The European Union on Tuesday added Russia to its blacklist of tax havens, which is largely symbolic as Moscow is already under economic sanctions over its invasion of Ukraine.

The union said in a statement that Russian tax legislation for 2022 has failed to allay concerns about its non-transparent handling of international holdings’ tax affairs.

The European Council noted that “in addition, the dialogue with Russia on issues related to taxation has ceased after Russia’s aggression against Ukraine,” according to Agence France-Presse.

In addition to Russia, this list also includes the British Virgin Islands, Costa Rica and the Marshall Islands, which now includes 16 subjects.

Four countries considered by the European Union to have improved their performance have been removed from the attached list of countries to be reviewed, namely North Macedonia, Barbados, Jamaica and Uruguay.

“We ask all of the listed countries to improve their legal framework and work towards complying with international standards in the tax process,” said Swedish Finance Minister Elisabeth Svantsson.

Countries on the list of tax evaders are not eligible to apply for assistance from certain EU funds, and EU member states are required to carry out special checks on individuals and companies registered with their tax authorities.

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