March 29, 22

NEWS / Russian Finance Ministry relaxes "unfriendly nation" real estate sale rules--but with caveats

The Ministry of Finance of the Russian Federation has relaxed some of the strict new rules concerning real estate transactions involving companies and individuals affiliated with “unfriendly” nations, a measure originally introduced by President Vladimir Putin in early March as a retaliation against economic sanctions imposed by a number of countries against the Russian government. Citizens and residents of countries deemed to be “unfriendly” by Russia, which include the United States, Canada, most European countries (except Belarus, Bosnia and Herzegovina, Moldova, and Turkey), as well as Japan, South Korea, Taiwan, Australia, and New Zealand, can now buy and sell real estate in Russia without special permission from the government commission set up by President Putin’s order earlier this month. The relative loosening of regulations does come with one major caveat—proceeds from the sale of real estate can only be transferred to special type C bank accounts, which are always enumerated in Russian roubles, are not easily convertible to foreign currency, and cannot be easily transferable to accounts outside of Russia. Despite the instability of the current situation, A&M Logos may be able to assist you with selling your real estate in Russia. We can help you prepare and legalize a power of attorney for real estate transactions and can connect you with our partners who may be able to help you recover the proceeds of the real estate you may want to sell.