Russia prevents foreign investors from fleeing – POLITICO

Russia will impose temporary restrictions on foreign investors giving up Russian assets, the country’s Prime Minister Mikhail Mishustin has said noted today.

Foreign companies are under political pressure from the growing international movement to hit Russia with sanctions, it Recount a government meeting. “In order to give companies a chance to make a considered decision, a presidential decree has been prepared to impose temporary restrictions on the exit of Russian assets,” he said.

The move follows announcements by major energy companies that they would seek to sell or limit their business involvement in Russia.

On Sunday, Britain’s BP said it would exit its 19.75% stake in Russia’s biggest oil refiner Rosneft, which could lead to a writedown of up to $25 billion.

Norway’s Equinor also announced on Sunday that it would exit its Russian joint ventures. In 2021, it held $1.2 billion in non-current assets in Russia.

On Monday, Shell said it would sell its stakes in oil and gas exploration and production projects in Russia, and cut ties with the Nord Stream 2 gas pipeline project. Its non-current assets in Russia were worth about $3 billion last year.

Today, France’s TotalEnergies said it would no longer provide capital for new projects in Russia, but remained silent on its current 19.4% stake in Novatek, Russia’s largest liquefied natural gas company (LNG), and its involvement in already approved LNG projects.

Italy’s Eni, which has long-standing partnerships with Russia’s Gazprom and Rosneft in downstream oil production, exploration and refining, has not taken a public position.

Neither does the American company Exxon, which holds a 30% stake in the Sakhalin LNG project in the Russian Far East.

Johanna Treeck contributed reporting.

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