As of October 3, 2024, significant changes to the rules for authorization of asset sales by non-residents from unfriendly countries came into effect.

The main changes are:

  • The minimum discount on the value of the asset is increased to 60% of the market price.
  • Voluntary contribution (exit tax) increased from 15% to 35%. Payment is possible in installments: 25% within a month, 5% after one year and another 5% two years after the transaction.
  • Presidential authorization is required for transactions worth more than 50 billion RUB.

Economic consequences:

These measures reduce the real gain on the sale of an asset to 5% of the market value after applying a discount and paying tax. The new rules apply to both future transactions and those already filed but not reviewed.

The changes are aimed at limiting the withdrawal of capital from Russia, making it extremely costly for foreign companies to exit.

Source RBC