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various countries, the Russian government or central bank. The report comes amid increasing global pressure on Russia and its leaders, with countries such as the United States and the European Union imposing economic sanctions in response to Russian military action and alleged cyber attacks.
The Financial Action Task Force (FATF) at its plenary meeting on February 24 decided to suspend Russia's membership. "The Russian Federation’s actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system. They also represent a gross violation of the commitment to international cooperation and mutual respect upon which FATF Members have agreed to implement and support the FATF Standards. Considering the above, the FATF has decided to suspend the membership of the Russian Federation," the FATF said on its website on Friday. In the report, the Russian invasion of Ukraine is called illegal, unprovoked and unjustified. The FATF reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction.
The European Union added Russia to its tax haven blacklist on February 14, 2023 the latest in a series of economic and diplomatic measures taken against Moscow since its invasion of Ukraine. In a statement, the bloc said Russia's 2022 tax legislation had failed to allay concerns over its opaque treatment of the tax affairs of international holding companies. "In addition, dialogue with Russia on matters related to taxation came to a standstill following the Russian aggression against Ukraine," the European Council said.
The Ministry of Finance of Ukraine urges the Financial Action Task Force (FATF) to exclude Russia from the list of FATF member countries, and to place it on the Blacklist as a high-risk jurisdiction at its plenary and working group meetings, which take place in Paris on 20-24 February. russia is now one of the biggest threats to global financial security: engaging in money laundering, sanctions evasion, using the financial and banking systems to finance terrorism globally, and facilitating the proliferation of weapons of mass destruction (WMD) among states blacklisted by FATF. FATF leads global action to tackle money laundering, terrorism and proliferation financing. russia’s actions are a clear violation of FATF’s own standards and must be addressed without delay.
The process of creating a common currency of BRICS countries (Brazil, Russia, India, China, South Africa) is connected with a range of difficulties, though there are alternative solutions as well, Russian Deputy Foreign Minister Alexander Pankin said in an interview with TASS. Brazilian President Luiz Inacio Lula da Silva has recently mentioned the initiative of creating common currencies within the framework of the organization to be used in mutual settlements, Pankin noted. Previously, Russian President Vladimir Putin suggested at the BRICS summit last June that the possibility of creating an international reserve currency on the basis of the basket of BRICS nations’ currencies be considered, he added.
113 RUSSIA Country Report March 2023 www.intellinews.com