This is to inform you of changes in the legal regulation of foreign investments in Russian companies. The amendments impose additional restrictions on some foreign investors in relation to assets which are considered to be of strategic importance to the Russian Federation.
Here below the legal flash report issued by PwC Russia (Russian and English version) in relation to the latest developments. Russian Law No.155 defines the term “offshore company” as a legal entity incorporated in a state or territory that provides a beneficial tax regime and/or does not require the disclosure and submission of information when conducting financial transactions as per the Order of the Russian Ministry of Finance of 13 November 2007 (as amended). Cyprus is not included in the above list of offshore jurisdictions.
ENGLISH Version: PWC-102-173-eng
RUSSIAN Version: PWC-102-173-rus