By mid-2023, non-resident assets in Russian brokerage accounts exceeded 1 trillion rubles. In the second quarter alone they increased by 23%. They grew mainly in the accounts of legal entities registered in internal and external tax havens, writes Kommersant.
These jurisdictions are used to operate in the stock market and do business with the remaining foreign partners. Interest in the Russian market is also growing from investment funds from friendly countries that are willing to take risks to make profits on undervalued assets.
- In March 2023, non-residents of “hostile” countries were required to pay a “voluntary” fee for the sale of assets in Russia. It will be at least 10% of half its market value. The conditions that foreigners must meet to exit their Russian assets began to apply in December 2022. These conditions include a discount on the market value of the assets of at least 50% and payment in installments. The payment of a 10% budget contribution existed before, but was previously considered an additional condition of the transaction and was not mandatory.
Author:
Karina Pardaeva
Source: RB
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