Russia offers accelerated bankruptcy for companies leaving

The skyscrapers of the Moscow International Business Center, also known as ‘Moskva-City’, are seen just after sunset in Moscow, Russia July 12, 2018. REUTERS/Christian Hartmann/Files

MOSCOW, March 4 (Reuters) – Foreign companies wishing to leave Russia will receive fast-track bankruptcy protection or be able to sell their shares to local executives until they return to Russia, the first deputy said on Friday. -Prime Minister Andrei Belousov.

Western sanctions imposed on Russia as punishment for its invasion of Ukraine prompted dozens of global companies to suspend operations in the country and some, including energy majors BP and Shell (SHEL.L ), said they would leave the country altogether. Read more

The fast-track bankruptcy plan “will support the employment and social welfare of citizens so that bona fide entrepreneurs can keep businesses running efficiently,” the government said in a statement on Telegram.

Foreign companies could also simply stay in Russia, Belousov added.

Reuters Editing reporting by David Goodman

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