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Exit of foreign investors from Russian assets will be limited

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Russia has prepared a draft presidential decree on the introduction of temporary restrictions on the exit of foreign investors from Russian assets, Prime Minister Mikhail Mishustin said at a meeting on improving the sustainability of the Russian economy.

“In the current sanctions situation, foreign entrepreneurs are forced not to be guided by economic factors, but to make decisions under political pressure. To enable businesses to make informed decisions, a draft presidential decree has been prepared to introduce temporary restrictions on exiting Russian assets,” he explained.

Russia is ready to cooperate with foreign partners
According to the prime minister, the Russian authorities still consider foreign businesses as potential partners.

“In recent years, the government has actively supported localization. We have sought to attract both manufacturers of end products and their subcontractors to our country in order to increase the production of components at the facilities of Russian enterprises. We still consider foreign businesses as potential partners,” Mishustin said. open to dialogue with constructively minded investors.”

Mishustin said that many such companies have been successfully operating on the Russian market for a long time.

“They created production with highly paid jobs, invested resources, efforts, time in their projects to bring them to full capacity, established logistics chains. Their products are in demand both in our country and abroad,” he said.

“We expect that those who have invested in our country will be able to continue working in it. I am sure that the sanctions pressure will eventually subside, and those who will not curtail their projects in our country, succumbing to the slogans of foreign politicians, will win. In practice, exiting the market is easy, but returning to a place that is already tightly occupied by competitors is much more difficult,” the Prime Minister said.

New opportunities thanks to sanctions

The imposed sanctions open up new opportunities, it is necessary to create favorable conditions for entrepreneurs within the country, including removing unnecessary administrative barriers, Mishustin also said.

“The restrictions that have been introduced against our country also open up new opportunities for domestic investment. We need to create the most favorable conditions for entrepreneurs – remove unnecessary administrative barriers, which we have been doing for the last time, and form mechanisms to support already launched investment projects,” he said. is he.

According to him, the government plans to work out these issues together with business, he added. We are talking about the maximum facilitation of public procurement procedures and the reduction of redundant requirements.

“The Ministry of Finance is also preparing a proposal for a capital amnesty. Such steps will allow us to allocate more funds for the implementation of new projects in our country, and import substitution should become the main focus of our activity. And businesses that are engaged in projects in this area should receive additional support measures” the prime minister said.

Mishustin emphasized that it is necessary to stimulate as much as possible a change in the structure of the economy in order to further move away from raw material dependence, increasing the share of high-tech industries.

A number of companies that announced their intention to get rid of Russian assets against the backdrop of the introduction of unprecedentedly tough sanctions, were headed by a veteran investment in Russia, the British BP – on Sunday it announced plans to sell a 19.75% stake in Rosneft and leave the joint venture with the company.

The Russian authorities banned the closing of positions by foreigners on the stock market even earlier: the Central Bank issued an order requiring brokers not to fulfill instructions from non-residents to sell securities. The issuance of foreign currency loans, crediting foreign currency to accounts in foreign banks, the payment of dividends and coupons on bonds to non-residents was also prohibited, and the mandatory sale of 80% of foreign exchange earnings was introduced.

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