th package of restrictive measures (sanctions) of the European Union.
UK introduces new sanctions against Russia
On 22 February 2024, the UK announced new blocking sanctions that affected 50 Russian and non-Russian individuals and businesses linked to the Russian defence industry, metals industry, the manufacture and supply of electronics, diamonds, energy trade, etc.
US introduces new blocking sanctions against Russia
On 23 February 2024, the US President announced a record number of sanctions against Russia, over 500 new restrictions on Russian and foreign persons. The new sanctions restrictions are for the most part made of blocking sanctions. The US Department of the Treasury’s Office of Foreign Assets Control has published an updated specially designated nationals list.
Partial “lifting” of the suspension of certain provisions of international tax treaties
The August Decree of the Russian President suspended certain provisions of tax treaties between the Russian Federation and 38 countries (“DDT”). The Russian Government has outlined measures to reduce the impact of the DTTs suspension on the Russian economy. In particular, it was suggested that an exemption from or a reduced corporate profits tax rate be established for certain types of income paid to those foreign companies that have previously been subject to an exemption from withholding taxation or a reduced withholding tax rate. Read further in our legal update.
Restrictions on transactions performed with entities of unfriendly” states
On 8 September 2022, Decree. No. 618 of the President of the Russian Federation “On the special procedure for carrying out (performing) certain types of transactions (operations) between certain entities”
was signed and entered into force.