Russia receiving fewer exit request from foreign cos, no re-entry requests yet - MinFin

MOSCOW. April 2 (Interfax) - Requests by residents of unfriendly countries to divest Russian assets is gradually decreasing, while there have been no requests from foreign companies to return to Russia, Deputy Finance Minister Ivan Chebeskov told reporters.

"There are requests. They have of course decreased gradually in number over the past three years, but they have been received," he said, when asked whether the number of requests from foreign investors to exit Russian assets for consideration by a sub-commission of the government commission for foreign investments had decreased.

Chebeskov said that this week the sub-commission had looked at exit requests by four companies. "It's not that they have stopped altogether, but there are fewer of them. The companies leaving are not as well known, but still there are requests," he said.

Also, he said the commission had not yet received any requests from foreign companies that had already exited to return or from new foreign investors wishing to enter Russia. "We have no specific requests on this yet," he said.

Russian President Vladimir Putin has asked the government to update the list of foreign companies that earlier left Russia and work out a procedure to authorize their return. He said this process must be as transparent as possible.

A presidential decree, No. 81 of March 2022, introduced a special procedure for transactions with residents of unfriendly countries, stipulating that approvals for such transactions are issued by the government commission on foreign investments. A subcommittee was created for considering and making such decisions. The decree will remain in force until December 31, 2025. It applies to strategic enterprises, energy companies, banks with foreign participation, service and equipment production in the energy sector and mineral rights holders, including as part of production-sharing agreements, relating to gold, nickel, diamonds and LNG, among others. Several conditions are imposed as part of the approval of exit transactions. One of the basic requirements is the payment of a certain sum to the Russian federal budget.