Putin allowed Trust to acquire shares of Ruspetro’s subsidiaries
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Russian President Vladimir Putin allowed the bank of non-core assets “Trust” to acquire 100% of the shares of JSC “Inga” and JSC “Trans-oil” from the oil company Ruspetro. Relevant order of the head of state published on the official Internet portal of legal information.
“<...> allow the public joint stock company National Bank “Trust” to make transactions to acquire: 100 percent of the shares of the joint stock company “Inga” owned by the joint stock company “Ruspetro”; 100 percent of the shares of Trans-Oil joint-stock company owned by Ruspetro joint-stock company,” the order says.
In December 2022, Putin extended until the end of 2023 the ban on transactions with shares of foreigners from unfriendly countries, in particular, in the country’s strategic companies.
We are talking about transactions that directly or indirectly entail a change in the rights of ownership, use or disposal of securities, shares in the authorized capital of Russian legal entities, rights and obligations in production sharing agreements, joint venture agreements or other documents on the basis of which investment projects are implemented. in Russia. According to the text of the decree, its validity can be extended an unlimited number of times.
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