Moscow, 2 March 2022 (TDI): Amidst rising sanctions against Russia as the country continues its advances into Ukraine, the Russian government has banned the exit of foreign investments from the country.
This ban was put into effect following the freezing of the Russian capital by NATO and the European Union. Shell, a multinational oil and gas company from the UK recently pulled out of Russia, the move lead to impairments of $3 billion which was a massive blow to the country’s economy.
The British Petroleum Company Limited (BP) also cut off ties with Russia earlier. Russian Prime Minister, Mikhail Mishustin said that under current situations entrepreneurs are guided not by economic conditions but by foreign political pressure.
Likewise, in an effort to allow businesses to make informed decisions these temporary curbs were imposed. He added that Russia is open to dialogue with constructively minded investors.
Additionally, he said that he hopes foreign investors who have invested in Russia will be able to continue to do so in the future. He also added that he hopes the sanctions will subside in the near future. While also condemning foreign politicians on their stances regarding the sanctions on Russia.
This measure comes on the heels of the stringent measures the US, EU, and their allies have placed on Russia over the last few days, which include suspending flights from airlines operating from within and registered with Russia and also cutting off Russian banks from the SWIFT payment system.
The Russia-Ukraine Crisis
The Russia-Ukraine crisis is an ongoing conflict between Russia and Ukraine, which started several years ago when Russia invaded and subsequently annexed the Crimean Peninsula of Ukraine.
In February 2022, Russia launched a military operation in Ukraine with ongoing speculations that Ukraine would join NATO.
Russia considers this move as a threat to its national interest.
