Russia will allow foreigners to invest in the country through new “In” accounts that offer withdrawal guarantees, according to an official order signed by President Vladimir Putin on Tuesday.
The move is part of efforts to attract foreign capital to the Russian stock market, which has seen sharp declines in Western participation since sanctions were imposed over the conflict in Ukraine.
The order says that foreign investors can place money in roubles, foreign currency, stocks, and bonds through these accounts.
Moscow has restricted capital flows since 2022, including freezing billions of roubles of Western investors’ funds in “type-C” accounts and seizing assets tied to foreign ownership.
The finance ministry said it had worked on easing capital controls for new investments over the past year.
Foreign investment was a key issue at the economic forum in St Petersburg last month, though few major deals were made and large Western investors did not attend.
The “In” accounts are aimed at restoring confidence among foreign investors and offering secure withdrawal mechanisms.
Alexei Yakovlev, who leads the finance ministry’s financial policy department, said in December that the new rules should apply to investors from all countries, not only those labeled as “friendly” by Moscow.
