Foreign investments

Amid conflict in Ukraine, Russia bans foreign investment out of country

Russia is temporarily suspending the exit of foreign investment from the country, Prime Minister Mikhail Mishustin announced on Tuesday.

The move comes in response to the freezing of Russian capital abroad by the US, EU and their allies, RT reported.

“We hope that those who have invested in our country can continue to do so in the future. I am sure that the sanctions pressure will eventually ease, and those who do not curb their projects in our country, succumbing to the slogans of foreign politicians, will win,” Mishustin told a daily briefing on Russia’s economic development.

The prime minister added that the Russian government’s working commission on countering Ukraine-related sanctions is moving into operational headquarters mode.

Mishustin said that under the current sanctions situation, foreign entrepreneurs are forced to be guided not by economic factors, but by making decisions under political pressure.

“To enable companies to make informed decisions, a draft presidential decree has been prepared to introduce temporary restrictions on the exit of Russian assets. As practice shows, exiting the market is easy, but it is is much more difficult to return to a place that is already densely occupied by competitors, ”said the Russian Prime Minister.

Moscow’s response follows tough economic sanctions imposed on Russia last week by the United States and its allies, which oppose the country’s ongoing military intervention in Ukraine. The measures include disconnecting Russia’s largest banks from the SWIFT payment system, freezing Russian assets and government reserves held abroad, and sanctions against the country’s Central Bank.



(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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