The Russian Government is imposing deteriorating conditions on the exit from Russia of foreign companies from so-called “unfriendly” jurisdictions. Their shares in Russian companies can be sold only with a discount in the amount of not less than 60% of their market value (previously – 50%).
The “exit tax” has been increased to the amount of not less than 35% of the market value of the shares (previously– not less than 15%), of which 25% of the market value must be paid within 1 month from the date of the closing of the transaction, 5% of such value – within 1 year, and the remaining 5% – within 2 years.
It is also envisaged that sales transactions over assets with a market value of more than RUB 50 billion are subject to approval by the Russian President.
The “exit tax” has been increased to the amount of not less than 35% of the market value of the shares (previously– not less than 15%), of which 25% of the market value must be paid within 1 month from the date of the closing of the transaction, 5% of such value – within 1 year, and the remaining 5% – within 2 years.
It is also envisaged that sales transactions over assets with a market value of more than RUB 50 billion are subject to approval by the Russian President.