Russian President Vladimir Putin has signed a decree giving Italian bank Intesa Sanpaolo permission to sell or dispose of its assets in Russia, a document posted on a Russian government website showed on Friday.
permission to sell or dispose of its assets in Russia, a document posted on a Russian government website showed on Friday.to securing approval from Moscow to transfer its Russian business to local management as Russia's stance on asset disposals shifts.The decree, which was dated Sept. 28, cited another decree signed in August 2022 by Putin, which gave him the power to issue special waivers for certain deals involving energy and finance assets to proceed.
The latest decree said Moscow was permitting transactions that would lead to the direct or indirect disposal of 100% of Intesa's shares. Intesa serves corporate clients in Russia, where it had around 980 employees at the start of the Ukraine conflict across 28 branches. It stopped new financing to Russian clients and fresh investments in Russian assets when the conflict broke out.
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