MOSCOW (Pakistan Point News / Sputnik - 14th July, 2023) The Russian government has introduced new requirements foreign companies must meet to leave the Russian market, tightening already existing rules, the government commission for control over foreign investment said in a document released by the finance ministry on Friday.
Some of the exit conditions for foreign businesses have already been set out in various documents. These conditions include selling assets with a discount of at least 50% of their market value, the existence of an independent market value assessment of assets, the voluntary transfer of 10% of the assets' market value to the budget if these assets are sold with a 90% discount on the market value, among other things.
The commission also added some new requirements to the list of exit rules for foreign firms. The updated conditions include a two-year limit on options for foreign firms to buy shares back. New owners of Russian assets purchased from companies leaving the market will also have to place up to 20% of these shares on the stock exchange, the document said.
Commenting on the measure, Kremlin spokesman Dmitry Peskov said that the Russian authorities were acting to protect the national economy and companies, against the background of "aggressive actions" by a number of foreign countries.
