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EU sanctions threaten the beneficiaries of companies?


				20.04.2022
						EU Council Regulation 2022/576 introduces a ban on the provision of trust management services or similar mechanisms related to Russian citizens or residents.

Since May, it will be prohibited in the European Union to register or provide services for the management of a trust or any similar legal arrangement in which a citizen or resident of Russia acts as a trustee or beneficiary. Providing such an organization with a registered office, office or administrative address will be prohibited as well. It will be also prohibited providing such an arrangement with the nominal service of a director and a shareholder.

Experts note that these restrictions apply exclusively to trusts or foundations. "Other similar legal arrangements" do not include companies in which the ultimate beneficiary is a citizen of the Russian Federation. Thus, at the moment, the sanctions do not apply to Russian owners of European companies, if these Russian citizens are not included into the EU sanctions list. Their companies can continue their work on the same terms.

Link to source: https://eur-lex.europa.eu/legal-content/EN/TXT/?toc=OJ%3AL%3A2022%3A111%3ATOC&uri=uriserv%3A...

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