Alyona Kucher: "The existence of clearly defined criteria is, in my view, a preferable option in the current situation… If the state has an absolute discretion with no requirement to follow any set criteria, then this necessarily puts the investor in a much more difficult position."
In practice, she continues, there was already an unspoken requirement that assets be sold at no more that 50% discount of their market value, and thus the new criteria do not change the status quo. In addition, due to the current restriction on the payment of dividends to non-residents, foreign investors leaving Russia often sell the company with significant accumulated income, which is otherwise virtually impossible to withdraw, she adds.
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