Headlines
Russia to Temporarily Ban Foreigners from Selling Assets
By Derrick Bangura
Russia will temporarily stop foreign investors from selling Russian assets to ensure they take a considered decision, not one driven by political pressure, the prime minister said on Tuesday, as Moscow responds to intensifying Western sanctions.
Russia’s huge sovereign wealth fund will also be pressed into action, spending up to 1 trillion roubles ($10.3 billion) to buy shares in Russian companies, a government decree showed, confirming an earlier report by Reuters.
“In the current sanction situation foreign entrepreneurs are forced to be guided, not by economic factors, but to make decisions under political pressure,” Prime Minister Mikhail Mishustin told a governmental meeting.
“In order to give business a chance to make a considered decision, a presidential order was prepared to impose temporary curbs on exit from Russian assets,” he said, without giving details.
Russian authorities are hurrying to respond to increasingly harsh sanctions imposed by Western nations since Moscow invaded Ukraine last Thursday.
The measures range from curbs on the central bank’s ability to use its gold and foreign exchange reserves to the exclusion of big Russian banks from the international financial system.
On Monday, a plunge in the rouble to all-time lows forced the central bank to hike its key interest rate to 20% and ask exporting companies to sell forex to support the currency.
Global companies which have operated in Russia for decades have said they will halt investments, including BP and Shell , shareholders respectively in Russia’s top energy company Rosneft (ROSN.MM) and Sakhalin 2 LNG plant.
Mishustin said Russia was “open to dialogue with constructively-minded investors” and that: “We expect that whose who invested into our country will be able to work here further on.”
On Tuesday, Connecticut Treasurer Shawn Wooden said he would direct the U.S. state’s pension funds to sell Russian assets, for moral reasons and to reduce investment risk in the state retirement funds, worth more than $47 billion in all. read more
Russia calls its actions in Ukraine a “special operation” designed not to occupy territory but to destroy its southern neighbour’s military capabilities and capture what it regards as dangerous nationalists.
The Institute of International Finance (IIF), a trade group representing large banks, has warned that Russia is extremely likely to default on its external debts.
With Moscow’s battered stock market closed for a second day on Tuesday, Russian billionaire Mikhail Fridman, who has been sanctioned by the European Union, warned that exiting Russian assets might prove difficult even without the temporary ban.
“I don’t think we would be able to divest assets in Russia right now because there are no buyers for the time being,” Fridman told reporters in London.
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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