U.S. Treasury Suspends FATCA IGA with Russia as Two Senior Senators Call for Treasury to Refrain from Concluding an IGA

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Friday, August 1, 2014

Author:

Bruce Zagaris

Volume:

30

Issue:

8

Abstract:

As a result of the Russian annexation of Crimea, the U.S. Department of the Treasury has ceased negotiating a Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA) with Russia, leaving the Russian Finance Ministry scrabbling to find other ways to allow local banks to comply with FATCA before it takes effect on July 1.[1]