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Russian Ministry of Finance significantly expands list of offshore and non-cooperative jurisdictions for tax purposes
The Russian Ministry of Finance has revised the list of states and territories that (i) provide preferential tax treatment and/or (ii) do not disclose or provide information on financial transactions. The updated List was introduced by Order No. 86n of the Ministry of Finance dated 5 June 2023 and entered into force on 1 July this year.
Updated criteria for the approval of transactions under countersanction decrees of the Russian president
The website of the Ministry of Finance of the Russian Federation published an extract from Decision No. 171/5 of the Sub-Commission of the Government Commission dated 7 July 2023, which clarifies the conditions for the performance of transactions in accordance with countersanction Decrees of the President of the Russian Federation.
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.
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.
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.