Vladimir Putin Signs Decree that bans Western Countries from withdrawing Investments in Energy and Banking Projects
The ban itself covers all big financial and energy projects that are heavily invested in by foreign countries.
Investors are being banned from selling shares in key energy projects and banks until the end of the year (at the earliest), according to Russian President Vladimir Putin. Western countries such as the United States, Japan, and the United Kingdom have all implemented sanctions upon Russia and now Russia is combatting obstacles by adding struggles to corporations attempting to leave Russia.
Vladimir Putin signed the decree that bans investors from the mentioned countries and others supporting sanctions on Russia from selling their assets in production sharing agreements, banks, companies producing energy equipment, strategic entities, as well as oil and gas production to even coal and nickel projects. A special waiver can be placed by Russian officials in certain cases.
The ban itself covers all big financial and energy projects that are heavily invested in by foreign countries. It also comes after a situation such as Rosneft blaming ExxonMobil for output faltering at the Sakhalin-1 group fields due to the United States energy major saying it is in the process of transferring a 30% stake to somewhere else.
Another decree was signed earlier this month giving foreign investors at the Sakhalin-2 project a month to claim their stakes in the new project which will replace the existing one. Investors include companies such as Royal Dutch Shell which was looking for options in terms of withdrawing from the project. Other investors such as Mitsui & Co. and Mitsubishi Corp. (Japan) have indicated their wishes to stay in the loop of the project.