MOSCOW, August 26The subcommittee of the government commission for the control of foreign investment in Russia is interested in foreign companies continuing their work in the Russian Federation, they are creating the necessary conditions, the press service of the Russian Ministry of Finance reports.
«The subcommittee of the government commission for the control of foreign investment in Russia is interested in foreign companies continuing their work in Russia. The necessary conditions are being created for companies that have decided to stay, including permission to pay dividends and repay intra-corporate debt,» the ministry commented. information that has appeared in the media that foreigners who decide to leave the Russian business are allegedly faced with a complication of this process by the authorities of the Russian Federation.
The report also notes that «those who decide to sell their business, the subcommittee does not force to reduce the final price.» «The assessment is made not by members of the commission, but by an independent appraiser. The price can change only if the commission indicates an incorrect assessment of the market value of foreign business,» the Ministry of Finance said.
On Tuesday, the minister Finance Minister Anton Siluanov said that the Russian authorities decided to pay dividends to foreigners without restrictions, provided they invest in the Russian economy. Later, the ministry added that foreigners will be able to withdraw dividends within the limits of investments invested in production and technology in the Russian Federation from April 1, 2023.
In December last year, the Russian authorities set a number of rules for foreigners who decided to sell Russian assets. Their observance, as a rule, had to be taken into account when issuing permits for the exit of companies from unfriendly countries from Russian assets. In March of this year, the list was updated, after that, at the end of July, the Russian authorities determined a list of 10 conditions for foreigners to exit Russian business.
The list includes both new conditions and those that have already been announced earlier, for example, the sale of assets at a discount of at least 50% of the market value; availability of an independent assessment of the market value of assets; setting key performance indicators for new shareholders (owners); voluntary transfer to the budget of at least 10% of the market value of assets, if the sale is carried out with a discount of more than 90% of the market value; the obligation to pay at least 10% to the Russian budget of half of the market value of the assets.
Among the new criteria, for example, limiting the period of validity of a permit for the repurchase of an asset — as a rule, this period is no more than two years. The updated list also included the need, in the event of the acquisition of shares that make up the authorized capital of PJSC, to place on the stock exchange up to 20% of the acquired stake with a number of conditions.