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Friday, March 24, 2023

Foreign companies “forgot” hundreds of billions of dollars in Russia

Numerous sanctions prevent foreign investors from withdrawing their multi-billion dollar assets from Russia. According to Bloomberg, some of these companies have even decided to take and “forget” about this money, and some of them are ready to lose part of the funds when withdrawing the principal amount, Bloomberg analysts are sure. .

Some investors have so far opted for an intermediate option: they continue to receive income from their Russian assets without the possibility of withdrawing them completely and transferring them to another country. Although even this situation is already considered a great success, because most foreigners are sure that they will never be able to return the money invested.

Dividends on stocks, bond coupons and assets that Western investors did not sell before the conflict in Ukraine broke out are tied up in the huge pool of capital that remains in Russia because of the sanctions. Thus, tens, even hundreds of billions of dollars held by foreign investors continue to accumulate in Moscow, but their owners cannot access them.

The situation is somewhat reminiscent of the reverse situation with the frozen gold and foreign exchange reserves of the Central Bank and the funds of Russians abroad. The finances are not formally entered, but the owner cannot access them.

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