Russia: Investors from "enemy" countries will not be able to own shares in large Russian companies and banks

Russian President Vladimir Putin has signed a law banning foreign investors from "enemy" countries from owning stakes in major Russian companies and banks, state news agency RIA reported.

As Reuters reports, the Russian government will draw up a list of Russian firms that will be covered by the law, including all systemically important banks and firms above a certain size in terms of revenue, employees, assets or taxes paid.

Putin also signed a law today on the introduction of an extraordinary tax on the excess profits of Russian companies, which was published on the government's website.

The law, passed by Russia's parliament last month, aims to raise 300 billion rubles and ease pressure on the budget as Russia wages its war in Ukraine.

Reuters exclusively reported today that Russia has doubled its 2023 defense spending target to more than $100 billion, or a third of all public spending.

The windfall tax rate will be 10 per cent of the difference between a company's average profit for 2021-22 and their profit for 2018-19.

Companies can get a 50 percent discount if they pay before November 30.

There are exemptions for a number of sectors, including SMEs and oil, gas and coal companies.