12/5/2022, 7:24 PM (Source: TeleTrader)
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Putin extends ban on 'unfriendly' foreign share transactions

Russian President Vladimir Putin extended on Monday a ban on transactions concerning shares in the nation's strategic companies with foreigners from countries considered unfriendly until the end of 2023.

The document pointed out that the ban refers to companies in the financial, fuel, and energy sectors, and that the restrictions apply to any transactions that could change the ownership structure of those firms, their assets, and their investment procedures.

Putin's decree came as one of many responses to the sanctions the West imposed on Moscow due to its military operation in Ukraine, which Bank of Russia President Elvira Nabiullina credited for creating a need for new economic structure and ties.

Baha Breaking News (BBN) / JR