Olga Pljukhina

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31 May: Russia: expropriation of assets belonging to the United States of America (or related subjects) as compensation for damages suffered by the Russian Federation and the Central Bank of the Russian Federation

Russia: expropriation of assets belonging to the United States of America (or related subjects) as compensation for damages suffered by the Russian Federation and the Central Bank of the Russian Federation On May 23, 2024, the President of the Russian Federation promulgated Decree no. 442 “On the special procedure for compensation for damages suffered by the Russian Federation and the Central Bank of the Russian Federation in Russia due to hostile actions of the United States of America” (“Decree 442”). Decree 442 binds the Russian Government to establish within 4 months from the date of entry into force of the…

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28 May: Russia: interim seizure of Unicredit’s assets by Russian court

Russia: interim seizure of Unicredit’s assets by Russian court An interim seizure of Unicredit’s assets was issued by the Commercial (Arbitrazh) Court of St Petersburg and the Leningrad Region during proceedings commenced by RusChemAlliance OOO (RCA). What is it about? In August 2023, RCA sued UniCredit Bank AG in front of the Commercial (Arbitrazh) Court of St Petersburg and the Leningrad Region seeking the recovery of about EUR 450 million, plus interest, under certain bank guarantees issued by UniCredit Bank AG in favour of RCA. RCA argues that, due to Russian procedural counter-sanctions, the arbitration clause contained in the guarantees,…

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27 May: Sanzioni dell’Unione Europea nei Confronti della Federazione Russa 

sanzioni dell’Unione Europea nei Confronti della Federazione Russa A seguito dell’ulteriore deterioramento dei rapporti tra la Federazione Russa e l’Ucraina, sfociato in aperto conflitto, l’Unione Europea ha adottato una serie di provvedimenti sanzionatori nei confronti della Federazione Russa che allargano e inaspriscono i divieti già in vigore dal 2014 e ne introducono di nuovi.   Alla data odierna (status juris: 27 MAGGIO 2024), l’impianto sanzionatorio adottato dall’Unione Europea nei confronti della Federazione Russa a seguito dell’aperto conflitto con l’Ucraina si articola nei seguenti atti principali normativi:   Regolamento del Consiglio UE n. 833/2014 “concernente misure restrittive in considerazione delle azioni…

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13 May: «Nationalization» of OOO Ariston Thermo Rus

«Nationalization» of OOO Ariston Thermo Rus Lately there has been a lot of talk about the “nationalization” of the Russian subsidiary of Ariston Holding N.V., the company “Ariston Thermo Rus”. What is it about? On April 25, 2023, the President of the Russian Federation issued Decree n. 302 “On the temporary management of certain properties“. As stated in the decree itself, this act was issued “in relation to the need to adopt urgent measures to respond to the unfriendly and contrary to international law actions of the United States of America and foreign States and international organizations aimed at illegally…

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06 May: EU withdraws from the Energy Charter Treaty

EU withdraws from the Energy Charter Treaty Recently the EU Council and the EU Parliament approved the coordinated withdrawal of the European Union from the Energy Charter Treaty (ECT). The ECT was signed in December 1994 and entered into the force in April 1998. The main goal of the ECT is to provide guarantees to investors in energy sector. Based on the Definitions of the ECT (art. 1) the “energy sector” means “an economic activity concerning the exploration, extraction, refining, production, storage, land transport, transmission, distribution, trade, marketing, or sale of energy materials and products except those included in Annex…

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27 Feb: Russia: EU sanctions

Russia: EU sanctions Russia: EU sanctions The European Union’s Regulation no. 833/2014 imposes a ban on European operators from directly or indirectly providing certain services to the Russian Government or any legal entity established in Russia. The prohibited services are specified in the art. 5n of the Regulation and include accounting, auditing, tax consultancy, architecture and engineering services, legal and IT consultancy, market research and opinion polls as well as lastly access to specific management software. As of today (February 27, 2024), the aforementioned prohibition does not apply to the provision of services provided for the exclusive use of legal…

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19 Oct: Italy: Benefits for investors of innovative companies

Italy: Benefits for investors of innovative companies Desk Russia and CIS countries – Newsletter Italian legislation provides several benefits for investors of innovative companies. Olga Pljukhina has summarised the essential elements of the Italian regulation and the benefits for investors in this report: ‘Italy Benefits for investors of innovative companies’.

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30 Jul: Substitutive tax on personal income received abroad (resident but non domiciled)

Substitutive tax on personal income received abroad (resident but non domiciled) July, 2023 – Currently, a progressive income tax scale for individuals – Italian tax residents -is in force in Italy. The scale is from 23 to 43 percent, based on the amount of income received. At the same time, the income received abroad is subject to the taxation too. However, there are rules aimed to attracting wealthy businessmen (High Net Worth Individual). In particular Art. 24bis of the Income Tax Consolidation Act provides the possibility for individuals who transfer their tax residence to Italy to pay a Substitutive tax…

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03 May: Recent rulings of the General Court at the European Court of Justice regarding the challenges of European individual sanctions by sanctioned Russian subjects

Recent rulings of the General Court at the European Court of Justice regarding the challenges of European individual sanctions by sanctioned Russian subjects As is well known, following the deterioration of the relationship between the Russian Federation and Ukraine, which escalated into open conflict in February 2022, the European Union adopted a series of restrictive measures against the Russian Federation that extend and intensify the restrictions already in place since 2014 and introduce several new ones. Following the implementation of the latest sanctions package approved on 26 February 2023, more than 1,450 natural persons are included in Annex I to…

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14 Feb: Uzbekistan: Free economic zones

Uzbekistan: Free economic zones Uzbekistan offers a great variety of investment opportunities. It has several industries operating in the metallurgical, chemical, textile, agricultural, construction and food sectors, which present a lot of potential for growth in both local and export markets.   The legal framework of the Uzbek Free Economic Zones (“FEZ”) originates from the Law “On Special Economic Zones” n. ZRU-604 dated 17.02.2020, the Tax Code, several Resolutions and Decrees adopted by the President and the Cabinet of Ministers and other Uzbek regulatory sources.   Today, in Uzbekistan, there are 22 FEZs with four different sectoral orientations: 12 industrial…