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Putin introduces special accounts for foreign investors

Rules set forth by the decree applies to investors from unfriendly countries, including the ones engaging foreigners from other countries for help

MOSCOW, July 1. /TASS/. Russian President Vladimir Putin introduced by his decree a new type of special accounts for foreign investors that can be used in particular to buy securities of Russian companies.

"Foreign investments are made on account of funds credited at In type accounts from accounts opened with foreign banks or other financial market institutions located outside the territory of the Russian Federation," the decree sets out. Investors that opened the In type account for investments under the procedure prescribed by the document will not be required to open already existing S type special accounts.

Investments from other accounts are prohibited just as "cash withdrawals from In type accounts." Special accounts can be used when paying for Russian securities.

Rules set forth by the decree applies to investors from unfriendly countries, including the ones engaging foreigners from other countries for help.

The head of state authorized the Bank of Russia "to give official explanations on issues of application" of the document. The decree comes into force from its publication.

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