Russia introduced a mandatory fee on the sale of assets by foreigners
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The Government Subcommittee on the Control of Foreign Investment introduced a mandatory fee on the sale of assets by foreigners, transmits “Interfax” with reference to an extract from the minutes of the meeting of the subcommittee.
“One of the conditions for the withdrawal of “unfriendly” non-residents from Russian assets, along with a significant discount, must now be a mandatory contribution to the budget. The subcommittee also determined that at a discount of more than 90%, the amount of the contribution is at least 10% of the market value of the asset,” the agency notes.
In early March, President Vladimir Putin made it difficult to sell Russian securities bought from foreigners. Individuals and companies transacting with securities previously owned by unfriendly residents will need to obtain government approval.
The transactions will be coordinated by the Bank of Russia and the government commission for foreign investment control. It will be needed in case of sale of securities purchased from foreigners. Banks and non-credit financial organizations will have to apply to the regulator, and all other applicants to the government commission.
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