The European Union on Tuesday added Russia to its tax haven blacklist. The development comes amid the Western attempt to curb “Russian aggression” in Ukraine.

Earlier, European Union finance ministers said Russia, Costa Rica, the British Virgin Islands and the Marshall Islands would be added to the EU list of tax havens.

The EU took into account who is on its list of non-cooperative jurisdictions for tax purposes in its foreign policy decisions when considering development cooperation and other economic relations with third countries, reported the news agency Reuters.

“The Russian Federation has a harmful preferential tax regime (International Holding Companies) and has not resolved this issue,” the draft conclusions prepared for the EU finance ministers’ meeting said.

“Marshall Islands facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements,” they said.

.The EU list, set up in 2017 after revelations of widespread tax evasion and avoidance schemes, now includes 16 countries: American Samoa, Anguilla, the Bahamas, British Virgin Islands, Costa Rica, Fiji, Guam, Marshall Islands, Palau, Panama, Russian Federation, Samoa, Trinidad and Tobago, Turk and Caicos Islands, the U.S. Virgin Islands and Vanuatu


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