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Strategies & Market Trends : Investment in Russia and Eastern Europe
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From: Copperfield3/26/2005 5:01:58 PM
   of 1301
 
PRESIDENT PUTIN BACKS FREE ISSUE OF RUSSIAN SECURITIES ABROAD .......................

MOSCOW, March 24 (RIA Novosti) - Russian President Vladimir Putin has backed the idea of liberalizing legislation that regulates the circulation of Russian securities at foreign stock exchanges.

Eurasholding chief Alexander Abramov raised the problem at a meeting between the president and members of the business community.

Abramov pointed to major restrictions on placing Russian securities at foreign stock exchanges. "Russian regulators reportedly plan to impose restrictions even on the amount of depository receipts, the stock market's derivative instruments, permitted to be circulated abroad," said Abramov.

"Restrictions on placing Russian securities abroad are in effect. We are considering liberalization measures," said German Gref, Russia's Economic Development and Trade Minister.

President Putin also said he would discuss issuing permits on exporting capital for privatization auctions abroad with the Central Bank management.

Finance Minister Alexei Kudrin said the situation changed after June 18, 2004, and no permission is required for exporting capital.

"I will talk to Central Bank executives and find out what worries lawyers," promised Putin.
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