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Are Russia and China close allies? In February, following a video call with Russian President Vladimir Putin, Chinese President Xi Jinping described the two countries as “true friends who have been through thick and thin together.” Shortly after, the Kremlin released a statement supporting that narrative and said that together, the two nations served as a “stabilising force”. Despite […]
The recent Supreme Court decision in UniCredit Bank GmbH v RusChemAlliance LLC [2024] UKSC 30 is just one of many cases related to Russian sanctions winding their way through the English courts. In this case, a final anti-suit injunction (ASI) was granted to prohibit RusChemAlliance LLC from bringing legal proceedings in Russia. This was despite […]
United Kingdom: The Largest Sanctions Package Since 2022 The United Kingdom (UK) has issued its largest sanctions package since 2022, targeting 107 additional individuals and businesses to hinder Russia’s war effort, disrupt military supply chains, and cut off financial support to the Kremlin. The UK is also targeting North Korea’s involvement in the conflict, sanctioning […]
If a person, company, or entity is subject to UK financial sanctions under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA), anyone who wishes to continue business dealings with the sanctions target must obtain a licence from the Office of Financial Sanctions Implementation (OFSI). This licence will provide an exception to the prohibition on making […]
How Sanctions Are Increasing Risks for Indian Businesses India’s dependence on Russian oil – accounting for roughly 35% of its crude imports in 2024 – puts its refiners in a precarious position. Regulatory pressure has intensified, particularly concerning compliance with the G7 oil price cap. Previously, Indian companies relied on indirect payment mechanisms, but with […]
Introduction On 20 December 2024, Mr Simon Birt KC (Sitting as a Deputy Judge of the High Court) handed down judgment in the King’s Bench Division (Commercial Court) case of Alimov v Mirakhmedov [2024] EWHC 3322 (Comm). The primary issue for the Court to address was whether the English Court had jurisdiction over a claim […]
Following on from my recent article on Managing Risks Related To Offshore Accounts and Tax Havens, I wanted to discuss the tax evasion offences relating to such arrangements. In addition, this article will consider the difference between aggressive tax avoidance and tax evasion, and when that line is crossed in cases where wealth is placed […]
What is a crypto wallet? Crypto wallets do not store physical currency. Instead, it contains the digital passkeys you use when signing for crypto transactions and provides an interface that allows you to access your crypto assets. A crypto wallet also makes blockchain accessible, by entering in long keys which previously, you would have had […]
What is a tax haven? When asked about tax havens, most people think of sunny Caribbean Islands. However, Hong Kong, Gurney, Jersey, Luxenberg, and the Isle of Man are all well-known tax havens and none of these countries are renowned for their good weather. Another misconception about tax havens is that they are a product […]
