Russian President Vladimir Putin approved a law allowing the Cabinet in 2023 to convert Russia’s shares in international financial organizations into debt obligations to the country. The relevant document is posted on the portal of legal information.
The text of the law states that such actions will be carried out with the possibility of reverse conversion and without deterioration of conditions. The measure is introduced in order to protect organizations from the imposition of sanctions against them by the West.
The International Bank for Economic Cooperation, as well as the International Investment Bank (IIB), in which the Russian share is 47%, were subjected to the greatest sanctions pressure, said Oleg Podomatko, Deputy Director of the Department of International Financial Relations of the Ministry of Finance of the Russian Federation.