Russia to spend 3 bln rbl from foreign firms' asset sale in Crimea

MOSCOW, May 2 (PRIME) -- The government will spend 2.7 billion rubles from the sale of foreign companies’ assets to support tourism in Crimea, Economic Development Minister Maxim Reshetnikov told President Vladimir Putin on Tuesday.

"The Economic Development Ministry has received almost 4 billion rubles from the asset sales of foreign residents,” Reshetnikov said.

“We will allocate some of the money, to be precise, 2.7 billion rubles, to the support of tourism business in Crimea on your orders to compensate for a tourist flow decrease."

Under an order of the Finance Ministry, the foreign firms selling their assets in Russia must pay at least 10% of a half of the market price of the assets to the state budget. An additional payment of at least 10% of the market price of the assets may be made if those are sold at a more than 90% discount.

(80.5093 rubles – U.S. $1)

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