EUobserver learns about sanctions relief for companies leaving Russia

Brussels, as part of a new package of sanctions, may take measures to help European companies leave the Russian market.New restrictions will affect 100 individuals and legal entities

The 11th package of EU sanctions against RUSSIA will include 100 individuals and legal entities, according to EUobserver. In total, since the beginning of hostilities in Ukraine , within the framework of restrictions against Moscow, Brussels has frozen the accounts of 1.6 thousand people and companies.

The publication refers to proposals for a new round of sanctions. They include special financial transaction permits for European companies to help them get out of Russia.

it is assumed that European companies will be able to make financial transfers to blacklisted Russians if it is determined "that these funds or economic resources are necessary to complete transactions" by August 31. In addition, European regulators may allow the provision of legal services until the end of 2023, which are mandatory for completing the exit from the Russian market.

According to Yale University estimates, to which the publication refers, as of the beginning of May, more than 1,000 foreign firms left Russia. However, dozens of organizations from the EU still operate in the country , for example, subsidiaries of large banks, energy companies Engie, OMV and Total and others. Russia "is not making it easier for them to leave the market," writes EUobserver.

All transactions for the sale of Russian businesses by companies from countries recognized by the government as unfriendly are subject to the approval of a subcommittee (headed by the Minister of Finance) of the government commission on foreign investment. In addition, you need to pay an “exit tax” for Western companies: from March 2023, it is at least 5% of the independently assessed market value of the business if the discount on the sale is less than 90%, and at least 10% of the market value if the discount exceeds 90%.

EUobserver, citing an unnamed Russian source, says that foreign companies that still continue to operate in the country may have to pay tax up to 25% on profits in Russia. According to him, this will happen when the double taxation avoidance agreements are terminated. The Ministry of Foreign Affairs and the Ministry of Finance proposed to suspend their action with countries that have imposed sanctions against Russia .

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The EU has been working on the 11th package of sanctions since the spring. The HEAD of the European Commission, Ursula von der Leyen, on May 9, during a visit to Kiev, said that he would focus on circumventing the measures already introduced. In particular, she said, we are talking about a ban on the transit of European goods through Russia to third countries and on the EXPORT of goods to those states that can supply sanctioned products to Russia. Sanctions may also affect the energy sector. Last week, proposals for new restrictions were sent to the EU countries for approval.