Russia has increased the “exit tax” and minimum discount for foreign companies looking to leave the country, according to RBC news. The new rules require foreign companies to sell assets at a 60% discount and make “voluntary contributions” of 35% to the Russian treasury. President Putin must now approve deals over 50 billion rubles. The move aims to prevent foreign money from leaving Russia amid sanctions.
The government commission on foreign investments recently approved the new regulations, with nearly 140 billion rubles already received from exiting foreign companies in 2024. Despite some Western companies scaling back operations post Russia’s invasion of Ukraine, the new rules aim to retain foreign investments.
While the exact implementation date is unknown, the impact of the new regulations is already being felt. It’s crucial for independent journalism outlets like The Moscow Times to continue providing unbiased news amidst increasing restrictions in Russia. Support for such outlets is vital to uphold freedom of the press and democratic values.