Russia has banned buyers from so-called unfriendly international locations from promoting shares in key vitality tasks and banks till the top of the 12 months, stepping up stress within the sanctions stand-off with the West.
The decree, signed by President Vladimir Putin and revealed on Friday (5 August), instantly bans buyers from international locations which supported sanctions on Russia from promoting their belongings in manufacturing sharing agreements (PSA), banks, strategic entities, corporations producing vitality gear, in addition to in different tasks, from oil and fuel manufacturing to coal and nickel.
Taking the hit
The ban covers virtually all massive monetary and vitality tasks the place overseas buyers nonetheless have stakes, together with the Sakhalin-1 oil and fuel venture.
On Thursday, Russian state oil champion Rosneft blamed Exxon Mobil for falling output on the Sakhalin-1 group of fields, after the US vitality main mentioned it was within the technique of transferring its 30% stake “to a different get together.”
The brand new decree doesn’t cowl the Sakhalin-2 venture, it mentioned.