Western companies that sell their Russian assets restricted from taking proceeds in dollars and euros
Russia has reportedly imposed additional currency controls in an attempt to prop up the falling rouble, restricting western companies that sell their Russian assets from taking the proceeds in dollars and euros.
International companies that want to exit Russia after its invasion of Ukraine have to sell their assets in roubles under new government restrictions, according to the Financial Times, which cited people familiar with the matter.
If they insist on receiving foreign currency for their assets, they face delays or even losses on the sums that can be transferred abroad, the FT reported.
The rouble has weakened since Moscow’s tanks rolled into Ukraine in February last year. The war prompted western countries to impose sanctions on Russia, hitting its currency and wider economy. The rouble has lost more than 20% of its value against the dollar this year, sliding past the psychologically important level of 100 roubles to the US currency in August.
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Source: https://www.theguardian.com/world/2023/oct/31/russia-capital-controls-rouble-vladimir-putin
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