Russian President Vladimir Putin today banned by decree residents from buying shares in foreign companies until December 31 without express authorization from the Central Bank, as part of measures against “unfriendly actions” by the United States and other countries.
The presidential decree, published on the Kremlin website, gives the board of directors of the Central Bank of Russia (BCR) the power to establish the amount of advance payment operations by residents to foreign legal and natural persons.
The BCR will also determine the amount of transfers from accounts in Russian banking entities of non-residents registered in unfriendly countries to accounts of non-residents that are from States that do not carry out unfriendly actions against Russia.
In addition, the regulator will also establish the amounts of transfers from non-resident accounts that are from States that do not carry out unfriendly actions to accounts opened in unfriendly countries.
This power of the BCR also extends to transfers without opening accounts and the purchase of foreign currency by non-resident legal entities.
The presidential decree states that the regulator may exempt exporters from the obligation to sell 80% of the foreign currency obtained from foreign sales.
The Russian Government adopted on the 8th a list of unfriendly countries and territories, which includes the US and Canada, all member countries of the European Union (EU), the United Kingdom, Ukraine, Montenegro, Switzerland, Albania, Andorra, Iceland , Liechtenstein, Monaco, Norway. San Marino, North Macedonia, Japan, South Korea, Australia, Micronesia, New Zealand, Singapore, and Taiwan. (I)
Source: Eluniverso
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