The sixth package of sanctions against Russia, which entered into force on Friday afternoon with the publication of the relevant legal acts in the EU Official Journal, provides for exceptions to the ban on the provision of services to Russia.
The Cypriot industry is trying the latest 24 hours to decode the range of exceptions, addressing relevant questions to the Ministry of Finance. The existing reservation concerns the impact on Cypriot companies that are, however, subsidiaries of Russian companies.
The sixth package of sanctions provides for a ban on the provision of services, directly or indirectly, in the provision of accounting services in Russia, auditing services, including mandatory auditing, bookkeeping and tax consulting services, or business and administrative consulting and public services The ban applies to the Russian government and to legal entities, entities or bodies based in Russia.
Exception
The sanction shall not apply to the provision of services intended for the exclusive use of legal persons, entities or bodies established in Russia owned or controlled solely or jointly by a legal person, entity or body established or incorporated under the law of a Member State.
It is being investigated whether the exemption also applies to Cypriot companies set up by Russian entities.
its objections to the bans on the movement of Russian oil from European ships (similar objections were expressed by Greece and Malta) and exceptions to the ban on the provision of services were introduced.
Trusts
In the same decision, the wording of the sanctions concerning the trusts has been changed.
In particular, the registration, the provision of a registered office, business or administrative address, as well as management services, in trusts or any similar legal formation is prohibited. has as trustee or beneficiary:
(a) Russian nationals or natural persons residing in Russia;
(b) legal persons, entities or bodies established in Russia;
(c) legal persons, entities or bodies whose property rights directly or indirectly belong to more than 50% to a natural or legal person, entity or body referred to in points (a) or (b);
(d) legal persons , entities or bodies controlled by a natural or legal person, entity or body referred to in points (a), (b) or (c);
a natural or legal person, entity or body referred to in points (a), (b), (c) or (d). similar arrangement for a trust or similar legal entity as referred to in paragraph 1, as well as any provision for another person to act in such capacity as such. or a natural person holding a temporary or permanent residence permit in a Member State.
