The Russian Finance Ministry has tightened the rules for foreign companies withdrawing from the country, meaning that firms exiting Russia will receive just 5% of the market value of any assets sold, state-affiliated business daily Kommersant reported on Thursday.
Vladimir Putin ordered that rules governing the sale of assets by foreign companies be changed on 2 October, according to Kommersant. Deputy Finance Minister Ivan Chebeskov subsequently issued the new rules for businesses planning to withdraw from the Russian market on 9 October.
The new rules also raise the “voluntary” contribution to the Russian budget to be made by foreign companies selling assets from 15% to 35% of their market value, while any transaction in excess of 50 billion rubles (€478 million) will now also require Putin’s personal approval before it can proceed.
The authorities will also now force foreign business owners to provide buyers in Russia with a discount of at least 60% of the market value of assets, up from the previous 50%. The combined result of the new rules mean that foreign companies selling assets in Russia will receive only 5% of their market value, according to Kommersant.
