The European Bank for Reconstruction and Development has reportedly completed a sale of its stake in the Moscow Exchange to the Russian technology company Softline. The development was described by the publication Forbes as having received government clearance from the commission that oversees foreign investments, under specific terms regarding pricing and taxation.
The arrangement reportedly required the EBRD to offer a substantial discount on the market value of its stake and to pay an exit tax calculated as a portion of the transaction amount. The government commission that approves foreign investment moves reportedly sanctioned the deal provided these conditions were met, reflecting broader policy considerations about foreign ownership and liquidity in the Russian asset market.
Forbes cites that the EBRD previously held roughly 5.3 percent of the Moscow Exchange, with the market value pegged at about 22.76 billion rubles. After applying the stated discount, the price for the Softline package was reported as around 9.1 billion rubles, while the exit tax was estimated at about 1.82 billion rubles. Based on these figures, the EBRD could realize a net near 7.28 billion rubles, which translates to roughly 76 million U.S. dollars at prevailing exchange rates.
Sources close to the reporting note that the terms reflect a broader reality facing foreign investors operating within Russia, where asset liquidity can be limited. The discount applied in this case is described as higher than what is typically observed for exits from Russian assets, underscoring the risk and liquidity constraints that investors encounter in this market environment.
Historically, the EBRD paused new investments in Russia in 2014 after the annexation of Crimea. In early 2022, the bank halted access to Russian resources and closed its Moscow offices while maintaining its shareholder status. Exiting Russian assets has since become a component of the EBRD policy framework in response to sanctions and evolving geopolitical considerations.
Industry activity in Russia has continued to evolve, with notable moves such as Raiffeisen Bank filing new trademarks during the middle of the year and other regional businesses adjusting their footprint. These developments illustrate how multinational and local players navigate the regulatory and market environments shaped by broader sanctions, liquidity constraints, and strategic reviews of foreign exposure.
Overall, observers emphasize that such transactions illustrate the balancing act faced by international financial institutions: managing risk and compliance while seeking orderly exits or reductions in exposure when political and economic conditions alter the investment calculus. The evolving posture of the EBRD and similar institutions continues to influence not only investment decisions but also the texture of cross-border financial activity in Russia and neighboring markets. (Forbes)