Ministry of Finance: the government does not force to reduce the price of the business of companies leaving the Russian Federation

Russia is interested in foreign companies continuing their work in the country, and in the event of a sale of a business, the owners are not forced to reduce the final price, the statement says. statement Ministry of Finance of the Russian Federation.

At the end of July, Finance Minister Anton Siluanov saidthat the subcommittee of the government commission for the control of foreign investment meets two or three times a week and individually considers the applications of companies to withdraw from the Russian market.

On August 26, the Ministry of Finance reported that the subcommittee was interested in foreign companies continuing their work in Russia. For enterprises that have decided not to leave the Russian market, “necessary conditions are being created, including permission to pay dividends and repay intra-corporate debt.”

“Those who decide to sell their business are not forced by the Subcommittee to reduce the final price. The appraisal is carried out not by members of the commission, but by an independent appraiser. The price can change only if the commission indicates an incorrect assessment of the market value of a foreign business,” the message says.

In mid-July, Vedomosti wrote that the Russian authorities had formed a new list of requirements that foreigners must fulfill in order to exit business in Russia. There are ten items on this list. In addition to the basic principles, it also contains fundamentally new rules. For example, the buyer of an asset should not enter into a buyback option with the seller for more than two years. According to the newspaper’s sources, the new rules are designed to make it harder for foreign companies to leave.

Siluanov previously recalled that the basic requirements that companies must fulfill when leaving the Russian market include a 50% discount, a contribution to the budget in the amount of 10 to 15% of the transaction amount, as well as obligations on key performance indicators, job retention , in terms of revenue, etc., which are assumed by the buyers of the business.

Government Subcommittee on Foreign Investment Control in March introduced mandatory collection from the sale of assets by foreigners. Then it was reported that one of the conditions for the exit of “unfriendly” non-residents from Russian assets, along with a significant discount, must now be a voluntary contribution to the budget. The subcommittee also determined that at a discount of more than 90%, the contribution is at least 10% of the market value of the asset.