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MOSCOW — Russia’s Prime Minister Mikhail Mishustin said Tuesday the government has readied measures to temporarily restrict foreign investors from divesting Russian assets, saying the step would help them make “a considered decision” rather than succumb to political pressure of sanctions.
Mishustin said a presidential decree had been prepared imposing “temporary restrictions on exiting from Russian assets.” He did not provide details or say if the restrictions would apply to some forms of investment or to all.
READ MORE: In Russia, economic consequences of invasion begin to emerge
Major Western corporations have come under pressure to divest stakes in Russian companies. Oil company BP said Sunday it would seek to dispose of its stake in Russian oil producer Rosneft and Shell said Monday it would exit all its Russian businesses. Other companies with major stakes include France’s TotalEnergies, which holds 19.4% of natural gas company Novatek.
Russian officials have taken steps to cushion the impact of massive economic sanctions, with the central bank raising interest rates to defend the ruble’s exchange rate, requiring companies to sell foreign exchange earnings, and making unlimited short term credit available to banks.
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