Moscow outlines tough terms for foreigners trading Russia assets, Citi memo shows

Russia has outlined strict rules for foreigners to secure permits to buy and sell Russian securities and real estate, a client memo by Citigroup showed, the first details to emerge of new state controls in response to Western sanctions.

"Russian authorities have announced the order for obtaining permits to carry out operations determined by Decree 81. An authorised body empowered to take decisions on the issuance of permits has been established," the memo says.

The memo said an application must be submitted to the Russian finance ministry, in the Russian language, and contain "information on the purpose, subject, content and essential conditions of the transaction."