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Management and business services

 

Prohibition

It shall be prohibited to register, provide a registered office, business or administrative address as well as management services to, a trust or any similar legal arrangement having as a trustor or a beneficiary:

  • Russian nationals or natural persons residing in Russia;

  • legal persons, entities or bodies established in Russia;

  • legal persons, entities or bodies whose proprietary rights are directly or indirectly owned for more than 50 % by a natural or legal person, entity or body referred to in points (a) or (b);

  • legal persons, entities or bodies controlled by a natural or legal person, entity or body referrred to in points (a), (b) or (c);

  • a natural or legal person, entity or body acting on behalf or at the direction of a natural or legal person, entity or body referred to in points (a), (b), (c) or (d).

It shall be prohibited as of 10 May 2022 to act as, or arrange for another person to act as, a trustee, nominee shareholder, director, secretary or a similar position, for a trust or similar legal arrangement as referred to in (...).

Exceptions

The prohibitions shall not apply to the operations that are strictly necessary for the termination by 10 May 2022 of contracts which are not compliant with this prohibition concluded before 9 April 2022 or ancillary contracts necessary for the execution of such contracts.

The prohibitions shall not apply when the trustor or beneficiary is a national of a Member State or a natural person having a temporary or permanent residence permit in a Member State.

By way of derogation (...), the competent authorities may authorise the services referred to therein, under such conditions as they deem appropriate, after having determined that this is necessary for: (a) humanitarian purposes, such as delivering or facilitating the delivery of assistance, including medical supplies, food, or the transfer of humanitarian workers and related assistance or for evacuations; or (b) civil society activities that directly promote democracy, human rights or the rule of law in Russia.

Legal Source

Council Regulation (EU) 833/2014 of 31 July 2014 concerning certain restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Article 5m
The EU Regulation is directly applicable in all EU Member States.
The EU Regulation is based on EU Council Decision 2014/512/CFSP of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Article 1j