Retailers will be able to buy up the business of retail chains that have left Russia

Russian retail chains will be able to acquire the space of foreign retailers leaving the Russian market. The transaction is possible even if, according to its results, the turnover of the Russian company exceeds 25% of the total turnover in a certain territory.

"The initiative provides for the extension until December 31, 2023 of the validity period of the mechanism for timely response, support and preservation of assets of retail chains leaving the Russian market. The rules provide for the possibility for Russian retail chains to purchase additional retail space if the other party to the transaction is a foreign legal entity," said Vladimir Gruzdev, Chairman of the Board of the Association of Lawyers of Russia.

The risk of suspension of activity in the territory of the Russian Federation of retail chains controlled by foreign legal entities remains, the press service of the Association explained. Because of this, Russian consumers may suffer, including by restricting or terminating access to socially important essential goods. The measure should become a mechanism for supporting and preserving the assets of outgoing companies.

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