Russia to let some companies disregard foreign shareholders

(Reuters) – Russia is set to allow some companies to disregard the votes of shareholders from what it regards as “unfriendly” countries when making corporate decisions, according to a decree signed by President Vladimir Putin.

The decree will apply to companies in the energy, mechanical engineering and trade sectors with annual revenue of more than 100 billion roubles ($1.46 billion). The decree took effect on publication and will be in force until the end of 2023.

The temporary measures have been introduced in response to “unfriendly” sanctions introduced by the United States and other foreign countries, the decree said.

($1 = 68.45 roubles)

(Reporting by Reuters; Editing by Kevin Liffey and David Goodman)