Russia could extend abolition of cap on market share for retail acquisitions from foreigners until end-2023

MOSCOW. Sept 14 (Interfax) - The Russian Industry and Trade Ministry has, following a government request, drafted a resolution to extend until the end of 2023 the measure envisaging the abolition of the 25% cap on market share for acquiring retail assets from foreign investors exiting the Russian market, a source with knowledge of the discussion of the matter told Interfax.

The ministry confirmed this.

"Following a request by Russian Prime Minister Mikhail Mishustin, the Industry and Trade Ministry has produced a draft to extend the measure into 2023. At present, the ministry is preparing to submit a draft regulatory act to the government," the ministry's press office said.

It said the Federal Anti-minopoly service and Economic Developmnent Ministry had seen the draft and had not made any remarks about it.