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Russia to simplify inward investment for 'friendly' countries -prime minister

Published 10/30/2023, 04:41 AM
Updated 10/30/2023, 04:45 AM
© Reuters. FILE PHOTO: Russian Prime Minister Mikhail Mishustin delivers a speech during a session of the Moscow Financial Forum in the city of Moscow, Russia, September 28, 2023. Sputnik/Alexander Astafyev/Pool via REUTERS/File Photo

(Reuters) - Prime Minister Mikhail Mishustin said on Monday that Russia would create a simplified procedure for citizens and companies from "friendly" countries to invest there.

Mishustin said entities from a list of 25 countries would be allowed to open bank accounts in Russia and make deposits via a simplified procedure.

"Creating more convenient conditions for foreign enterprises and entrepreneurs is an important part of the government’s systemic efforts to achieve financial sovereignty as part of the implementation of the national goals set by our president," Mishustin said in a statement.

© Reuters. FILE PHOTO: Russian Prime Minister Mikhail Mishustin delivers a speech during a session of the Moscow Financial Forum in the city of Moscow, Russia, September 28, 2023. Sputnik/Alexander Astafyev/Pool via REUTERS/File Photo

It said the procedure would apply to 25 "friendly" countries including China, India, Brazil, Saudi Arabia, Turkey, Kazakhstan and Belarus.

Moscow defines "unfriendly" countries as those that have joined a barrage of Western-led economic sanctions in response to Russia's war in Ukraine.

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