Russia prohibits Western investors from withdrawing from certain projects – 08/05/2022 at 18:25

(Adds Citi’s reaction)

MOSCOW, Aug 5 (Reuters) – Russia on Friday passed a decree banning investors from “unfriendly” countries from selling their stakes in energy-related projects or banks until further notice. at the end of the year.

Western countries and their allies have imposed sanctions on Russia since its invasion of Ukraine last February. Moscow then moved to prevent Western companies from withdrawing from Russia, sometimes seizing their assets.

This new decree, signed by Russian President Vladimir Putin and published on Friday, prohibits investors from countries that have imposed sanctions on Russia from selling the assets they own, among others, in banks, companies producing equipment for the energy sector or projects related to the production of oil, gas, coal and nickel.

Vladimir Putin could grant a special waiver in certain cases for transactions to take place, according to the decree.

The Russian government and central bank are expected to prepare a list of banks to submit for Kremlin approval.

The ban covers almost all major financial and energy projects in which foreign investors still hold stakes, including the Sakhalin-1 oil and gas project.

The Russian president signed a decree on Thursday that allows him to take full control of the Sakhalin-2 gas and oil project in the Russian Far East.

➦ Russia takes control of the Sakhalin-2 gas and oil project

The new decree does not include the Sakhalin-2 project.

(Report editorial by Reuters; French version Camille Raynaud, edited by Jean-Stéphane Brosse)

Source link -86