Moscow controls on foreigners trading Russian assets raise write-down concerns

It has now revealed the details of an application process that must be followed before the Finance Ministry will decide if assets can be traded, including disclosure of any beneficiaries and strategic investments such as defence.(File pic shows the stock exchange in Moscow)

LONDON/NEW YORK: Russia laid down strict new rules for foreigners seeking permits to buy and sell Russian assets ranging from securities to real estate, a client memo by Citigroup C.N showed, raising fresh concerns Western investors could face large write-downs.

Russia temporarily stopped foreigners trading Russian assets this month, saying it wanted to ensure decisions to exit were considered and not driven by political pressure, following Moscow's invasion of Ukraine.