The Russian Federation has included "unfriendly countries" in the "black list" of offshore

19.06.2023 The Ministry of Finance of the Russian Federation has included "unfriendly" countries in the "black list" of offshore states.

From July 1, 2023, the updated Order of the Ministry of Finance of the Russian Federation No. 86n dated 06/05/2023 "List of states and territories providing preferential tax treatment and (or) not providing for disclosure and provision of information during financial transactions (offshore zones)" will come into force. The list has been increased to 91 jurisdictions (previously the list was limited to 40 states), and it includes the so-called "unfriendly countries", namely: all countries of the European Union, the United States, Great Britain, Canada and some others.

An important consequence for individuals is the actual impossibility of applying a benefit that exempts income from the sale of shares of foreign companies registered in blacklisted jurisdictions from personal income tax, if they have been owned for more than 5 years.

Link to source: http://publication.pravo.gov.ru/document/0001202306150015