https://sputnikglobe.com/20230815/russias-revenues-from-post-exit-business-sales-by-foreign-companies-exceed-553mln-1112622939.html
Russia's Revenues From Post-Exit Business Sales by Foreign Companies Exceed $553Mln
Russia's Revenues From Post-Exit Business Sales by Foreign Companies Exceed $553Mln
Sputnik International
Russia's budget received 54.2 billion rubles ($553 million) from the sale of business by foreign companies that withdrew from the Russian market in response to conflict in Ukraine, according to the latest data from Russian Electronic Budget portal published on Tuesday.
2023-08-15T17:57+0000
2023-08-15T17:57+0000
2023-08-15T17:57+0000
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A Russian broadcaster reported earlier this year, citing a federal official, that federal revenues from the sale of Russian businesses by foreign companies are registered as "grants from non-governmental organizations." The data from the Electronic Budget portal shows that, as of August 14, this amount was 54.2 billion rubles, which is about 20.8% of the total 259.7 billion rubles worth of non-repayable budgetary donations. A number of foreign companies, including those from Europe, the United States and Japan, decided to exit Russia after the start of Russia's special military operation in Ukraine in February 2022. In July, the Russian government released a list of conditions for foreign companies wiling to exit the Russian market. The 10-point list includes such conditions as the sale of assets at a discount of at least 50% of the market value, an independent assessment of the market value of assets, setting key performance indicators for new shareholders or owners, voluntary payment to the Russian budget of at least 10% of the market value of assets if the sale is carried out with a discount of over 90% of the market value, or the obligation to pay at least 10% of half of the assets' market value to the Russian budget. It also includes a limitation of the period for the repurchase of assets, which is usually no more than two years. In addition, buyers will have to place on the stock exchange up to 20% of the acquired shares that make up the authorized capital of a purchased public joint-stock company.
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Russia's Revenues From Post-Exit Business Sales by Foreign Companies Exceed $553Mln
MOSCOW (Sputnik) - Russia's budget received 54.2 billion rubles ($553 million) from the sale of business by foreign companies that withdrew from the Russian market in response to conflict in Ukraine, according to the latest data from Russian Electronic Budget portal published on Tuesday.
A Russian broadcaster reported earlier this year, citing a federal official, that federal revenues from the sale of Russian businesses by foreign companies are registered as "grants from non-governmental organizations."
The data from the Electronic
Budget portal shows that, as of August 14, this amount was 54.2 billion rubles, which is about 20.8% of the total 259.7 billion rubles worth of non-repayable budgetary donations.
"These amounts are indeed significant for replenishing the budget, although they cannot be considered a stable source given the reasons and the mechanism for receiving contributions from the sale of businesses by unfriendly countries. It is hard to make forecasts regarding the dynamics. The amount may reach its maximum by the end of the year but then start gradually declining," the managing partner of Key Consulting Group, Anastasiya Kucherena, told Sputnik, adding, "The highest amount is not expected to exceed ... 100 billion rubles."
10 August 2023, 17:52 GMT
A number of foreign companies, including those from Europe, the United States and Japan, decided to exit Russia after the start of Russia's special military operation in Ukraine in February 2022. In July, the Russian government released a list of conditions for foreign companies wiling to exit the Russian market.
The 10-point list includes such conditions as the sale of assets at a discount of at least 50% of the market value, an independent assessment of the market value of assets, setting key performance indicators for new shareholders or owners, voluntary payment to the Russian budget of at least 10% of the market value of assets if the sale is carried out with a discount of over 90% of the market value, or the obligation to pay at least 10% of half of the assets' market value to the Russian budget. It also includes a limitation of the period for the repurchase of assets, which is usually no more than two years. In addition, buyers will have to place on the stock exchange up to 20% of the acquired shares that make up the authorized capital of a purchased public joint-stock company.
