Russia outlines plan for ‘unfriendly’ investors to sell up at half-price

Foreign investors from “unfriendly” countries selling stakes in Russian assets may have to do so at half-price or less, the finance ministry said on Friday, with the Russian budget potentially taking a 10% cut of any transaction.

Since Moscow sent its army into Ukraine in February, many Western companies – from energy producers to food and clothing chains – have left Russia.

Minutes from a meeting of a government commission monitoring foreign investment listed a set of measures that could apply to “foreign persons associated with foreign states that commit unfriendly acts against Russian legal entities and individuals” when selling assets.

The term “unfriendly” describes countries that have imposed sanctions on Russia in response to its military intervention, including members of the European Union, the United States, Japan, Canada, Britain and Australia.

It was not immediately clear how the government would choose to implement the measures and whether they would apply to every deal.

This report’s information was first seen on REUTERS; to read more, click this link.