In this pool photograph distributed by Russia's state agency Sputnik, Russian President Vladimir Putin meets with winners of Russian professional skills championship at the Kremlin in Moscow on Dec 18, 2023. (PHOTO / AFP)

VLADIVOSTOK — Russian President Vladimir Putin has extended a ban on transactions by foreigners from "unfriendly countries" with shares in strategic Russian banks and companies until the end of 2025, according to a decree renewed on Monday.

The decree, initially published on Aug 5, 2022, banned investors from "unfriendly countries" from selling their shares in certain Russian banks and enterprises, in response to Western sanctions on Moscow after the Ukraine crisis started. The ban was initially set to expire on Dec 31, 2022, but was later extended until the end of 2023.

The ban affects transactions that alter the ownership structure, charter capital, or investment project implementation of Russian companies

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Transactions are possible only with the special permission of the president.

The ban affects transactions that alter the ownership structure, charter capital, or investment project implementation of Russian companies. The restrictions apply to transactions with shares of "unfriendly" investors in strategic enterprises and companies, as well as those that produce and service equipment for the fuel and energy complex, supply heat and electricity, or refine oil.

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The ban also covers transactions with shares of Russian banks and subsoil users. Additionally, the decree prohibits transactions with shares of investors from unfriendly countries in the Far East's Sakhalin-1 and Kharyaga oil projects in the Nenets Autonomous Region.