Corporate tax in the UAE
In January 2022, the Ministry of Finance (Ministry) of the United Arab Emirates (UAE) announced its intention to…
On March 2nd 2022, the European Council introduced further restrictions and imposed additional sanctions in view of Russia’s military invasion of Ukraine.
On this date, the EU published a new amendment, revising existing sanctions regulations regarding Russia. Within this amendment, the EU decided to exclude seven Russian banks from the SWIFT financial messaging system. These banks include: Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, VEB.RF and VTB Bank. This prohibition will also apply to any entity, body or legal person established in the RF whose proprietary rights are owned for more that 50% (directly or indirectly) by the aforementioned financial institutions. In addition, the amendment restricts the sell, supply, transfer or export of Euro-denominated banknotes to Russian entities or persons, or for the use in the RF, with the exception of when the banknotes are necessary for a. The personal use of natural persons traveling to the RF (or members of their immediate families) or b. The official purposes of diplomatic missions exercising immunities under international law. The amendment also prohibits investment, participation or any otherwise contribution to future projects co-financed by the Russian Direct Investment Fund.
These are not the only measures imposed by the EU on March 2nd. The additional restrictions also include media sector sanctions. An additional amendment published by the Council includes prohibitions on operators from broadcasting or facilitating, enabling or otherwise contributing to the broadcast of (including through transmission by cable, satellite, IP-TV, internet service providers, applications or video-sharing platforms, pre-installed or new) any content by such designated Russian media entities. These institutions include “Sputnik” and five “Russia Today” entities. The amendment also suspends the broadcasting licenses, authorizations and distribution or transmission arrangements of these designated entities. More information on the restrictions and sanctions imposed by the EU on March 2nd 2022 can be found here.