Russia has raised the fee for foreign companies planning to leave the country
On October 4, 2023, the decision of the Government Commission was published to increase to 15% the voluntary contribution amount from Russian assets for investors from "unfriendly" countries who will leave their business in Russia
Previously, the contribution rate was 5% of the market value of the transaction object, and when the transaction price was set at a discount of more than 90% of the market value — 10%.
To leave the Russian market, foreign companies must obtain permission from a special commission of the Ministry of Finance. In December 2022, the commission adopted four criteria for approving transactions for the sale of assets by foreigners in Russia:
availability of an independent assessment of the value of assets;
availability of installment payment for the buyer for one to two years or payment of a voluntary contribution to the federal budget in the amount of at least 10% of the transaction amount.
sale of an asset at a discount of at least 50% of the value determined during an independent assessment;
establishing key performance indicators (KPIs) for new shareholders (owners).
In addition, now the fee must be paid within one month from the transaction date and not three months as before.