Putin indicators decree permitting foreigners to swap frozen funds for blocked Russian property overseas
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MOSCOW (Reuters) – Russia’s President Vladimir Putin signed a decree on Wednesday permitting international traders with funds frozen in Russia to make use of them to purchase blocked property of Russians overseas.
On account of sanctions imposed by the West over Russia’s actions in Ukraine, greater than 3.5 million Russians have frozen property overseas price round 1.5 trillion roubles ($16.3 billion).
Below the decree, Russia will permit residents of what it deems “unfriendly” nations to purchase frozen securities held overseas by Russians by utilizing funds from particular “type-C” accounts in Russia, that are in any other case successfully blocked.
Russia plans to unblock accounts price about 100 billion roubles within the first part.
The textual content of Putin’s decree says it’s being issued in response to actions by the USA and different nations and organisations that it calls “unfriendly and contradictory to worldwide regulation”.
($1 = 91.8080 roubles)
(Reporting by Elena Fabrichnaya and Mark Trevelyan; Modifying by Andrew Cawthorne)
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