The government has banned the purchase of foreign securities on IIS-3 – Kommersant
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Russian Prime Minister Mikhail Mishustin signed a decree according to which investors will not be able to purchase securities of foreign issuers, including sovereign ones, using funds in a new type of individual investment account (IIS-3). The document was published on the official Internet portal legal information.
The Ministry of Finance drafted a resolution banning the purchase of securities of foreign issuers on IIS in November. The agency considered it inappropriate to encourage the purchase of foreign financial instruments “in the context of unprecedented sanctions pressure.”
January 10 Interfax reported, that the Ministry of Economy proposed to remove securities of issuers from the EAEU countries from the restrictions. The agency explained that Russia must ensure the free movement of services and capital, as well as freedom of trade in services and investment. The Ministry of Finance, according to the agency, considers the main goal of IIS-3 to be attracting long-term investments into the Russian economy.
Law IIS-3 came into force on January 1. Such accounts should provide tax preferences in the form of a combination of benefits of accounts such as IIS-1 (return to the account owner 13% of the deposited amount) and IIS-2 (exemption from tax on income from the account). From 2024–2026, the minimum period for maintaining an account to receive benefits will be five years, and then ten years. Investors will not be able to open IIS-1 and IIS-2, but old accounts can be used under the same conditions.
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