Spain Adds Russia to Its Tax-Haven List and Drops Gibraltar After 35 Years

Spain's Finance Ministry has updated its list of non-cooperative jurisdictions, removing Gibraltar after 35 years and adding Russia, in line with the European Union's position, Euronews reported. Placement on the list carries practical consequences, exposing transactions with the listed jurisdiction to tighter scrutiny and less favorable tax treatment.

The change is part of the slow administrative process of sanctions, the layer of rules that determines how isolated a targeted economy actually becomes. Russia has responded to Western measures by deepening its reliance on regional trade arrangements and alternative financial channels. Russian state media continues to document strains elsewhere in its neighborhood, with TASS reporting an expert's warning that Moldova cannot cover its budget spending as its expenses outpace revenue.

For Gibraltar, removal from the list after more than three decades is a notable shift in how Spain treats the territory, whose status remains contested between Madrid and London. For Russia, the listing adds one more restriction to the many that have pushed Moscow to reorganize its commerce around partners that do not enforce Western rules.