Russia wants to temporarily prevent foreign investors from selling Russian assets. This is to ensure that they make well-considered decisions and are not driven by political pressure, Prime Minister Mikhail Mishustin said.
In the face of draconian sanctions from the West, foreign companies in Russia could be temporarily banned from selling their assets. This was said by Russian Prime Minister Mikhail Mishustin during deliberations on economic issues on Tuesday. Mishustin explained:
“In the current sanctions situation, foreign entrepreneurs are forced not to be guided by economic factors, but to make decisions under political pressure. In order to give businesses the opportunity to make informed decisions, a draft presidential decree has been prepared that will impose temporary restrictions for the exit from Russian assets. We expect that those who have invested in our country can continue to work in our country.”
Mishustin expressed confidence that sanctions pressure will eventually ease and called on foreign investors not to be swayed by political slogans:
“The winners will be those who will not close their projects in our country and will not bow to the slogans of foreign politicians. As practice shows, it is easy to leave the market, but it is much more difficult to return to a market which is already densely occupied by competitors.”
The Prime Minister stressed that Russia still regards foreign companies as potential partners and is open to dialogue with constructive investors. He added:
“Many such companies have been successful in our market for a long time. They have built production facilities with well-paid jobs, invested resources, effort and time in their projects to make full use of them, and built logistic chains. Their goods are both in our country and also in demand abroad.”
As a further step to support the Russian economy decreed the Russian Prime Minister on Tuesday to allocate up to one trillion rubles to the Russian Ministry of Finance for the purchase of shares in Russian companies. The funds are to flow from the Russian state fund, according to a corresponding order.
The measures follow harsh economic sanctions imposed on Moscow by the US and its Western allies last week in protest at Russian military action in Ukraine. These include the exclusion of the largest Russian banks from the international payment system SWIFT, the freezing of Russian assets and state reserves abroad, and sanctions against the Russian central bank.
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