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Ministry of Finance: Complication of selling foreign assets is linked to geopolitics
The decision of the Russian Finance Ministry to increase voluntary contributions to the budget and discounts on the sale of assets of foreign companies in Russia is connected with geopolitics. This was reported by Deputy Finance Minister of the Russian Federation Alexey Moiseyev in an interview with Kommersant.
"The Finance Ministry cannot help but suspect that we want to collect more money for the budget, but the decision to increase discounts on asset sales and voluntary contributions to the budget is linked to geopolitical dynamics," Moiseyev said. Answers questions explaining the recent increase in expenses for foreigners leaving Russian assets.
Moiseyev noted that the attitude towards the assets of Russian companies in unfriendly countries is becoming increasingly harsh. He emphasized that "instances of confiscation of these assets and appropriation of income to help Ukraine have become more frequent."
"I repeat once again, we are in no way infringing on companies wishing to work in the Russian Federation. It is even possible to withdraw dividends," Moiseyev concluded.
If a company from an unfriendly country plans to leave Russia, it will face a number of requirements. Otherwise, the government commission will simply not grant permission. One of the requirements is that the parties to the transaction must contribute 15% of the market value of the asset to the budget. Foreigners must also sell Russian assets at a discount of at least 50%.
The day before, Finance Minister Anton Siluanov announced new conditions. Taxes to the budget will increase from 15% to 35% of the property value, and the discount should now be 60%, not 50%.
Among the foreign companies still in Russia are Austria's Raiffeisenbank and the Italian banking group Unicredit. Bloomberg calls its Russian subsidiary an important channel for international payments between Russia and the rest of the world. And despite the significant decline in business in Russia, Raiffeisenbank and Unicredit have still not fully sold their businesses.
Last year, the budget received 116 billion rubles thanks to the so-called exit tax.