Ministry of Finance: the contribution for exit transactions may be 15%

The government can set the size of the payment to the state budget when coordinating transactions for the withdrawal of non-residents from unfriendly countries from Russian assets at 15%. In practice, this is the level that is used most often, said Ivan Chebeskov, director of the financial policy department of the Ministry of Finance, at the Federal Legal Forum in Moscow.

Chebeskov explained that one of the key requirements for approving exit transactions is a contribution to the budget in the amount of at least 10% of the total transaction amount or the market value of the asset when selling at a high discount.

“As our work evolves, I think <...> We will come to some common approaches. The work has already been greatly systematized and has become less volatile,” noted the head of the Department of the Ministry of Finance (quote via Interfax).

Chebeskov explained that a subcommittee of the government commission for control of foreign investments is working on this issue. Among its participants is the Ministry of Industry and Trade. The leadership of the Trade and Industry Department already supports a contribution of 15%, but this level has not yet been officially fixed.

The participation of non-residents in trading receipts and Eurobonds of domestic companies registered abroad has decreased to a minimum, brokers previously told Vedomosti. Before the threat of license revocation by the Central Bank, exchange players bought such securities from foreigners, but now transactions are concluded on the over-the-counter market between clients of the broker.