Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Putin Signs Decree To Remove Russian Stocks From Overseas Exchanges

Putin signed a New Decree on April 16h, that requires Russian Companies to Remove their Listings from Overseas Exchanges. Now, billionaires won't be able to Collect Foreign-Currency Dividends from Depository Receipt programs. The Decree also means Foreign Holders of the Canceled Receipts must receive Normal Shares placed in Non-Resident Accounts in Russia.

"Foreign buyers, including those from Russia, find the US an attractive destination because of the appeal of the property locations to the buyers and because of stable capital-appreciation returns," said Gay Cororaton, NAR's Senior Economist and Director of Housing and Commercial Research. She added that U.S. Home prices rose annually over the past 10 years.

The likes of Vladimir Potanin, Russia's Richest man, will now have to adjust the Ownership Structure of their Businesses. That means Russian billionaires who own the Companies listed Abroad won't be able to Collect Foreign-Currency Dividends from the Depository Receipts.

Trading of Depositary Receipts on Foreign Exchanges also must Cease within days, though the New York Stock Exchange, Nasdaq, London Stock Exchange, and other top International Bourses had already frozen Russian Stocks after Putin launched his War on Ukraine in February.

The Ban on overseas listings is the latest blow to Russian billionaires, who have already been targeted by Western sanctions as well as Moscow's own capital controls that restrict the ability to move money abroad.

"The rights of shareholders who believe in Russia and have invested in the Russian market for many years, and who cannot hold Russian Shares directly, are being hurt," a Tycoon told Russian News Outlet Kommersant this month. "They have nothing to do with politics, and there is a risk that their property rights will simply be lost."

Meanwhile, the UK's Tax Aauthority, HM Revenue and Customs, announced Tuesday, that it would Revoke the Moscow Stock Exchange's recognized Status, piling on to the unprecedented Sanctions the British Government has placed upon Russia.

As President Biden targets Russia's Elite and their Families with Sanctions that aim to Minimize their Financial Footprint, pockets of Georgia and New York may also be worried about their Assets. Sprinkled throughout the U.S., Russians account for 0.8% of all Foreign Buyers who purchased U.S. Residential Property from April 2015 through March 2021, the National Association of Realtors said. Although small in number, they spend more on their Home Purchases than any other Foreign Demographic, and most already hold U.S. Visas.

NYC Wins When Everyone Can Vote! Michael H. Drucker


This post first appeared on The Independent View, please read the originial post: here

Share the post

Putin Signs Decree To Remove Russian Stocks From Overseas Exchanges


Subscribe to The Independent View

Get updates delivered right to your inbox!

Thank you for your subscription