The Russian government wants to buy shares in companies from foreign investors, who can then resell them without an option to refuse.
Russian Finance Minister Ivan Chebeskov said this week that the Kremlin was preparing a presidential decree that would include a controversial measure: “rights over discretion”.
According to “El Economista”, this new legal figure will allow the Russian government to set a price for buying shares of companies from foreign investors, without them having the option to refuse.
With “supreme rights of choice”, Russia plans to acquire a huge amount of bonds on the stock market, thereby strengthening its control over the country’s key industries at huge discounts, which they can even take advantage of through resale.
Estimates by consulting firm Kaiser Consulting agree that at least a 50% reduction in the market value of acquisitions is expected.
Since the start of the war, Putin has sought to at least partially offset the economic blow of a war that has continued to weigh on his budget.
Russia’s GDP grew 4.9% last quarter, supported by oil sales. The country had four consecutive quarters of decline, marking a clear recession. However, inflation has continued to rise and currently stands at 6.7%.
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