Russian President Vladimir Putin has extended until the end of 2023 the ban on transactions with shares of foreigners from unfriendly countries in strategic companies of the Russian Federation, in the financial and fuel and energy spheres in connection with the unfriendly actions of some foreign states and international organizations. The corresponding decree was published on December 5, 2022, it amends the document dated August 5 on the application of special economic measures. The previous Decree was valid until December 31, 2022 and has now been extended until December 31, 2023 inclusive.
Any transactions that change the ownership structure of Russian companies, their authorized capital and the established procedure for implementing investment projects fall under the ban. The restrictions apply to transactions with shares of «unfriendly» investors in the authorized capitals of strategic enterprises and companies, with shares of companies producing and servicing equipment for the fuel and energy complex, heat and electricity suppliers, as well as oil refineries, transactions with shares of Russian banks, transactions with shares of companies developing large deposits.
There is a separate ban on transactions with shares of investors from unfriendly countries in the Sakhalin-1 project and the Kharyaginskoye field in the Nenets Autonomous Okrug. This ban directly affects ExxonMobil’s interests in the Sakhalin-1 project.
At the same time, the President may, by a special decision, authorize any transaction that falls under restrictions.