Investing.com – UC Rusal, co-owned by Oleg Deripaska, has completely re-registered the company's address from Jersey to Oktyabrsky Island in the Kaliningrad Region.
The decision to re-register UC Rusal from a British offshore to a Russian one was made by the company's shareholders back in December 2018, shortly after Deripaska came under the sanctions of the US Treasury. As a result, UC Rusal became the 33rd resident of the “Russian offshore” in the Kaliningrad region.
In this region, as well as in Vladivostok, special administrative regions (SARs) were organized in 2018 to change the jurisdiction of Russian international companies that fell under the sanctions. In August 2020, the Ministry of Finance proposed to provide residents of the SAR with the right to a 5% tax rate when paying dividends abroad. The regular tax rate on offshore dividends has now been increased to 15%.
(Text prepared by Yana Shebalina)