EU recommends European companies to exit from Russian market

The European Union, in the 15th sanctions package adopted by the EU Foreign Affairs Council, introduced measures to protect European companies and urged them to leave the Russian market as quickly as possible.

This is stated on the website of the European Council, Ukrinform reports.

The EU extended the deadlines for certain legal exemptions necessary for European companies to withdraw from Russia.

"Because of the risks of maintaining business activities in Russia, EU operators should consider winding down businesses in Russia and/or not to start new businesses there. The exceptional extension of the divestment derogations is necessary to enable EU operators to exit as swiftly as possible from the Russian market. The extended derogations are granted on a case-by-case-basis by member states and focused on allowing an orderly divestment process, which would not be possible without the extension of these deadlines," the statement reads.

Furthermore, the 15th sanctions package exempts European companies from paying fines that may be imposed by Russian authorities as a consequence of their exit from the Russian market.

Another provision concerns exemptions from regulatory rules on managing frozen Russian assets held by central depositories in EU countries. These rules allow EU financial institutions to request permission from competent EU authorities to perform certain operations with frozen Russian assets in response to regulatory actions and retaliatory measures by Russia against European companies.

As reported, on December 16, the EU Foreign Affairs Council adopted the 15th package of sanctions against Russia.