Putin bans Western investors from withdrawing from certain projects | War in Ukraine

Putin forbids Western investors to withdraw from certain projects | War in Ukraine

The decree signed by President Vladimir Putin targets investors from countries that imposed sanctions on Russia following the invasion of Ukraine.

Russia has adopted on Friday a decree prohibiting investors from unfriendly countries from selling their stakes in projects related to the energy and banking sectors. The measure will be in effect until the end of the year.

The new decree prohibits investors from countries that have imposed sanctions on Russia from selling the assets they own, among others, in banks, companies producing equipment for the energy sector or utilities. projects related to the production of oil, gas, coal and nickel.

Vladimir Putin could grant a special exemption in certain cases so that transactions can still be concluded , the decree states.

The Russian government and central bank should prepare a list of banks to be submitted for Kremlin approval.

The ban covers almost all major financial and energy projects in which foreign investors still hold stakes, including the Sakhalin-1 oil and gas project.

The Russian president signed a decree on Thursday that allows him to take full control of the Sakhalin-2 gas and oil project in the Russian Far East.

The new decree excludes the Sakhalin-2 project.

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