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US sanctions in the context of Russia's invasion of Ukraine
As a result of Russia's invasion of Ukraine, the U.S., E.U., U.K. and their allies have implemented a broad array of sanctions and other economic measures intended to impose on Russia and its allies. The sanctions are intended to further increase the costs to Russia of prosecuting the war in Ukraine by cutting Russian acres to foreign revenue, services that could be used to evade sanctions, and finished goods and inputs used by Russian industry for military purposes.
The six packages of sanctions imposed by EU on Russian Federation
One of the instruments the EU is using to bring about changes and expert pressure on Russia to stop its military attack on Ukraine are sanctions. Sanctions are instruments of foreign policy and are based on Article 29 of the Treaty of the European Union.
Banking Regulation Review
Events in 2021 resulted in the Kazakh economy, in particular the financial sector, having to face the combined challenge of a continued reduction in oil prices and new strains of covid-19. However, according to the Agency for Regulation and Development of the Financial Market (AFR), the negative impact of these challenges on the Kazakh banking sector was not as severe as expected, and in 2021 banking sector started gradually to recover.
A new Regulation on “Opening, maintaining and closing bank accounts” was adopted
According to the Resolution of the Central Bank of the Republic of Azerbaijan #04/2 dated 4 February 2022, the Rules on “Opening, maintaining and closing bank accounts” from 10 June 2019 have ceased to be legally valid, and a new Regulation on “Opening, maintaining and closing bank accounts” was adopted.
Opening a business in the countries of Caucasus and Central Asia
If you are interested in establishing a presence in a new market, restructuring your current operations, or expanding the geographical coverage of your business, the jurisdictions of Caucasus and Central Asia could offer a great potential from economic and legal standpoints. The region is strategically located between Europe and Asia, offering a unique position for companies who do business in both markets.
Doing Business in Mongolia - 2022
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 10.4 billion US dollars as of September 2021 according to the national statistics of Mongolia. The GDP value of Mongolia represents 0.01 percent of the world economy.
Liquidation process of Legal entity
According to the October statistics of the State Registration Office of Mongolia, total of 67 legal entities were liquidated in October 2021.
Kazakhstan. Forthcoming Amendments to VAT/GST for Electronically Supplied Goods and Services
Almost a year ago, Kazakhstan introduced VAT which the foreign companies should pay for goods and services supplied electronically to individuals in Kazakhstan.
Kazakhstan Data Breach
Data protection in Kazakhstan is mainly regulated by the Law of 21 May 2013 No. 94-V ZRK on Personal Data and its Protection ('the Personal Data Law'), Law of 24 November 2015 No. 418-V on Informatisation ('the Informatisation Law') and relevant subsidiary laws.
Restructuring & Insolvency: Kazakhstan 2021
The main legal act governing the insolvency of legal entities in Kazakhstan is the Law of the Republic of Kazakhstan 'On Rehabilitation and Bankruptcy' No. 176-V dated 7 March 2014 as amended (the Bankruptcy Law). The Bankruptcy Law contains the types of insolvency proceedings, insolvency criteria, rights and obligations of the insolvent, creditors, temporary and bankruptcy managers.
Regulation of «anti-money laundering» legislation in Belarus: compliance with FATF requirements
Belarus aims to comply with the FATF recommendations in the regulation of anti-money laundering issues, despite the fact that Belarus is not a member of the FATF.