The EU will ease sanctions to help European companies leave the Russian market.

EU countries fear their companies will have to pay taxes introduced by the Russian government to finance the war. Therefore, the 11th package of sanctions against Russia will include special permits for financial transactions and legal services that will help European companies leave the Russian market.

According to EUobserver, the financial transactions must be closed by August 31, and the legal services needed to complete the deals will be allowed until December 31, 2023.

According to Yale University, as of May 16 more than 1,000 foreign companies have left Russia, but dozens of large European corporations are still working in Russia. These include Deutsche Bank, ING Bank, Raiffeisen Bank, UniCredit, Total, and many others.

The Russian Federation claims that foreign companies remaining in the country can be taxed up to 25% of the profit generated in the country.