Russia clamps down on trading by foreigners

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South Africa Headlines News

Authorities respond to Western sanctions with strict controls on permits to buy and sell securities and real estate

The Spasskaya tower of the Kremlin in Moscow, Russia, is seen in this February 22 2022 file photo. Picture: BLOOMBERG/ANDREY RUDAKOV

Funds with tens of billions of dollars in exposure to Russia have been awaiting details on new restrictions they will face as they seek to offload assets. The effect is that foreign investors who had acquired Russian stocks and bonds without restrictions were left stuck with those holdings while the economy lurches from an enticing oil-rich investment destination to a financial pariah.

“Russian authorities have announced the order for obtaining permits to carry out operations determined by Decree 81. An authorised body empowered to take decisions on the issuance of permits has been established,” the memo reads.

Source: Digital Coin News (digitalcoinnews.net)

 

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