Putin Signs Law Preventing Citizens of "Unfriendly" Countries from Owning Shares in Russian Companies

Russian President Vladimir Putin signed a law today, Friday, that prohibits foreign investors from "unfriendly" countries from owning shares in major Russian companies and banks, according to the Russian news agency RIA. The agency indicated that the government will compile a list of Russian companies covered by the law, including all banks and significant enterprises that exceed a certain size in terms of revenue, employees, assets, or tax payments. Under the law, the rights of foreign investors from "unfriendly" countries—those that imposed sanctions on Russia due to its war in Ukraine—can be suspended, and their shares can be redistributed proportionally among Russian owners.