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Financial Times: Western companies exiting Russia forced to make donation to Russian state

by The Kyiv Independent news desk March 28, 2023 4:17 AM 1 min read
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Western companies wanting to leave and sell their assets in Russia are now forced to make a direct donation to the Russian state, Financial Times reported, citing a new Russian ruling issued on March 27.

According to Financial Times, the move puts pressure on groups that have yet to leave Russia, leaving them to face criticism either for continuing to operate in Russia or for funding its full-scale war against Ukraine through direct payments to the state.

Previously, companies wishing to pull out of Russia were presented with the option of making a "voluntary contribution" to the country's state budget, valued at 10% of the sale value, or having the payment from the sale postponed by several years.

The new ruling will mean companies no longer have an option – they will be forced to make a direct donation to Russia's state budget.

"It just highlights that companies should be making decisions faster, because it won't be getting any easier in the future," Kyiv School of Economics Chairperson Nataliia Shapoval told Financial Times.

Shapoval reportedly said the move has been "looming" since the summer.

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