Exclusive: Moscow sets out new controls on foreigners trading Russia assets | Reuters
Russia has set out strict rules for foreigners seeking permits to buy and sell Russian securities and real estate, a client memo by Citigroup (C.N) showed, as details emerge of new state controls on investment in response to Western sanctions.
Russia temporarily stopped foreigners dumping Russian assets this month, saying it wanted to ensure decisions were considered and not driven by political pressure, as sanctions have intensified after Moscow's invasion of Ukraine. read more
Funds with tens of billions of dollars in exposure to Russia have been awaiting details on new restrictions they will face as they seek to offload assets.
The invasion, which Moscow calls a "special military operation", triggered an exodus of international firms and has largely cut off Russia's economy from the rest of the world.
The Russian authorities published Decree 81 this month that stipulates that any transaction between Russians and foreign counterparties requires permission from Russia's Government Commission for Control of Foreign Investment. read more
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