Russian President Vladimir PutinMOSCOW, 28 Feb. Russian President Vladimir Putin signed the Decree on the Application of Special Economic Measures in Connection with the Unfriendly Actions of the United States and Allied Foreign States and International Organizations. The document was published on the official website of the Kremlin. It provides for the following measures:
- —participants in foreign economic activity undertake to sell 80 percent of foreign currency transfers from abroad received from January 1 of this year. The rule also applies to already accumulated funds — they must be sold within three days. The Central Bank will control this process;
- —currency transactions related to the provision of foreign currency by residents in favor of non-residents under loan agreements are prohibited;
- —residents will no longer be able to credit foreign currency to their accounts opened with banks and organizations abroad, as well as transfer money without opening a bank account using electronic means of payment provided by foreign payment service providers.
Sberbank does not change the conditions for existing consumer loans. In addition, public joint-stock companies will be able to purchase shares placed by them until December 31 this year (with the exception of the purchase of outstanding shares in order to reduce their total number) subject to a set of conditions:
- < li class="article__list-item">—shares must be eligible for public trading;
- —their weighted average price for any three months starting February 1 must decrease by 20 and more percent compared to the weighted average price determined for three months starting from January 1, 2021;
- —The value of the main stock market index calculated by the trade organizer for any three months starting from February 1, 2022 must decrease compared to the value of such index calculated by the trade organizer for three months starting from 1 January 2021, by 20 percent or more;
- —shares must be purchased at organized trading based on bids addressed to an unlimited number of bidders;
- — a broker may do this on behalf of a public joint stock company;
- —in this case, the board of directors or the supervisory board of the PJSC must decide on the acquisition of the shares placed by it in accordance with the provisions of this decree, determining categories (types) of shares to be acquired, the number of shares of each category (type) to be acquired, the period during which the acquisition of shares is carried out and which must expire no later than December 31.
The decree also allows credit institutions to open bank accounts for individuals without his personal presence and without the presence of his representative, when it comes to transferring funds from another organization. To do this, the bank where the account is already opened must provide information to identify the individual. The decree comes into force from the date of publication.