The package of sanctions against Russia approved by the Council of the European Union as a measure in reaction to the war in Ukraine includes the prohibition of accepting deposits of more than 100,000 euros by banking entities.
Specifically, Regulation 2022/328, of February 25, 2022, stipulates in its article 5 ter that it is prohibited to accept deposits from Russian nationals or individuals residing in Russia, or from legal entities, entities or bodies established in that country, if the total value of the deposits of the natural or legal person, entity or body by credit institution is greater than 100,000 euros.
This measure has a great impact on all kinds of transactions that Russian citizens or residents of Russia can carry out in the territory of the European Union. Therefore, it is important to understand its scope.The main aspects of the aforementioned regulation are the following:
a) Subjective scope
The prohibition applies only to: (i) Russian citizens, (ii) natural persons resident in Russia, (iii) legal persons, entities or bodies established in Russia.
Therefore, Russian citizens who also have the nationality of a member state or a temporary or permanent residence permit in the European Union are excluded.
As for legal entities, those that are registered or established outside Russia, but whose owner or controlling person is a Russian citizen or resident, fall within the scope of the Regulation.
The criteria for determining “possession ” and “control” are:
(i) Possession: hold 50% or more of the property rights or the majority interest in the entity.
(ii) Control: meet one of the conditions that reveals effective control over the entity (i.e. having the right to appoint or remove the majority of the members of the administrative body, to use all or part of the assets, to manage the business on a unified base, etc.).
b) Concept of “deposit”
The aforementioned Regulation defines “deposit” as “a credit balance that results from funds left in an account or from temporary situations derived from normal banking operations and that a credit institution is obliged to reimburse under the applicable legal and contractual conditions, including fixed-term deposit and a savings deposit.
The definition also contains some exceptions. Among them, the most important refers to deposits whose existence can only be proven by means of a financial instrument (e.g., negotiable securities, option contracts, futures, swaps, etc.).
It is up to the banking entities to assess whether the specific operation falls under the definition of “deposit” for these purposes.
c) Quantitative scope
The prohibition consists of accepting any new deposit if the total value of the deposits of the natural or legal person exceeds 100,000 euros per bank, implying the following conclusions:
(i) To calculate the aforementioned amount, it is necessary to take into account all the positions of the person with the bank in current accounts and deposits at the time the restrictions came into force.
(ii) If an account is shared by two persons subject to the ban, the maximum value of permitted deposits would be €200,000.
(iii) The prohibition is enforced by a banking license. Therefore, the account holder may have several deposits of up to 100,000 euros in different banking entities.
(iv) The rule refers to new deposits, implicitly allowing those already in banks to be maintained, even if their amounts exceed 100,000 euros, but making it impossible to increase their value above that amount.
d) Exceptions
The regulations contemplate the possibility of authorizing by the competent authorities the acceptance of deposits in some exception cases, among them the following:
(i) Those that are necessary to meet the basic needs of the affected persons and their dependents, such as, for example, paying food, rent, mortgages, medicines, etc.
(ii) Those that are used exclusively for the payment of reasonable professional fees.
(iii) Those that are necessary to defray extraordinary expenses, after communication of the reasons by the competent authority to the authorities of the other member states and to the Commission of the European Union.
Although at first glance it may not seem so, we are faced with a complex regulation with different nuances, making it necessary to evaluate case by case and coordinate with each bank to determine if the prohibition on accepting the aforementioned deposits is applicable or the case is out of scope. of the regulations.
The package of sanctions against Russia approved by the Council of the European Union as a measure in reaction to the war in Ukraine includes the prohibition of accepting deposits of more than 100,000 euros by banking entities.
Specifically, Regulation 2022/328, of February 25, 2022, stipulates in its article 5 ter that it is prohibited to accept deposits from Russian nationals or individuals residing in Russia, or from legal entities, entities or bodies established in that country, if the total value of the deposits of the natural or legal person, entity or body by credit institution is greater than 100,000 euros.
This measure has a great impact on all kinds of transactions that Russian citizens or residents of Russia can carry out in the territory of the European Union. Therefore, it is important to understand its scope.The main aspects of the aforementioned regulation are the following:
a) Subjective scope
The prohibition applies only to: (i) Russian citizens, (ii) natural persons resident in Russia, (iii) legal persons, entities or bodies established in Russia.
Therefore, Russian citizens who also have the nationality of a member state or a temporary or permanent residence permit in the European Union are excluded.
As for legal entities, those that are registered or established outside Russia, but whose owner or controlling person is a Russian citizen or resident, fall within the scope of the Regulation.
The criteria for determining “possession ” and “control” are:
(i) Possession: hold 50% or more of the property rights or the majority interest in the entity.
(ii) Control: meet one of the conditions that reveals effective control over the entity (i.e. having the right to appoint or remove the majority of the members of the administrative body, to use all or part of the assets, to manage the business on a unified base, etc.).
b) Concept of “deposit”
The aforementioned Regulation defines “deposit” as “a credit balance that results from funds left in an account or from temporary situations derived from normal banking operations and that a credit institution is obliged to reimburse under the applicable legal and contractual conditions, including fixed-term deposit and a savings deposit.
The definition also contains some exceptions. Among them, the most important refers to deposits whose existence can only be proven by means of a financial instrument (e.g., negotiable securities, option contracts, futures, swaps, etc.).
It is up to the banking entities to assess whether the specific operation falls under the definition of “deposit” for these purposes.
c) Quantitative scope
The prohibition consists of accepting any new deposit if the total value of the deposits of the natural or legal person exceeds 100,000 euros per bank, implying the following conclusions:
(i) To calculate the aforementioned amount, it is necessary to take into account all the positions of the person with the bank in current accounts and deposits at the time the restrictions came into force.
(ii) If an account is shared by two persons subject to the ban, the maximum value of permitted deposits would be €200,000.
(iii) The prohibition is enforced by a banking license. Therefore, the account holder may have several deposits of up to 100,000 euros in different banking entities.
(iv) The rule refers to new deposits, implicitly allowing those already in banks to be maintained, even if their amounts exceed 100,000 euros, but making it impossible to increase their value above that amount.
d) Exceptions
The regulations contemplate the possibility of authorizing by the competent authorities the acceptance of deposits in some exception cases, among them the following:
(i) Those that are necessary to meet the basic needs of the affected persons and their dependents, such as, for example, paying food, rent, mortgages, medicines, etc.
(ii) Those that are used exclusively for the payment of reasonable professional fees.
(iii) Those that are necessary to defray extraordinary expenses, after communication of the reasons by the competent authority to the authorities of the other member states and to the Commission of the European Union.
Although at first glance it may not seem so, we are faced with a complex regulation with different nuances, making it necessary to evaluate case by case and coordinate with each bank to determine if the prohibition on accepting the aforementioned deposits is applicable or the case is out of scope. of the regulations.
The package of sanctions against Russia approved by the Council of the European Union as a measure in reaction to the war in Ukraine includes the prohibition of accepting deposits of more than 100,000 euros by banking entities.
Specifically, Regulation 2022/328, of February 25, 2022, stipulates in its article 5 ter that it is prohibited to accept deposits from Russian nationals or individuals residing in Russia, or from legal entities, entities or bodies established in that country, if the total value of the deposits of the natural or legal person, entity or body by credit institution is greater than 100,000 euros.
This measure has a great impact on all kinds of transactions that Russian citizens or residents of Russia can carry out in the territory of the European Union. Therefore, it is important to understand its scope.The main aspects of the aforementioned regulation are the following:
a) Subjective scope
The prohibition applies only to: (i) Russian citizens, (ii) natural persons resident in Russia, (iii) legal persons, entities or bodies established in Russia.
Therefore, Russian citizens who also have the nationality of a member state or a temporary or permanent residence permit in the European Union are excluded.
As for legal entities, those that are registered or established outside Russia, but whose owner or controlling person is a Russian citizen or resident, fall within the scope of the Regulation.
The criteria for determining “possession ” and “control” are:
(i) Possession: hold 50% or more of the property rights or the majority interest in the entity.
(ii) Control: meet one of the conditions that reveals effective control over the entity (i.e. having the right to appoint or remove the majority of the members of the administrative body, to use all or part of the assets, to manage the business on a unified base, etc.).
b) Concept of “deposit”
The aforementioned Regulation defines “deposit” as “a credit balance that results from funds left in an account or from temporary situations derived from normal banking operations and that a credit institution is obliged to reimburse under the applicable legal and contractual conditions, including fixed-term deposit and a savings deposit.
The definition also contains some exceptions. Among them, the most important refers to deposits whose existence can only be proven by means of a financial instrument (e.g., negotiable securities, option contracts, futures, swaps, etc.).
It is up to the banking entities to assess whether the specific operation falls under the definition of “deposit” for these purposes.
c) Quantitative scope
The prohibition consists of accepting any new deposit if the total value of the deposits of the natural or legal person exceeds 100,000 euros per bank, implying the following conclusions:
(i) To calculate the aforementioned amount, it is necessary to take into account all the positions of the person with the bank in current accounts and deposits at the time the restrictions came into force.
(ii) If an account is shared by two persons subject to the ban, the maximum value of permitted deposits would be €200,000.
(iii) The prohibition is enforced by a banking license. Therefore, the account holder may have several deposits of up to 100,000 euros in different banking entities.
(iv) The rule refers to new deposits, implicitly allowing those already in banks to be maintained, even if their amounts exceed 100,000 euros, but making it impossible to increase their value above that amount.
d) Exceptions
The regulations contemplate the possibility of authorizing by the competent authorities the acceptance of deposits in some exception cases, among them the following:
(i) Those that are necessary to meet the basic needs of the affected persons and their dependents, such as, for example, paying food, rent, mortgages, medicines, etc.
(ii) Those that are used exclusively for the payment of reasonable professional fees.
(iii) Those that are necessary to defray extraordinary expenses, after communication of the reasons by the competent authority to the authorities of the other member states and to the Commission of the European Union.
Although at first glance it may not seem so, we are faced with a complex regulation with different nuances, making it necessary to evaluate case by case and coordinate with each bank to determine if the prohibition on accepting the aforementioned deposits is applicable or the case is out of scope. of the regulations.
The package of sanctions against Russia approved by the Council of the European Union as a measure in reaction to the war in Ukraine includes the prohibition of accepting deposits of more than 100,000 euros by banking entities.
Specifically, Regulation 2022/328, of February 25, 2022, stipulates in its article 5 ter that it is prohibited to accept deposits from Russian nationals or individuals residing in Russia, or from legal entities, entities or bodies established in that country, if the total value of the deposits of the natural or legal person, entity or body by credit institution is greater than 100,000 euros.
This measure has a great impact on all kinds of transactions that Russian citizens or residents of Russia can carry out in the territory of the European Union. Therefore, it is important to understand its scope.The main aspects of the aforementioned regulation are the following:
a) Subjective scope
The prohibition applies only to: (i) Russian citizens, (ii) natural persons resident in Russia, (iii) legal persons, entities or bodies established in Russia.
Therefore, Russian citizens who also have the nationality of a member state or a temporary or permanent residence permit in the European Union are excluded.
As for legal entities, those that are registered or established outside Russia, but whose owner or controlling person is a Russian citizen or resident, fall within the scope of the Regulation.
The criteria for determining “possession ” and “control” are:
(i) Possession: hold 50% or more of the property rights or the majority interest in the entity.
(ii) Control: meet one of the conditions that reveals effective control over the entity (i.e. having the right to appoint or remove the majority of the members of the administrative body, to use all or part of the assets, to manage the business on a unified base, etc.).
b) Concept of “deposit”
The aforementioned Regulation defines “deposit” as “a credit balance that results from funds left in an account or from temporary situations derived from normal banking operations and that a credit institution is obliged to reimburse under the applicable legal and contractual conditions, including fixed-term deposit and a savings deposit.
The definition also contains some exceptions. Among them, the most important refers to deposits whose existence can only be proven by means of a financial instrument (e.g., negotiable securities, option contracts, futures, swaps, etc.).
It is up to the banking entities to assess whether the specific operation falls under the definition of “deposit” for these purposes.
c) Quantitative scope
The prohibition consists of accepting any new deposit if the total value of the deposits of the natural or legal person exceeds 100,000 euros per bank, implying the following conclusions:
(i) To calculate the aforementioned amount, it is necessary to take into account all the positions of the person with the bank in current accounts and deposits at the time the restrictions came into force.
(ii) If an account is shared by two persons subject to the ban, the maximum value of permitted deposits would be €200,000.
(iii) The prohibition is enforced by a banking license. Therefore, the account holder may have several deposits of up to 100,000 euros in different banking entities.
(iv) The rule refers to new deposits, implicitly allowing those already in banks to be maintained, even if their amounts exceed 100,000 euros, but making it impossible to increase their value above that amount.
d) Exceptions
The regulations contemplate the possibility of authorizing by the competent authorities the acceptance of deposits in some exception cases, among them the following:
(i) Those that are necessary to meet the basic needs of the affected persons and their dependents, such as, for example, paying food, rent, mortgages, medicines, etc.
(ii) Those that are used exclusively for the payment of reasonable professional fees.
(iii) Those that are necessary to defray extraordinary expenses, after communication of the reasons by the competent authority to the authorities of the other member states and to the Commission of the European Union.
Although at first glance it may not seem so, we are faced with a complex regulation with different nuances, making it necessary to evaluate case by case and coordinate with each bank to determine if the prohibition on accepting the aforementioned deposits is applicable or the case is out of scope. of the regulations.
Пакет санкций, принятый Советом Европейского Союза по отношению к России, как ответная мера на войну в Украине, включает в себя запрет на принятие денежных средств или «депозитов», как их определяет сама норма, превышающих 100.000 евро.
В частности, Регламент 2022/328 от 25 февраля 2022 в статье 5 ter предусматривает, что запрещено принимать депозиты от российских граждан и лиц, проживающий на территории России, а также юридических лиц, учреждений и органов, находящихся в этой стране, если общая сумма депозитов по каждому финансовому учреждению превышает 100.000 евро.
Данная мера имеет большое влияние на все виды сделок, которые могут совершаться российскими гражданами или резидентами на территории Европейского Союза. По этой причине важно понимать её сферу применения.
По нашему мнению, можно выделить следующие основные аспекты анализируемой нормы:
a) Лица, подпадающие под ограничения
Ограничения применяются только к (i) гражданам России, (ii) физическим лицам, проживающим в России, (iii) юридическим лицам, иным учреждениям и органам, находящимся в России.
Следовательно, вне границ применения нормы находятся граждане России, которые имеют второе гражданство или разрешение на проживание в одной из стран членов ЕС.
Что касается юридических лиц, то Регламент применяется также к тем, которые хотя и зарегистрированы за пределами РФ, находятся в собственности или контролируются российскими гражданами или резидентами.
Критерии, по которым можно установить факт “владения” или “контроля” следующие:
(i) Владение: 50 % или более паёв или акций в компании.
(ii) Контроль: имеют место признаки, указывающие на действительный контроль над компанией, например, иметь право назначать или снимать с должности большинство членов органа управления, распоряжаться всеми или частью активов, управлять бизнесом на унифицированной основе, т. д.
б) Понятие “депозита”
Вышеупомянутый Регламент даёт такое определение “депозиту” “кредитовый остаток денежных средств на счету или происходящий от обычных банковских операций, и который банковское учреждение обязано выплатить согласно законным или договорным условиям, в том числе, по срочным или накопительным депозитам”.
Определение также содержит некоторые исключения. Среди них наиболее важное относится к депозитам, существование которых можно доказать посредством финансового инструмента как, например, ценных бумаг, опциона, фьючерса, свопа, т. д.
Оценивать подпадает ли под понятие «депозита» конкретная операция надлежит соответствующим финансовым учреждениям.
в) Сумма, подпадающая под ограничения
Согласно указанной норме запрещается принимать любой новый депозит, если его общая сумма превышает 100.000 евро по каждому банковскому учреждению, что влечёт за собой следующие выводы:
(i) Для расчёта указанной суммы необходимо брать во внимание все денежные средства лица на банковских текущих счетах и депозитах на момент вступления в силу ограничений.
(ii) Если совладельцами счёта являются два лица, подпадающие под ограничения, то максимально допустимая сумма будет равна 200.000 евро.
(iii) Ограничения применимы к каждой отдельной банковской лицензии. Поэтому, ограничения по сумме могут относиться к одному или нескольким счетам / депозитам в одном банке, не распространяясь на средства в других финансовых учреждениях.
(iv) Норма относится к новым депозитам, подразумевая, что вне ограничений оказываются те, которые уже находились в банке, даже если они превышают 100.000 евро, не позволяя, однако, увеличивать их общую сумму свыше указанной.
г) Исключения
Норма предусматривает возможность получать разрешение от компетентных властей на принятие депозитов в отдельных случаях, включая те, которые предназначаются для:
(i) оплаты базовых нужд лиц, подпадающих под ограничения, их родственников, находящихся на их иждевении (оплата алиментов, аренды, ипотечных кредитов, медикаментов, т. д.).
(ii) оплаты гонораров профессионалов.
(iii) покрытия экстраординарных расходов, по извещению причин компетентными органами одной страны компетентным органам другой страны и Комиссии ЕС.
Хотя на первый взгляд может так не показаться, мы имеет дело со сложной нормой, которая содержит различные особенности, что делает необходимым оценивать каждый конкретный случай для того, чтобы определить применимы ли к нему ограничения по вышеуказанным депозитам или же он находится вне сферы применения нормы.
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