Offshore
Russia Excludes Malta From Offshore Jurisdiction Blacklist - Report

The Russian Finance Ministry has drafted a decree that will exclude the Mediterranean jurisdiction and European Union member state of Malta from the “blacklist” of 41 offshore jurisdictions.
The Russian Finance Ministry has drafted a decree that will
exclude the Mediterranean jurisdiction and European Union member
state of Malta from the “blacklist” of 41 offshore jurisdictions,
TASS, the state news agency, has reported.
The decision comes after Russia and Malta agreed in May to avoid
double taxation and prevent tax evasion regarding income tax, the
report said.
In September, members of the Federation Council (upper house of
the Russian parliament) and its chairperson, Valentina
Matviyenko, sent a set of draft laws on de-offshorisation to the
State Duma (lower house of parliament).
If adopted, they will penalise tax evasion with a prison term of
up to six years.
In March, Irina Yarovaya, chair of the Duma Security and
Anti-Corruption Committee, asked the Finance Ministry and the
Central Bank to draw a blacklist of offshore jurisdictions.
She also suggested that Vnesheconombank, which is essentially a
development corporation, should not issue loans to companies that
are not registered in Russia.