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Russia offers fast-track bankruptcy to departing companies -Breaking

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© Reuters. Moscow International Business Centre’s skyscrapers, commonly known as Moskva-City, can be seen shortly after sunset on July 12, 2018, in Moscow. REUTERS/Christian Hartmann/Files

MOSCOW (Reuters).- Russian companies who want to exit Russia can receive bankruptcy protections quickly or hand over their shares to local managers, Andrei Belousov announced on Friday.

Many global corporations have halted operations in Russia as a result of the sanctions imposed by the West on Russia for the invasion of Ukraine. Shell (LON), one of the largest energy companies in the world, has also announced that they are leaving the country.

Telegram announced that the fast-track bankruptcy plan will “support the employment and well-being citizens so bona fide entrepreneurs are able to ensure the efficient functioning of their business”, according to the government.

Belousov also said that Russian companies might simply stay there.

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