Russia offers fast-track bankruptcy to departing companies

The skyscrapers of the Moscow International Business Centre, also known as "Moskva-City", are seen just after sunset in Moscow

MOSCOW – Foreign companies that want to leave Russia will receive fast-tracked bankruptcy protections or can hand their stakes over to local managers until they return to Russia, First Deputy Prime Minister Andrei Belousov said on Friday.

Western sanctions imposed on Russia in punishment for its invasion of Ukraine have prompted dozens of global companies to pause operations in the country and some, including energy majors BP and Shell have said they will exit the country entirely.

The fast-track banruptcy plan “will support the employment and social well-being of citizens so that bona fide entrepreneurs can ensure the effective functioning of business”, the government said in a statement on Telegram.

Foreign companies could also simply just stay in Russia, Belousov added.

(Reporting by Reuters; Editing by David Goodman)