Russia has increased pressure in the sanctions standoff with the West by prohibiting investors from so-called hostile nations from selling shares in important energy projects and banks until the end of the year.
Since Russia’s deployment of soldiers into Ukraine in late February, Western nations and allies, including Japan, have increased financial sanctions against it. In retaliation, Moscow put up barriers to prevent Western companies and their friends from leaving Russia, and in some cases took their assets.
The decree, which President Vladimir Putin signed and made public on Friday, immediately prohibits investors from nations that supported sanctions against Russia from selling their assets in production sharing agreements (PSA), banks, strategic entities, businesses that manufacture energy equipment, as well as in other projects, from the production of oil and gas to the mining of coal and nickel.
The order stated that Putin might provide a special waiver in specific circumstances to allow the agreements to proceed and that the government and central bank should compile a list of banks for the Kremlin’s approval. No specific investors were listed in the ruling.