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16 hours ago
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Russian President Vladimir Putin signed a decree on Tuesday providing withdrawal guarantees for foreign investors in the Russian stock market, a move aimed at attracting new foreign capital amid ongoing Western sanctions.
The decree, which creates a new type of account for prospective investors, comes as foreign investment in Russia has fallen to its lowest level since 2001.
Investors who put funds in Russian securities will be able to repatriate their profits without using “C” type accounts, which were set up to hold assets from residents of so-called “unfriendly” countries, and have extremely limited withdrawal options.
Under the decree, foreign investment can be placed in special “In” type accounts, which offer more withdrawal guarantees than “C” type accounts.
Investments are then made with funds credited to the accounts from foreign bank accounts or other institutions located outside of Russia.
The decree prohibits investments from other types of accounts, as well as cash withdrawals from “In” type accounts.
These accounts will accommodate funds in both rubles and foreign currencies, as well as stocks, bonds and investment shares.
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