The Cypriot subsidiary of En+ will become the first resident of a Russian offshore • The Bell • RIMA

The Cypriot subsidiary of En+ will become the first resident of a Russian offshore

The controlling UC Rusal En + Oleg Deripaska will register his Cypriot "daughter" En + Holding Limited in one of the Russian offshore companies on Russky Island in Primorye or Oktyabrsky in the Kaliningrad Region. a law on special administrative regions (SAR) for several days The authorities adopted precisely to save Russian businesses that fell under the sanctions.

Details

By changing jurisdiction, the company will be able to take advantage of the new legislation, En+ said in a statement. The SAR law provides for tax preferences for their residents, the absence of currency control, as well as access to information about the company's beneficiaries only for Russian regulators and courts.
En+'s board of directors instructed management to review the possibility of re-registration in the SAR and the parent company registered in Jersey.
En+ was one of the first to support "progressive Russian legislation" and prepare to take advantage of Russian offshore companies, but listing on the London Stock Exchange remains "an important component in the company's strategy," said Gregory Barker, Chairman of the Board of Directors of En+.

Context

The authorities started talking about the creation of a SAR in Russia this year - against the backdrop of the appearance of the "Kremlin report" and the US sanctions in April, which particularly affected the assets of Oleg Deripaska. The offshore bill was passed at the end of July and entered into force on 6 August.
In fact, ATS were created specifically for Russian companies like En + that fell under the sanctions of foreign structures, Kommersant wrote. Only foreign legal entities that existed before 2018 can register in offshore, which within six months after registration are required to invest at least 50 million rubles in these regions - thus, ATS is open only to large holdings.
The possibility of offshore registration was also allowed by UC Rusal. You can read more about how these zones will work here .

Artem Gubenko