The Ministry of Economy announced an increase in the number of companies in Russian offshores
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Since the beginning of 2022, due to sanctions, the number of international companies with Russian participation that have moved to Russian offshores – to the Russky and Oktyabrsky Islands – has doubled compared to a year earlier. About it “Izvestia” told the Ministry of Economic Development.
According to the agency, there are now 106 international organizations and one foundation registered in the special administrative regions. At the same time, 49 international companies have moved to these areas since the beginning of 2022. In 2021, only 27 companies registered there.
Oktyabrsky Island in Kaliningrad and Russky Island in Vladivostok are considered special administrative regions. In these areas, companies are provided with a flexible tax regime.
Basically, companies are transferred to Russian offshore companies from Cyprus, said Ilya Toropov, Deputy Minister of Economic Development. Among the largest international companies registered in these zones in 2022 are Interros Capital, structures of the Siberian Coal Economic Company, and PJSC Polyus.
In March 2022, Russian President Vladimir Putin signed a law that simplifies the process of moving to “Russian offshores”. The law allowed businesses that were created before March 1, 2022 to move to such zones. Prior to this, companies registered before January 1, 2018 had this opportunity.
Read more about the new measures – in the material “Kommersant” “Russian offshore companies will become more hospitable”.
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