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Russian Federation recognized Cyprus and Switzerland as offshore zone

						The Ministry of Finance of the Russian Federation has approved a list of states and territories used for intermediate (offshore) ownership of assets in Russia. It includes 57 jurisdictions, including Cyprus, Hong Kong, Switzerland, Ireland, Montenegro. The order is published on the website of the Ministry of Finance of the Russian Federation and will come into force on January 1, 2023. 

The document has been prepared since 2021 in order to adopt a set of additional measures aimed at deoffshorization of property, as well as in order to reduce the negative impact of sanctions. In particular, this refers to the vulnerability of the owners of offshore ownership of production assets in the Russian Federation in the event that the owners of an offshore company fall into a special "blacklist" of the US Treasury (SDN List). This was stated in the explanatory note to the draft order.

Previously, it was expected that the approval of the list would be an additional incentive for the Russian owner, who is the ultimate beneficiary, to increase the transparency of the corporate structure of his business and accumulate income in Russia.

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