Russian authorities have taken additional measures to limit Western companies leaving the country from generating revenue from the sale of assets denominated in foreign currencies. This was reported by Finance Times.
According to the publication, transactions with foreign companies may now be delayed or partially blocked. One of the known measures is that funds can be withdrawn only through a special account of type “C” or entirely in Russian currency. However, Western investors complain that there are de facto monthly limits on foreign exchange transfers.
Thus, for transactions worth $300 million, companies were not allowed to transfer more than $20 million per day. Experts say this is a tight currency regulation. Press Secretary of the President of Russia Dmitry Peskov, in a conversation with the publication, noted that the Russian currency has “absolute” priority.
The Russian Ministry of Finance did not respond to the FT’s request for new measures. The publication linked them with the desire of the authorities to strengthen the ruble exchange rate. Bankers complain that such actions worsen the investment climate in the Russian Federation.
Before that Peskov commented Volatility of the ruble exchange rate.
Previously in the Kremlin clarified Mechanism for the sale of assets in the Russian Federation by foreign companies.