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Western investors spooked as Moscow mulls compulsory share purchase plan
https://www.reuters.com/markets/europe/western-investors-spooked-moscow-mulls-compulsory-share-purchase-plan-2023-11-16/Western investors spooked as Moscow mulls compulsory share purchase plan
By Sinead Cruise, Elena Fabrichnaya and Alexander Marrow
November 16, 2023 3:12 AM EST Updated 3 hours ago
Summary
- This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
LONDON/MOSCOW, Nov 16 (Reuters) - Western investors in Russian companies are bracing for a new presidential decree under consideration in Moscow which they fear could force them to sell their shareholdings to the Russian government at big discounts.
The potential decree, which could give Russia a "super pre-emptive right" to buy shares in strategic companies from foreign shareholders, marks the latest blow to investors holding Russian assets that were worth several billions of dollars prior toebruary 2022.
Russia has been trying to cut foreign ownership and influence over its biggest listed companies since President Vladimir Putin ordered troops into Ukraine, triggering sweeping Western sanctions.
These methods include cancelling special investment programs originally designed to increase the flow of international capital into Russian companies and bypassing global banks in the supervision of those schemes, resulting in losses for some investors and the disappearance of some shares they owned.
[...]
By Sinead Cruise, Elena Fabrichnaya and Alexander Marrow
November 16, 2023 3:12 AM EST Updated 3 hours ago
Summary
- This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
LONDON/MOSCOW, Nov 16 (Reuters) - Western investors in Russian companies are bracing for a new presidential decree under consideration in Moscow which they fear could force them to sell their shareholdings to the Russian government at big discounts.
The potential decree, which could give Russia a "super pre-emptive right" to buy shares in strategic companies from foreign shareholders, marks the latest blow to investors holding Russian assets that were worth several billions of dollars prior toebruary 2022.
Russia has been trying to cut foreign ownership and influence over its biggest listed companies since President Vladimir Putin ordered troops into Ukraine, triggering sweeping Western sanctions.
These methods include cancelling special investment programs originally designed to increase the flow of international capital into Russian companies and bypassing global banks in the supervision of those schemes, resulting in losses for some investors and the disappearance of some shares they owned.
[...]
