Russia launches accounts with withdrawal guarantees for foreign investors

Moscow (Reuters) -Russia launched a new type of investment account that contains withdrawal guarantees, according to a decree signed by President Vladimir Putin on Tuesday, as Moscow is looking to attract foreign investors to the Russian stock market.

Since the imposition of overwhelming international sanctions against Moscow due to the conflict in Ukraine, Russia has frozen billions of dollars from Western investors ’money in the“ type C ”accounts inside Russia and seized dozens of companies with ties to foreign monarchy.

The need to revive foreign investment was a discussion point in an economic forum in Saint Petersburg last month, although the lack of large Western investors and the failure to secure important deals with other partners the most prominent Moscow problem.

The decree said that foreigners will be able to make new investments in rubles, foreign currency, stocks and bonds in new accounts “in” in “.

The Ministry of Finance said it is working to reduce capital controls for a new investment when discussing changes late last year.

Alexei Yakovlev, head of the Ministry’s financial policy department, said in December that investors from all countries should be entitled to benefit from the new rules, and not only from the countries that Russia considers “friendly”.

(Participated in the coverage, Elena Fabrishnaya and Alexander Maru; Tahrir by Timothy Heritage)