Corporate tax in the UAE
In January 2022, the Ministry of Finance (Ministry) of the United Arab Emirates (UAE) announced its intention to…
The UK government designated 65 additional Belarusian and Russian entities and individuals to their consolidated list of financial sanctions targets. These designations were carried out under the new Economic Crime Act which was passed during the previous week. As a result of this step, several major entities and individuals had their assets frozen and travel bans were imposed on them. This asset freeze prohibits any UK businesses or persons from dealing with any economic resources or funds that are held, controlled or owned by these designated people and held in the UK. The fresh sanctions also deny provision of economic resources or funds for or to the benefit of such persons. Among the Russian individuals, banks and defense companies which were sanctioned, on this day, major Russian Alfa-bank was designated (out of six banks overall).
Furthermore, on this day, the OFSI (Office of Financial Sanctions Implementation) published two new General Licenses (GL) that took effect immediately. The first GL sets out a 30 day term to wind down positions regarding Bank Dabrabyt. The other GL sets out the same time frame to wind down positions regarding Gazprombank, Alfa Bank, Rosselkhozbank, Ural Bank for Reconstruction and Development and SMP Bank. More information on the measures imposed on March 24th 2022 can be found here.