×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: russia sanctions | bank assets | sakhakin-1 oil and gas development

Russia Bans Westerners From Selling Key Oil, Bank Stakes

Russia Bans Westerners From Selling Key Oil, Bank Stakes
Russian President Vladimir Putin, right, and Russian Defense Minister Sergei Shoigu at the naval parade in honor of the Day of the Navy of Russia in St. Petersburg, July 31, 2022 (Dmitry Azarov/AP)

Friday, 05 August 2022 08:32 AM EDT

Russia has banned investors from so-called unfriendly countries from selling shares in certain strategic businesses and banks until the end of the year, a decree signed by President Vladimir Putin showed on Friday.

The ban, effective immediately, applies to the Sakhakin-1 oil and gas development in Russia's Far East. Its operator, U.S. major ExxonMobil, said this week it was in the process of transferring its 30% stake to another party.

The decree also prohibits investors from unfriendly countries from selling their stakes in production sharing agreements which, apart from Sakhalin-1, include the Sakhalin-2 LNG (liquefied natural gas) project and the Kharyaga oil field, as well as in Russian banks, among other assets.

The list of banks is to be prepared by the government and the central bank for Putin's approval.

Italy's UniCredit and Intesa, U.S. group Citi and Austria's Raiffeisen continue to search for options to exit Russia, while others such as Societe Generale and HSBC have found a way out.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Russia has banned investors from so-called unfriendly countries from selling shares in certain strategic businesses and banks until the end of the year, a decree signed by President Vladimir Putin showed on Friday.
russia sanctions, bank assets, sakhakin-1 oil and gas development
161
2022-32-05
Friday, 05 August 2022 08:32 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved