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Russia to let some companies disregard foreign shareholders

Published 01/17/2023, 09:05 AM
Updated 01/17/2023, 09:11 AM
© Reuters. Russia's President Vladimir Putin attends a meeting with Minister of Science and Higher Education Valery Falkov in Moscow, Russia, January 3, 2023. Sputnik/Aleksey Babushkin/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

(Reuters) - Russia is set to allow some companies to disregard the votes of shareholders from what it regards as "unfriendly" countries when making corporate decisions, according to a decree signed by President Vladimir Putin.

The decree will apply to companies in the energy, mechanical engineering and trade sectors with annual revenue of more than 100 billion roubles ($1.46 billion). The decree took effect on publication and will be in force until the end of 2023.

The temporary measures have been introduced in response to "unfriendly" sanctions introduced by the United States and other foreign countries, the decree said.

($1 = 68.45 roubles)

Latest comments

if you are a western investor in Russia or a western company still operating in Russia, you are a moro.n for thinking Putin will uphold normal rules for private property and your russian assests. They will be taken from you at some point and there is nothing you can do about it....
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