Media & Resources

The Government Supplemented The List of Countries And Territories Recognised As Unfriendly to Russia

DATE: November 2, 2022 | AUTHOR: AT

On October 29, 2022, the list of foreign states and territories that commit unfriendly acts against the Russian Federation, Russian legal entities and individuals was amended by the Government Resolution. According to the new version of the List, it includes all Crown Dependencies of the British Crown and all British Overseas Territories.

Thus, the following countries and territories are recognized as unfriendly:

• Bermudas;
• Cayman Islands;
• Falkland Islands;
• etc.

Practical consequences

Now transactions made by currency residents of the Russian Federation with residents of these jurisdictions are subject to restrictions provided by the Presidential Decrees and other regulations that establish the “new currency” restrictions.

In particular, permission from the Government Commission on Monitoring Foreign Investment is required:

• for transactions entailing the transfer of title to securities and immovable property located in the Russian Federation;
• for transactions entailing the transfer of title to shares in Russian LLCs.

If you have any questions, please contact us.

Posted in Newsletter

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