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President Vladimir Putin has signed a decree that prohibits companies from "unfriendly countries" from divesting assets in Russia's financial and energy sectors — at least through the end of this year. Among other things, the decree temporarily prevents BP from proceeding with plans to sell its 19.75% stake in Russian oil giant Rosneft and Exxon Mobil from disposing of its 30% operated interest in the Sakhalin-1 oil project in Russia's Far East. The ban on divestments in the energy sector also extends to producers of equipment for the oil and gas industry and companies that maintain and service energy equipment. Moscow uses the term "unfriendly" to refer to countries that have adopted sanctions against Russia in response to its invasion of Ukraine. The decree may be extended beyond the end of this year and Putin has the power to grant waivers that would allow sales to proceed. Most Western oil and gas majors have announced plans to stop new investment in Russia and divest some or all of their assets in the country. Russia, meanwhile, has tried to limit the exodus of foreign investors and encouraged companies to remain in the country to limit damage to its economy.

Sanctions, Corporate Strategy , Policy and Regulation
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