Putin extended restrictions on transactions with unfriendly foreigners

Putin extended the restriction on the sale of Russian assets by unfriendly foreigners The decree prohibits transactions with shares in strategic companies in Russia for holders from unfriendly states

Putin has extended restrictions on transactions with unfriendly foreigners

Vladimir Putin

President Vladimir Putin has extended until the end of 2023 the decree on special economic measures in the areas of finance and fuel and energy due to the actions of unfriendly countries and organizations. The document is published on the official portal of legal information.

The decree was signed in August. The document prohibits transactions with shares in strategic companies in Russia for holders from unfriendly states. In its original form, the decree was valid until December 31, 2022.

The measures were taken in connection with the actions of the United States and the states and international organizations that joined them, aimed at restrictive measures against Russians, as well as to protect national interests, contrary to international law, the text of the decree says.

The ban, in particular, concerns transactions with shares of companies included in the list of strategic enterprises and joint-stock companies, with participation shares, rights and obligations belonging to the participants of the Production Sharing Agreement for the Sakhalin-1 project and the Agreement on the Development and Production of Oil at the Kharyaginsky field on the terms of production sharing, and also with shares and shares that make up the authorized capitals of Russian banks.

In March, Russia, in response to Western sanctions, added the United States, Canada, the United Kingdom, the entire European Union and a number of other states to the list of unfriendly countries. Russian citizens and companies were allowed to pay in rubles for foreign currency obligations to foreign creditors from this list. The government later expanded the list, including adding to it the overseas territories of Great Britain that supported London’s sanctions.

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