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Russia tightens capital controls on western companies

Restrictions on foreign currency transactions are aimed at shoring up rouble
Russian president Vladimir Putin recently signed a decree forcing 43 companies to sell some of their foreign currency revenue on the domestic market

Russia has restricted western companies selling their Russian assets from withdrawing the proceeds in dollars and euros, imposing additional de facto currency controls in an effort to shore up the weakening rouble.

Western companies exiting Russia must agree on a sale price in roubles or, if sellers insist on receiving foreign currency, face delays and even losses on the amounts that can be transferred abroad, according to people familiar with the matter.

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