Russia tries to stop Western companies fleeing the country

Capital controls designed to stop the exodus were announced by Russian Prime Minister Mikhail Mishustin, state news agencies TASS and RIA reported on Tuesday.

“To enable businesses to make informed decisions, a draft presidential decree has been prepared to introduce temporary restrictions on exiting Russian assets,” Mishustin was quoted as saying. “We expect that those who have invested in our country will be able to continue working here.”

Oil giant BP (BP) is one of the most prominent companies to abandon Russia since its troops invaded Ukraine last week. It said Sunday it was planning to exit its 19.75% stake in Russia’s biggest oil company, Rosneft, and their joint ventures. Others have since followed suit, including Shell (RDSA) and Norway’s Equinor.
France’s TotalEnergies said Tuesday it would not provide new capital for Russian projects and was assessing the impact of swingeing Western sanctions on its existing investments in the country.

– This is a developing story and will be updated.

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