Putin decree: Ban on investors from ‘unfriendly countries’ to sell shares of major companies

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Russia has banned investors from so-called “unfriendly countries” from selling shares in some strategic companies until the end of the year, according to a presidential decree signed by President Vladimir Putin on Friday, Reuters reported.

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The ban, effective immediately, applies to the Sakhalin-1 oil and gas production facility in Russia’s Far East. Its operator, US giant ExxonMobil, said this week it was in the process of transferring its 30% stake to another party.

The decree also prohibits investors from unfriendly countries from selling their stakes in production sharing agreements, which, in addition to Sakhalin-1, include the Kharyaga oil field, as well as Russian banks, among other assets. The new decree does not cover the Sakhalin-2 project.

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The list of banks is to be drawn up by the government and the central bank for approval by Putin.

Italy’s UniCredit and Intesa, US group Citi and Austria’s Raiffeisen continue to look for exit options from Russia, while others such as Societe Generale and HSBC have found a way out.

Source: Capital

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