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Next They leave out the Russians from European shares HOME • INSIDER • CYPRUS • They leave out the Russians from European shares
& nbsp & nbspΕλευθερία Παϊζάνου & nbsp; & nbsp;
No sale of securities of private or public companies will be made to Russian businessmen and legal entities of Russian interests, in accordance with the sanctions imposed by the European Union against Russia.
The purpose of the restrictions is to prevent circumvention of other refinancing bans and to restrict the access of any natural or legal person, entity or entity to Russia in euro securities. The Finance Committee of the Ministry of Finance forwarded the answers of the European Commission (EU) to the questions asked by representatives of the Pancyprian Bar Association during their meeting last week.
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The meeting was attended by representatives of the Ministry of Foreign Affairs, the Central Bank, the Legal Service and the Registrar of Companies. According to an information note of the Pancyprian Bar Association, since yesterday the sale of securities, such as shares, bonds and securitized debt, to any Russian citizen & nbsp; or natural person residing in Russia is prohibited. The ban also applies to legal entities, entities and bodies based in Russia. In addition, the restrictions apply to legal entities established and established outside Russia, which are directly or indirectly controlled by a Russian citizen or natural person residing in Russia or by any legal entity, entity or entity established in Russia. According to the Ministry of Finance, the restrictions & nbsp; do not apply to entities owned by Russian nationals or natural persons residing in Russia, when the entities are registered in a country other than Russia, but emphasizes that in conjunction with Article 12 of the knowingly and intentionally engage in activities which have as their object or effect the circumvention of the prohibitions of the Regulation.
In the light of the above, the EU calls on & nbsp; EU operators to exercise due diligence to ensure that they do not sell securities in euros to an entity owned by a Russian national or natural person residing in Russia. Please note that these restrictions do not apply to nationals of Member States or to natural persons holding a temporary or permanent residence permit in a Member State.
on the impact of the invasion of Ukraine on & nbsp; financial statements & nbsp; and auditors. As they point out, auditors should consider the impact of the Russo-Ukrainian conflict on the entities' operations and assess the impact on the financial statements. At the same time, he notes that entities affected by the war should disclose it in their financial statements. In the meantime, SELK, with a circular of compliance with the houses, refers to the sanctions directive. As he points out, in cases of non-compliance of the houses with the relevant directive, they will be referred before the Administrative Committee of SELK for further handling and possible imposition of sanctions.
