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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).
Redomiciliation of a foreign company to Russia: points to consider
In 2018, the State Duma passed Federal Law
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.
Russia adopts law establishing administrative liability for violations of laws on economically significant organisations
On 22 June 2024, Federal Law No. 152-FZ “On Amending to the Code of Administrative Offences of the Russian Federation” entered into force, which establishes administrative liability for violations of the laws on so-called economically significant organisations.
Russian Government approves the list of economically significant organisations
In early September 2023, the Law on so-called “economically significant organisations” entered into force, which makes it possible to suspend, via a court procedure, the corporate rights of foreign holding companies in relation to ESOs and also offers an opportunity for ESOs’ beneficial owners to take direct ownership of the shares/participation interest in ESOs. Until recently, there was no list of ESOs approved by the Russian Government. However, on 4 March 2024, the Russian Government published the first version of such list which includes six Russian companies. For more details on the contents of such list and its consequences for ESOs, please read our latest legal update.