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Under Decree of the Government of the Russian Federation No. 622 dated 19 April 2021 “On restrictions on the provision of information and documentation to an audit organization, an individual auditor“, starting from April 29, 2021, a wide list of audited Russian entities will cease to disclose information, that is normally subject to mandatory disclosure requirements, to foreign auditors.

In the past several days, the US Government has issued a slew of sanctions measures targeting Russia. These represent the first major escalation of sanctions against Russia under the Biden Administration. 3. SEO Key words: Sanctions, Cyber Security, Export Control, Customs, Trade Policy, United States, Russia, Technology, Debt, Loans, SolarWinds

The Russian Federal Tax Service (the “FTS”) has issued a letter clarifying the provisions of Article 54.1 of the Russian Tax Code on tax avoidance, outlining a methodology for tax inspectorates on how to identify misrepresentations of business operations, check material facts and intent to use sham or “fly-by-night” companies. It also provides taxpayers with criteria for counterparty due diligence, which should eliminate the possibility of their subsequent tax liability.

In addition, the FTS has finally admitted the need for so-called “full tax reconstruction” (a comprehensive reclassification of transactions previously applied only by the courts) and the ability to deduct actual expenses for corporate profits tax purposes and to offset input VAT on transactions with sham companies. However, this is possible only if a taxpayer discloses the actual suppliers and financial terms in such transactions.

COVID-19 pandemics has triggered insurance claims based on business interruption and other relevant policies all over the world. In this alert we would like to:

invite you to participate in a poll aimed to examine policyholders’ experience in dealing with pandemics-related insurance;
inform you on the recent UK Supreme Court landmark judgment regarding application of business interruption policies coverage to the COVID-19 related financial losses; and
update you on some developments in Russia regarding insurance coverage of the COVID-19 related financial losses.