Russia to temporarily restrict foreign business from selling assets

By Tuba Sahin

ANKARA (AA) - Russia plans to temporarily ban foreign businesses from withdrawing from Russian assets, Prime Minister Mikhail Mishustin said on Tuesday.

Noting that the foreign entrepreneurs' decisions were not based on economic factors but "under political pressure" amid sanctions on the country, Prime Minister Mikhail Mishustin said: "A presidential decree has been drafted on imposing temporary restrictions on the withdrawal from Russian assets in a move to provide business with an opportunity to make balanced decisions."

He stressed that foreign investors in Russia are expected to continue working in the country, state-run news agency TASS reported.

"I am confident that the sanctions pressure will eventually subside, and those who will win will be those choosing not to scrap their projects in this country or succumb to the slogans of foreign politicians," Mishustin added.

Since Russia's war on Ukraine began last Thursday, it has been met by outrage from the international community, with the EU, UK, and US implementing a range of economic sanctions on Russia.

On Monday, one Russian ruble traded at 111.52 per dollar at 0830GMT after falling as much as 40% to 118.6 per dollar, hitting a new record low.