The Russian Ministry of Finance has published Guidance Letter No. 03-08-13/104225 of 1 November 2023 on the application of Order No. 86n of 5 June 2023, which approved a new list of states and territories (jurisdictions) that provide a preferential tax regime and/or do not provide for the disclosure and provision of information on financial transactions (previous coverage). The main impact of a jurisdiction being listed is that Russia's participation exemption will not apply with respect to …