Gavrilov, head of the State Duma Committee: The Central Bank has made a decision that will accelerate the return of business to the Russian Federation – Rossiyskaya Gazeta

Date: September 19, 2023 Time: 15:32:21

The deputy expressed confidence in the prospects for measures to be taken, including by the Bank of Russia, to facilitate the transfer of assets to Russian jurisdiction. According to Gavrilov, these decisions will accelerate the return of the domestic business.

“In the fall, it is planned to continue legislative work in this direction to create conditions that expand opportunities for companies to make the transition to work in our legal framework,” said the chairman of the commission. “As for companies managed by shareholders of hostile countries, their assets will be transferred to the fiduciary administration of our State and then legally to the ownership of those companies whose business was proportionally blocked abroad.”

Previously, the Bank of Russia determined the procedure for automatic conversion of depositary receipts of quasi-Russian companies if they received the status of an international company registered in Russian jurisdiction. After state registration, the international company will be obliged to notify the holders of the securities registry and the depositories of the beginning of the deconversion within five business days. Receipts will then be debited from the investors’ accounts and the shares of the international company will be credited.

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