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Russia Tightens Capital Controls on Western Companies

RUSSIA
  • Russia has restricted western companies that sell their Russian assets from withdrawing the proceeds in dollars and euros, imposing additional de facto currency controls in an effort to shore up the weakening ruble, FT report.
  • The FT cited an investment banker as saying that foreign currency transfers abroad had been limited to $20m per day and a seven-day deadline had been imposed on closing a sale, effectively preventing sellers from receiving more than $140m.
  • Another person working on several exit deals said Russia's government commission on foreign asset sales had imposed an informal cap of $500m that could be transferred overseas.
  • Earlier this month, tougher capital controls were imposed on 43 groups of exporter companies, including the country’s main oil producers, to sell their earnings from sales abroad on the domestic market for rubles to ensure a supply of foreign exchange. Today, USDRUB on the MICEX exchange traded below 92.00 for the first time since early August.
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