18 December 2023

Thirtieth Report on G20 Investment Measures1

When the Global Financial Crisis broke out in 2008, G20 members committed to refrain from introducing
new barriers to investment and trade.2 They complemented this commitment by a request that WTO, OECD,
and UNCTAD monitor and report publicly on their new trade and investment policy measures. So far,
29 reports have been issued under this mandate.3
The global economy is now grappling with a confluence of crises and challenges that have intensified since
the global financial crisis. Key among these are the legacy of the COVID-19 pandemic, the conflict in
Ukraine, rising geopolitical tensions, and the widespread impacts of climate change. These issues are
compounded by soaring food and energy costs, increasing the risk of recession and exacerbating debt
burdens in numerous countries.
The array of complex crises has resulted in a downturn in Foreign Direct Investment (FDI) flows. Notably,
in the first half of 2023, these flows were 30% lower than the levels observed during the same period in
2022. Investment policies within G20 members and beyond are also being reshaped in response to these
challenges. Despite a general trend towards more open and transparent policies for FDI, as noted in policy
monitoring reports by the OECD and UNCTAD, there is a growing tendency to implement measures that

1
This report on investment measures is issued under the responsibility of the Secretary-General of the OECD and
the Secretary-General of UNCTAD. It has no legal effect on the rights and obligations of member States of the
OECD or UNCTAD. Nothing in this report implies any judgment, either direct or indirect, as to the consistency
of any measure referred to in the report with the provisions of any OECD or UNCTAD agreement or any
provisions thereof. As in previous reports, this document distinguishes between measures related to foreign direct
investment (prepared jointly by the OECD and UNCTAD) and measures related to other international capital
flows (prepared solely by the OECD). As the preceding reports since the 27th report, this report contains annexes
that list measures affecting FDI adopted by G20 members in the context of the war in Ukraine.
2
G20 Leaders “Declaration of the Summit on Financial Markets and the World Economy”, Washington,
15 November 2008.
3
Earlier reports on investment measures by OECD and UNCTAD to G20 Leaders are available on the websites of
the OECD and UNCTAD.

1
address national security concerns related to foreign investments. This shift reflects an effort to balance the
economic benefits of globalisation with the imperative to safeguard national interests in a rapidly evolving
global landscape.
In 2023, the African Union joined the G20 which has become more inclusive and diverse as a result.
The present report documents measures that G20 governments have taken between 16 May 2023 and
15 October 2023.4 As all previous reports in this series, it was jointly prepared by the OECD and UNCTAD
Secretariats.

I. Development of Foreign Direct Investment (FDI) flows

In the first half of 2023, global FDI grew from very low levels recorded in the second half of 2022. This
increase resulted mainly from a single large transaction in Luxembourg.5 Despite the overall growth, global
FDI flows remained 30% below their levels recorded in the first half of 2022. Much of the increase in FDI
flows that were recorded in the first half of 2023 occurred in the first quarter of 2023, and global FDI flows
dropped again by almost 45% in Q2 2023, compared to the first quarter.
In G20 economies, FDI flows continued a downward trend, resulting largely from developments of intra-
company loans (Figure 1). Equity inflows and reinvestment of earnings remained stable compared to the
second half of 2022, but trends varied across G20 economies. Australia, France, and Japan saw important
declines in total FDI inflows, and many other G20 countries also saw lower inflows in the first half of 2023.
Decreases in France and Japan resulted mainly from lower equity flows and declines in Australia also
reflect lower reinvested earnings. In contrast, Argentina, Canada, Germany, and Mexico recorded increases.
Mexico, in particular, experienced a record high FDI inflow resulting from greater reinvested earnings.
FDI flows in the United States remained stable with comparable levels of reinvested earnings, while higher
equity inflows were offset by movements in intra-company debt.

4
Several G20 members maintain and keep expanding selective restrictions on international investment and capital
flows in the context of the war in Ukraine. These restrictions do not constitute a deviation from the overall stance
vis-à-vis international investment.
During the reporting period, nine G20 members adopted new measures considering the continued war in Ukraine.
To enhance transparency about these measures, measures taken in response to the war in Ukraine are listed in
separate Annexes 4 (measures specific to FDI) and Annex 5 (measures not specific to FDI) to underscore their
differing and potentially temporary nature.
5
The most recent figures for the first half of 2023 are available in OECD FDI in Figures, October 2023. More
details on the trends for 2022 are available in the OECD FDI in Figures, April 2023 and UNCTAD, World
Investment Report 2023, Investing in sustainable energy for all, July 2023.

2
 Figure 1: Half-year G20 FDI inflows by instrument, H1 2015 – H1 2023 (USD billions)

Equity Reinvestment of earnings Debt Total FDI inflows

700

600

500

400

300

200

100

-100
H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
2015 2016 2017 2018 2019 2020 2021 2022 2023
Note: p data for H1 2023 are preliminary. G20 aggregate excludes data for P.R. China and Saudi Arabia who do not report on FDI
components. Reinvestment of earnings for Indonesia, the Russian Federation (for 2021-2022 only) and South Africa are included in
the category “equity”.
Source: OECD//UNCTAD.

Cross-border M&A activity continued to slow with fewer deals being concluded in the first half of 2023,
as the economic environment remained weak. The outlook for greenfield investment in G20 economies
deteriorated in the first six months of 2023 over the previous semester, with the number of announced
projects down by 5%, and the corresponding announced capital expenditure 7% lower (Figure 2). On a
sectoral level, infrastructure recorded the most important decrease in planned capital expenditure in the
first semester of 2023 over the previous one (-23%).6

6
Manufacturing and services remained almost stable (-1.4% and -0.5% decreases respectively). Against the overall
trend, in the first half of 2023 an important increase was recorded compared to the previous semester in the
“communications” sector, where the value of greenfield investment projects almost doubled. The “business
machines&equipment” sector saw an increase in value of 89%. The value of new announced investment in the
healthcare sector also grew in G20 economies, with an increase of 44% in the first semester of 2023 relative to
the previous period.

3
 Figure 2. Quarterly cross-border investment activity in G20 economies

Capital expenditure from announced greenfield projects, USD billion (left) and number of projects (right) by sector
Manufacturing Services Infrastructure Extraction Total number of projects

Announced capital expenditures in USD billions

250 3000

2500
200

Number of projects
2000
150
USD billions

1500

100
1000

50
500

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2022 2023
Source: FT FDI Markets database, OECD/UNCTAD calculations.

II. G20 members’ investment policy measures

1. Investment policy measures specific to FDI and measures related to national security

During the reporting period, G20 members made few adjustments to their investment policies, confirming
a longer-time trend to less frequent adjustments in this area (see Annex 1 for a description of the individual
measures).
The attention to the security implications of FDI in G20 economies – and beyond – which has been
increasing since 2017, remains high. Measures to manage potential security implications of FDI constitute
again a significant share of the policy changes taken in the reporting period. Four G20 members adopted
measures of this kind in the reporting period (Germany, Italy, Russian Federation, and United States) – the
same number of G20 members that took FDI-specific measures that were not related to the management of
security implications of FDI.

2. Capital flows and investment policy measures not specific to FDI7

In the first half of 2023, financial conditions for emerging markets (EMs) eased across the globe on the
back of lower inflation, some pause in interest rate hikes, somewhat lower risk aversion, and a depreciating
U.S. dollar.

7
This section on “Investment policy measures not specific to FDI” has been prepared by the OECD Secretariat
under the responsibility of the Secretary-General of the OECD. Annex 2 provides information on the coverage,
definitions and sources of the information contained in this section.

4
These factors taken together generally supported portfolio flows to EMs, the majority of which have
received positive inflows in the first seven months of 2023, according to latest OECD data.8 India, Brazil,
and Indonesia received a substantial fraction of these inflows, while Mexico and South Africa experienced
limited outflows over this period. In contrast, P.R. China experienced substantial portfolio outflows in 2023
so far (more than USD 28 billion from January to July 2023), mainly driven by sales of Chinese bonds by
foreigners, although net sales also occurred on the equity side. Within advanced economies, the United
States has received a steady stream of portfolio debt inflows since March 2023.
During the reporting period, six G20 members took policy measures concerning international capital flows
that are not specific to FDI. Detailed information on the measures is available in Annex 2.

3. International Investment Agreements

Between 16 May 2023 and 15 October 2023, G20 members concluded three bilateral investment treaties (BIT)
and three “other IIAs”:9 the Angola-Japan BIT, the Brazil-Sao Tome and Principe BIT, the Republic of
Korea-Serbia BIT, the Canada-Ukraine Modernized Free Trade Agreement (FTA), the P.R. China-Nicaragua
FTA and the European Union-New Zealand FTA.10 During the reporting period, one BIT and two “other IIAs”
recently concluded by G20 Members entered into force.11 Aggregate data on G20 members’ IIAs is available
in Annex 3. As of 16 October 2023, the total number of IIAs worldwide stood at 2,830 BITs and 444 “other
IIAs”.12

III. Overall policy implications

The succession of crises and the uncertain economic environment continue to weigh on international
investment and in particular on FDI. They also affect the nature of the policy measures adopted by G20
members in the area of investment. During the reporting period, while only few measures have been adopted,
a sizable share has been geared towards managing potential security implications of foreign investments.
This sustained weakness in FDI makes it more challenging to achieve the Sustainable Development Goals
(SDGs). This concern is amplified by the SDG investment gap in developing countries, which has
alarmingly widened from USD 2.5 trillion to about USD 4 trillion per year, leading up to 2030.13 Against
this backdrop, it is urgent for countries to enhance their ability to mobilize investment and channel it
towards sustainable development.

8
September 2023 update. The dataset is publicly available on the OECD website and updated quarterly at the
following link: https://www.oecd.org/daf/inv/investment-policy/oecd-monthly-capital-flow-dataset.xlsx.
9
“Other IIAs” encompass a variety of international agreements with investment protection, promotion and/or
cooperation provisions – other than BITs. They include free trade agreements (FTAs), regional trade and
investment agreements (RTIAs), comprehensive economic partnership agreements (CEPAs), cooperation
agreements, association agreements, economic complementation agreements, closer economic partnership
arrangements, agreements establishing free trade areas, and trade and investment framework agreements (TIFAs).
Unlike BITs, the category “other IIAs” also includes plurilateral agreements.
10
The Angola-Japan BIT was signed on 9 August 2023; the Brazil-Sao Tome and Principe BIT was signed on
27 August 2023; the Republic of Korea-Serbia BIT was signed on 8 September 2023; the European Union-New
Zealand FTA was signed on 9 July 2023; the China-Nicaragua FTA was signed on 31 August 2023; the Canada-
Ukraine modernized FTA was signed on 22 September 2023 and will replace the original Canada-Ukraine FTA
(2017) upon its entry into force.
11
The Bahrain-Japan BIT (2022) entered into force on 6 September 2023. The Australia-United Kingdom FTA
(2021) and the New Zealand-United Kingdom FTA (2022) entered into force on 31 May 2023.
12
The total number of IIAs is revised in an ongoing manner as a result of retroactive adjustments to UNCTAD’s IIA
Navigator (https://investmentpolicy.unctad.org/international-investment-agreements).
13
See: OECD (2022), Global Outlook on Financing for Sustainable Development 2023: No Sustainability Without
Equity, OECD Publishing, Paris, https://doi.org/10.1787/fcbe6ce9-en. and UNCTAD (2023), World Investment
Report 2023, Investing in sustainable energy for all, July.

5
 Annex 1: Recent investment policy measures related to FDI (16 May 2023 to 15 October 2023) –
Reports on individual economies

Description of Measure Date Source

Argentina
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

Australia
Investment policy On 1 July 2023, the new Register of Foreign Ownership of 1 July 2023 Foreign Acquisitions and
measures Australian Assets was implemented. The Register is governed by Takeovers Act 1975, Federal
Part 7A of the Foreign Acquisitions and Takeovers Act 1975 as Register of Legislation,
added by the Foreign Investment Reform (Protecting Australia’s 30 September 2023;
National Security) Act 2020. The Register is administered by the Foreign Investment Reform
Australian Taxation Office (ATO) with the Commissioner of (Protecting Australia’s National
Taxation appointed as the Registrar. The Register amalgamated the Security) Act 2020, Federal
Register of Foreign Ownership of Water Entitlements and Register Register of Legislation,
of Foreign Ownership of Agricultural Land and create additional 21 September 2021;
obligations to notify the Registrar of a broader range of interests.
“Register of Foreign Ownership
The Register will provide Government with a broad data set to aid of Australian Assets, Guidance
future policy consideration and assist with efficient case processing Note 15”, The Treasury,
by making more information available to decision makers on 17 August 2023;
foreign ownership of specific assets in Australia. The Treasury
published guidance in mid-August 2023 which detailed the “Register of Foreign Ownership
operation of the Register, the process of registration of foreign- of Australian Assets,
owned assets by investors, and the interaction between the new Transitional Guide”, The
regime with existing notification obligations for foreign persons Treasury, 17 August 2023.
under previous instruments.
Investment None during reporting period.
measures relating
to national security

Brazil
Investment policy None during reporting period.
measures

Investment None during reporting period.

measures relating
to national security

Canada
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

P.R. China
Investment policy None during reporting period.
measures

Investment None during reporting period.

measures relating
to national security

6
 Description of Measure Date Source

France
Investment policy None during reporting period.
measures
Investment None during the reporting period.
measures relating
to national security

Germany
Investment policy None during reporting period.
measures
Investment On 5 October 2023, amendments of the Foreign Trade Ordinance 5 October 2023 Zwanzigste Verordnung zur
measures relating (AWV) came into effect. Under the revised rules, administrative Änderung der
to national security decisions issued on the basis of the Foreign Trade Act (AWG) or Außenwirtschaftsverordnung,
on the basis of the Ordinance may be issued electronically. Federal Law Gazette 2023 I,
Investors may also submit their applications for acquisition No. 264, 4 October 2023.
authorisations and supporting documentation electronically to the
Ministry.

India
Investment policy On 23 August 2023, the Insurance Regulatory and Development 23 August 2023 Insurance Regulatory and
measures Authority of India (Insurance) (Amendment) Regulation 2023 Development Authority of India
entered into force. The Regulation aims to harmonise the (Insurance) (Amendment)
regulatory regime applicable to insurance and reinsurance Regulations 2023, Gazette of
companies and to encourage more foreign enterprises to set up India, No.589, 23 August 2023.
business in the sector. The Regulation reduced the minimum
capital requirement for branches of foreign reinsurance companies
from INR 100 crore (approx. USD 12 million) to INR 50 crore
(approx. USD 6 million).
Investment None during reporting period.
measures relating
to national security

Indonesia
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

Italy
Investment policy None during reporting period.
measures
Investment On 10 October 2023, Law No. 136/2023 entered into effect. The 10 October 2023 Law No.136/2023, GU Serie
measures relating Law converts Decree-Law No. 104/2023 into law and introduces Generale n.236, 9 October 2023;
to national security amendments. Art.7 of the Decree-Law, as converted by Law No. Decreto-Legge 10 agosto n.104,
136/2023, expands the scope of application of the special powers GU Serie Generale n.186,
regime to include certain asset acquisitions in a list of critical 10 August 2023.
technologies, when these assets are covered by intellectual
property rights.

Japan
Investment policy None during reporting period.
measures

7
 Description of Measure Date Source
Investment None during reporting period.
measures relating
to national security

Republic of Korea
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

Mexico
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

Russian Federation
Investment policy On 31 July 2023, Federal Law No. 406-FZ “On Amendments to 31 July 2023 Federal Law No. 406-FZ “On
measures the Federal Law on Information, Information Technologies and Amendments to the Federal Law
Information Protection” entered into force. Among other ‘On Information, Information
amendments, the law prohibits any foreign investors from owning Technologies and Information
a Russian news aggregator. It also bans the use by Russian public Protection’ and the Federal Law
bodies, including State-owned enterprises, of any foreign software ‘on Communications’”, Official
and other informational systems. Internet Portal of Legal
Information, 31 July 2023.
Investment On 3 June 2023, the Government of the Russian Federation issued 3 June 2023 Order of the Government of the
measures relating Order No.1455-r. This Order establishes the list of 47 types of Russian Federation No.1455-r,
to national security “harvesting aquatic bioresources” subject to specific protection Official Internet Portal of Legal
under Article 7 of the Federal Law No.57 “On Procedures for Information, 3 June 2023.
Foreign Investments in Business Companies of Strategic
Importance for National Defence and State Security of 29 April
2008". Under Article 7, certain transactions that lead to the
establishment of control by a foreign investor over enterprises
engaged in fishing aquatic biological resources are subject to prior
approval by the Government Commission for the Control of
Foreign Investment in the Russian Federation.

Saudi Arabia
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

South Africa
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

8
 Description of Measure Date Source

Türkiye
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

United Kingdom
Investment policy None during reporting period.
measures
Investment None during reporting period.
measures relating
to national security

United States
Investment policy None during reporting period.
measures
Investment On 9 August 2023, the President of the United States issued 9 August 2023 Executive Order 14105 of
measures relating Executive Order 14105. The Executive Order provides for the August 9, 2023, “Addressing
to security establishment of a new national security programme, to be United States Investments in
implemented and administered by the Department of the Treasury Certain National Security
(U.S. Treasury), to regulate certain U.S. investments into Technologies and Products in
“countries of concern” in entities engaged in activities involving Countries of Concern”, Federal
sensitive technologies critical to national security in three sectors: Register, Vol.88, No.154,
semiconductors and microelectronics, quantum information 11 August 2023;
technologies, and artificial intelligence. The program would, Advance notice of proposed
pursuant to future implementing regulations: (1) require U.S. rulemaking, Provisions
persons to notify the U.S. Treasury of certain transactions, and (2) Pertaining to U.S. Investments
prohibit U.S. persons from undertaking certain other transactions, in Certain National Security
in either case involving certain entities engaged in activities related Technologies and Products in
to the three advanced technology areas. In an Annex, the Executive Countries of Concern, Federal
Order identified one country, the People’s Republic of China, Register, Vol.88, No.155,
along with the Special Administrative Region of Hong Kong and 14 August 2023;
the Special Administrative Region of Macau, as a country of
concern. “FACT SHEET: President
Biden Issues Executive Order
The same day, the U.S. Treasury released an Advanced Notice of Addressing United States
Proposed Rulemaking (ANPR) related to the implementation of Investments in Certain National
Executive Order 14105. The ANPR proposes several definitions to Security Technologies and
elaborate the scope of the national security program, which will be Products in Countries of
subject to public notice and comment before it goes into effect. Concern; Treasury Department
Issues Advance Notice of
Proposed Rulemaking to
Enhance Transparency and
Clarity and Solicit Comments on
Scope of New Program”, U.S.
Department of the Treasury,
9 August 2023;
“Treasury Seeks Public
Comment on Implementation of
Executive Order Addressing
U.S. Investments in Certain
National Security Technologies
and Products in Countries of
Concern”, Press release, U.S.
Department of the Treasury,
9 August 2023.
On 22 September 2023, the Department of the Treasury’s Final 22 September 2023 Final Rule, Provisions
Rule on Provisions Pertaining to Certain Transactions by Foreign Pertaining to Certain
Persons Involving Real Estate in the United States entered into Transactions by Foreign Persons
effect. This final rule adopts without change the proposed rule Involving Real Estate in the
amending the definition of “military installation” and adds eight United States, Federal Register,
military installations to the appendix in the regulations of the

9
 Description of Measure Date Source
Committee on Foreign Investment in the United States (CFIUS) Vol. 88, No. 162, 23 August
that implement the provisions relating to real estate transactions. 2023.
This rule also makes technical amendments in the form of name
changes to five military installations.
On 22 September 2023, the Department of Commerce issued a 22 September 2023 Final Rule, Preventing the
Final Rule on Preventing the Improper Use of CHIPS Act Funding Improper Use of CHIPS Act
implementing certain provisions of the CHIPS and Science Act of Funding, Federal Register, Vol.
2022, an Act that establishes a semiconductor incentives program 88, No. 184, 25 September
to provide funding to incentivize investments in the semiconductor 2023;
industry. CHIPS and Science Act of
2022, Public Law No.117-167,
The Final Rule seeks to protect “national security and the resilience
8 October 2022.
of supply chains” for semiconductors by requiring the recipients of
CHIPS funds to fulfill certain conditions before any material
expansion of semiconductor manufacturing capacity in foreign
countries of concern (defined elsewhere to include the Democratic
People’s Republic of North Korea, the People’s Republic of China,
the Russian Federation, and the Islamic Republic of Iran) for ten
years, and restricting recipients from knowingly engaging in
certain joint research or technology licensing efforts with foreign
entities of concern during the applicable term of the award. Among
others, the Final Rule describes the types of activities that are
prohibited for the recipients of these funds and sets forth
procedures for notifying the Secretary of Commerce of non-
compliance and the process by which the Secretary will enforce
these provisions. The final rule is scheduled to enter into effect on
24 November 2023.

European Union
Investment policy On 12 July 2023, the European Commission Implementing 12 July 2023 Commission Implementing
measures Regulation (EU) 2023/1441 on detailed arrangements for the Regulation (EU) 2023/1441 of
conduct of proceedings by the Commission pursuant to Regulation 10 July 2023 on detailed
(EU) 2022/2560 of the European Parliament and of the Council on arrangements for the conduct of
foreign subsidies distorting the internal market entered into force. proceedings by the Commission
The new rules detail procedural aspects of the implementation of pursuant to Regulation (EU)
the regulation, especially on reporting obligations of notifying 2022/2560 of the European
parties, notification forms and information to be included therein Parliament and of the Council
for concentrations and public procurement procedures involving on foreign subsidies distorting
foreign financial contributions. The implementing regulation also the internal market, Official
contains information on the Commission’s investigation process, Journal of the European Union,
including procedures to be followed by companies for submitting L 177/1, 12 July 2023.
commitments to address possible concerns of the Commission.
Investment None during reporting period.
measures relating
to national security

Methodology for the inventory presented in Annex 1 — Coverage, Definitions and Sources

Reporting period. The reporting period for the list of measures is from 16 May 2023 to 15 October 2023.
An investment measure is counted as falling within the reporting period if new policies were adopted or
entered into force during the period.

Investment. For the purpose of the inventory presented in Annex 1, international investment is understood
to include only foreign direct investment. Investment policy measures not specific to FDI are not included
in this inventory but shown in Annex 2 of this report.

Investment measure. For the purposes of this Annex, investment measures consist of any action that either:
imposes or removes differential treatment of foreign or non-resident investors compared to the treatment
of domestic investors in like situations. Reporting on such policy measures has no legal effect on the rights
and obligations of member states of the WTO, OECD, or UNCTAD.

10
National security. International investment law, including the OECD investment instruments, recognises
that governments may need to take measures to safeguard essential security interests and public order. For
the purpose of this report, national security related measures are understood as including policies which
relate to national security risks associated with the acquisition, ownership or control of assets. National
security related measures are included irrespective of whether the measure applies to foreigners only or
whether it also covers nationals of the country that takes the measure. The investment policy community
at the OECD and UNCTAD monitors these measures to help governments adopt policies which are
effective in safeguarding national security and to ensure that they are not disguised protectionism.

Sources of information and verification. The sources of the information presented in this report are:

• official notifications made by governments to various OECD processes (e.g., the Freedom of
Investment Roundtable or as required under the OECD investment instruments);
• information contained in other international organisations’ reports or otherwise made available
to the OECD and UNCTAD Secretariats;
• other publicly available sources: specialised web sites, press clippings etc.
Investment measures included in this report have been verified by the respective G20 members.

11
 Annex 2: Recent investment policy measures not specific to FDI
(16 May 2023 to 15 October 2023) – Reports on individual economies14

Description of Measure Date Source

Argentina
On 23 May 2023, the Comisión Nacional de Valores (CNV) established that agents 23 May 2023 Press Release, Comisión Nacional
may only issue orders to arrange operations with settlement in foreign currency or to de Valores, 23 May 2023.
transfer negotiable securities from or to foreign depository agents, only if during the
previous fifteen calendar days, the client did not carry out any sales operations of
negotiable fixed income securities denominated and payable in U.S. dollars issued by
the Argentine Republic under local and/or foreign law, with settlement in foreign
exchange and, likewise, that there is a reliable statement of not carrying such
operations either within the subsequent fifteen calendar days.
As of 2 August 2023, the same goes for operations in sovereign bonds denominated 2 August 2023 Press Release, Comisión Nacional
and payable in dollars with settlement in foreign currency. de Valores, 2 August 2023.
On 7 September 2023, the BCRA clarified that if a company has access to the foreign 7 September 2023 Press Release, Central Bank of
exchange market, such company, its subsidiary or parent company, their directors and Argentina, 7 September 2023.
shareholders may not carry out transactions with securities settled in foreign currency
for a period of 90 days or 180 days – depending on the instrument – before and after
having access to the foreign exchange market, directly, indirectly, or on behalf of third
parties.

Australia
None during reporting period.

Brazil
None during reporting period.

Canada
None during reporting period.

P.R. China
On 20 July 2023, the People’s Bank of China, together with SAFE, raised the 20 July 2023 State Administration of Foreign
macroprudential adjustment parameter from 1.25 to 1.50 for cross-border financing. Exchange news release, 20 July
The macroprudential adjustment parameter forms part of the calculation that 2023.
determines the maximum amount of cross-border financing that enterprises and
financial institutions can have outstanding.
Since 1 September 2023, expatriates working for foreign-invested enterprises 1 September 2023 Shanghai Government Regulations
operating in the Shanghai Pilot Free Trade Zone and Lingang New Area are able to 2023 No.19, Shanghai Municipal
transfer their income abroad without restrictions, as per the Shanghai Government People’s Government, 30 August
Regulations 2023 No.19. The funds are required to be “real and legally compliant” 2023;
and associated with their investments in China.
Guo Fa 2023 No.9, State Council,
29 June 2023.

France
None during reporting period.

14
This inventory has been established by the OECD Secretariat under the responsibility of the Secretary-General of
the OECD.

12
Description of Measure Date Source

Germany
None during reporting period.

India
On 24 August 2023, India’s Insurance Regulatory and Development Authority 24 August 2023 Insurance Regulatory and
(IRDAI) approved a package of amendments to the Reinsurance Regulations, Development Authority Press
including the amendment of the Order of Preference regulations for reinsurers Release of 24 August 2023.
operating in India, to attract more reinsurers to establish operations in India. The
reform has cut the minimum capital requirement for foreign reinsurance branches
(FRBs) from INR 100 crore to INR 50 crore, with the provision to repatriate any
excess assigned capital.

Indonesia
None during reporting period.

Italy
None during reporting period.

Japan
None during reporting period.

Republic of Korea
On 5 June 2023, the Government of the Republic of Korea approved a revision of the 5 June 2023 Enforcement Decree of the
Enforcement Decree of the Financial Investment Services and Capital Markets Act Financial Investment Services and
(FSCMA) abolishing the foreign investors’ registration requirement. The foreign Capital Markets Act, 13 June
investor registration system has been in place for about three decades since 1992 and 2023;
will be abolished starting from 14 December 2023. Under the foreign investor “Foreign Investor Registration
registration system, foreign investors had to register with the Financial Supervisory Requirement to be Abolished in
Service (FSS) prior to investing in locally listed securities (stocks, bonds, etc.). Korea”, Financial Services
Commission Press release, 5 June
2023.

Mexico
None during reporting period.

Russian Federation
On 5 July 2023, the Central Bank of the Russian Federation (CBR) raised the limit on 5 July 2023 “Bank of Russia improves
open currency positions from 20% to 50%, setting it at a less conservative level. regulation of foreign exchange
and market risks”, Bank of Russia
media release, 5 July 2023.
On 26 September 2023, the CBR extended restrictions for non-residents from 26 September 2023 “Bank of Russia extends
unfriendly countries to transfer money abroad from brokerage and trust management restrictions for non-residents from
accounts for another six months from 1 October 2023 through 31 March 2024. These unfriendly countries to transfer
restrictions apply to money transfers from both individuals’ and legal entities’ money abroad from brokerage and
accounts opened with Russian brokers and trust managers. They were originally trust management accounts”,
introduced on 1 April 2022. Bank of Russia media release,
29 September 2023.
On 29 September 2023, the CBR extended restrictions on money transfers abroad for 29 September 2023 “Bank of Russia extends
another six months from 1 October 2023 until 31 March 2024. Russian citizens and restrictions on money transfers
non-resident individuals from “friendly” countries will still be allowed to transfer no abroad for another six months”,
more than USD 1 million (or an equivalent amount in other foreign currencies) to any Bank of Russia media release,
accounts in foreign banks within a month. The limits on transfers via money transfer 29 September 2023.

13
Description of Measure Date Source
systems also remain in place: total transfers may not exceed USD 10,000 (or an
equivalent amount in other foreign currencies) per month.

Saudi Arabia
None during reporting period.

South Africa
None during reporting period.

Türkiye
On 7 July 2023, it was made clear that only foreign exchange deposits at banks on any 7 July 2023, Official Gazette, Notification,
date between 31 December 2021 and 30 June 2023 could be converted to TRY at the 20 August 2023, 7 July 2023;
central bank conversion rate. On 20 August 2023, it was further amended that such 18 September 2023 Official Gazette, Notification,
conversion can be requested for deposits existing in banks as of 30 June 2023. It was 20 August 2023;
further clarified in September 2023 that domestic resident legal entities could make
the conversion as of 30 June 2023 while for domestic resident natural persons would Official Gazette, Notification,
be as of 31 August 2023. Similarly, only gold accounts existing as of 31 September 18 September 2023.
2023 for resident natural persons and as of 30 June 2023 for resident legal persons
could be requested to be converted in TRY.
On 21 July 2023, a 15% reserve requirement for TRY liabilities was introduced on 21 July 2023; Official Gazette, Notification,
accounts for which exchange/price protection support is provided by the Central Bank 14 September 2023 21 July 2023;
for all maturities. On 14 September 2023, this reserve ratio was differentiated by Official Gazette, Notification,
maturity, with liabilities up to 6 months having a required reserve ratio of 25% while 14 September 2023.
for liabilities above this maturity would be 5%.
On 25 July 2023, the Turkish Central Bank (CBRT) supported exporters’ access to 25 July 2023 “Press Release on Selective Credit
financing notably by easing the conditions to access rediscount credits through the and Quantitative Tightening
abolishment of the requirement to sell an additional 30% of export proceeds to use Decision)”, Central Bank of the
rediscount credits, as well as to the extent that foreign currency purchases for import Republic of Türkiye, 25 July 2023.
payments have been exempted from the scope of the commitment not to buy foreign
currency during the rediscount credit term.
Effective 20 August 2023, the target for conversion from foreign exchange deposits to 20 August 2023 “Press Release on FX-Protected
foreign exchange protected deposits has been cancelled. Accounts (2023-31)”, Central
Bank of the Republic of Türkiye,
20 August 2023.
Effective 20 August 2023, the previously introduced securities maintenance and 20 August 2023 Official Gazette, Notification,
reserve requirement practice based on the Turkish lira share has been ended. The 20 August 2023
reserve requirement system goes back to a simpler system without differentiation of
required reserves, except for the differentiation by leverage ratio (Art 10). On the
same day, reserve requirements on foreign exchange demand deposits up to 1 month
have been increased from 25% to 29%.

United Kingdom
None during reporting period.

United States
None during reporting period.

European Union
None during reporting period.

14
Methodology for the inventory presented in Annex 2 — Coverage, Definitions and Sources

Reporting period. The reporting period for the list of measures is from 16 May 2023 to 15 October 2023.
An investment measure is counted as falling within the reporting period if new policies were adopted or
entered into force during the period.

Investment. For the purpose of the inventory presented in Annex 2, international investment is understood
to include all international capital movements; however, measures specifically concerning foreign direct
investment are not reported in this Annex, but rather in Annex 1 of the present document.

Investment measure. For the purposes of this Annex 2, investment measures consist of any action that either
(i) imposes or removes differential treatment of foreign or non-resident investors compared to the treatment
of domestic investors in like situations; or (ii) imposes or removes restrictions on international capital
movements.

Reporting on international capital movements has no legal effect on the rights and obligations of member
states of the WTO, OECD, or UNCTAD.

Sources of information and verification. The sources of the information presented in this report are:
• official notifications made by governments to various OECD processes (e.g., the Freedom of
Investment Roundtable or as required under the OECD investment instruments);
• information contained in other international organisations’ reports or otherwise made available
to the OECD Secretariat;
• other publicly available sources: specialised web sites, press clippings etc.
Investment measures included in this report have been verified by the respective G20 members.

15
 Annex 3: G20 members’ International Investment Agreements15

BITs Other IIAs

Effectively
Concluded Effectively Concluded Total IIAs as
terminated
between 16 terminated As of 15 between 16 As of 15 of 15 October
between 16
May 2023 and between 16 May October May 2023 and October 2023
May 2023 and
15 October 2023 and 15 2023 15 October 2023
15 October
2023 October 2023 2023
2023
Argentina 54 19 73
Australia 15 25 40
Brazil 1 28 20 48
Canada 39 1 22 61
China 123 1 27 150
France 91 74 164
Germany 120 74 193
India 10 16 26
Indonesia 43 21 64
Italy 66 73 139
Japan 1 37 22 59
Republic of Korea 1 89 26 115
Mexico 32 16 48
Russian Federation 80 6 86
Saudi Arabia 25 13 38
South Africa 38 11 49
Türkiye 116 23 139
United Kingdom 96 32 128
United States 45 69 114
European Union 0 1 74 74
Source: UNCTAD’s IIA Navigator.

15
The number of IIAs may be subject to revision as a result of retroactive adjustments to UNCTAD’s database on
BITs and “other IIAs” (https://investmentpolicy.unctad.org/international-investment-agreements).

16
Annex 4: Measures specific to FDI adopted in relation to the Russian Federation in the context of
the war in Ukraine and measures taken by the Russian Federation in this context (16 May 2023 to
15 October 2023)

Description of Measure Date Source

Argentina
None during reporting period.

Australia
None during reporting period.

Brazil
None during reporting period.

Canada
Autonomous sanctions measures. Between 16 May 2023 and 15 October Special Economic Special Economic Measures Act ,
2023, the Government of Canada adopted several amendments to Russia and Measures (Russia) Government of Canada, 4 June 1992,
Ukraine-related Regulations under the Special Economic Measures Act Regulations: as amended from time to time;
(SEMA). Among other measures, these Regulations prohibit Canadians and amended on Special Economic Measures (Russia)
persons in Canada from dealing with designated persons (both individuals and 18 May, 19 July, Regulations, Government of Canada,
entities). 4 August, 17 March 2014, as amended from
A consolidated list of all the individuals and entities designated under the 17 August, time to time. The successive and
SEMA, including those listed in the Russia and Ukraine Regulations, can be 22 August, separate amendments to the Russia
found under the Consolidated Canadian Autonomous Sanctions List, which is 20 September, and Regulations are listed here;
updated each time a Regulation is amended to list additional individuals or 6 October 2023.
Special Economic Measures (Ukraine)
entities. Special Economic Regulations, Government of Canada,
Measures 17 March 2014, as amended from
(Ukraine) time to time. The successive and
Regulations: separate amendments to the Ukraine
amended on 8 June Regulations are listed here;
2023.
Consolidated Canadian Autonomous
Sanctions List, as updated from time
to time.

P.R. China
None during reporting period.

France
France implements and applies measures adopted by the EU.

Germany
Germany implements and applies measures adopted by the EU.

India
None during reporting period.

Indonesia
None during reporting period.

17
Description of Measure Date Source

Italy
Italy implements and applies measures adopted by the EU.

Japan
None during reporting period.

Republic of Korea
None during reporting period.

Mexico
None during reporting period.

Russian Federation
On 12 July 2023, the Ministry of Finance released an excerpt from the 12 July 2023 Extract from the decision of the
meeting of the Subcommittee of the Commission for the Control of Foreign subcommittee of the Government
Investments, highlighting revisions to the approval criteria for transactions Commission for Control of Foreign
involving the sale of Russian assets owned by foreign companies associated Investments No. 171/5, Government
with “unfriendly” states. Key changes include: a requirement for an of the Russian Federation, 7 July
independent assessment of the market value of assets; sale of assets at a 2023.
minimum 50% discount from the market value; in the case of acquiring shares
of a public joint-stock company, the placement of up to 20% of the acquired
shares at organized auctions within one to three years; establishing key
performance indicators for buyers and the acquired business entity. The
purchase price for such transactions must be paid through type “C” accounts
or in Russian rubles within the Russian banking system. If funds are
transferred to the accounts of such individuals in foreign banks, this is only
allowed if an installment plan is in effect. Additionally, the Subcommittee
reviewed the procedure for the payment of dividends to foreign creditors from
“unfriendly” states. These conditions include: dividends not exceeding 50%
of the previous year's net profit; willingness of foreign creditor participants
(shareholders) to continue business activities in the Russian Federation;
consideration of the organization's impact on technological and production
sovereignty, socio-economic development, and fulfillment of key
performance indicators; ability to pay dividends quarterly upon meeting
established key performance indicators.
On 16 July 2023, Presidential Decree No.520 amending Presidential Decree 16 July 2023 Presidential Decree No.520 amending
No. 302 “On temporary administration of certain property” entered into force. Presidential Decree No.302 “On
The amendment modifies the list attached to Presidential Decree No.302 and temporary administration of certain
by doing so allows Russian authorities to take “temporary administration” of property”, 16 July 2023;
two assets owned or managed by foreign investors associated with Presidential Decree No.302 “On
“unfriendly states”. To recall, Presidential Decree No.302, issued on 25 April temporary administration of certain
2023, authorised the Russian federal agency for state property management property”, 25 April 2023.
(or any other government agency designated by the President) to act as
“temporary manager” to externally manage assets held by foreign persons
associated with “unfriendly states” (identified in the decree).
On 4 August 2023, the President of the Russian Federation signed into law 4 August 2023 Federal Law No. 470-FZ dated
Federal Law No.470-FZ “On the Specifics of Corporate Governance in 04.08.2023 “On the peculiarities of
Business Companies Deemed Economically Significant Organizations”. The regulating corporate relations in
law entered into force on 4 September 2023.Under the new law, any Russian business companies that are
limited liability company or joint-stock company may be considered an economically significant
“economically significant organisation” if it meets certain quantitative and organizations”, President of the
significance criteria and if its non-Russian parent company is connected with Russian Federation, 4 August 2023.
an “unfriendly state”. The significance criteria include: if the company's
aggregate revenue exceeds RUB 75 billion, if it employs over 4,000
individuals within its Russian group, if it possesses assets valued at more than
RUB 150 billion, if it is designated as a “subject of critical information
infrastructure”, or if it provides technology or software for socially important
services, or IT/communication services. The law allows for the suspension of
a foreign holding company's corporate rights with respect to an
“economically significant organisation” under various circumstances. These

18
Description of Measure Date Source
include instances where the foreign holding company avoids exercising
corporate rights or takes actions that obstruct the management of mentioned
organization. Consequences of such suspensions encompass the loss of voting
rights at shareholder meetings, the inability to participate in or request
meetings, and the forfeiture of corporate rights, such as receiving dividends or
exercising pre-emption rights. Furthermore, the foreign holding company is
prohibited from disposing of its shares.
On 8 August 2023, the President of the Russian Federation issued Decree 8 August 2023 Decree of the President of the Russian
No.585, suspending specific provisions within Double Tax Treaties between Federation dated 08.08.2023 No.585
the Russian Federation and 38 countries. This suspension impacts taxation on “On the suspension by the Russian
various income types, including dividends, interest, royalties, income from Federation of certain provisions of
immovable property, capital gains, income from employment, and international treaties of the Russian
compensation for members of administrative and supervisory boards. Federation on taxation issues”,
President of the Russian Federation,
8 August 2023.
On 23 August 2023, the Ministry of Finance released an excerpt from the 23 August 2023 Extract from the minutes of the
minutes of the Subcommittee of the Commission for the Control of Foreign meeting of the subcommittee of the
Investments, wherein a decision was made to relax the criteria for granting Government Commission for control
permission to distribute dividends to the owners of Russian companies from of foreign investments in the Russian
“unfriendly” states. The published excerpt specifies that such permissions Federation No.182/5, Ministry of
may now be granted without adhering to the previously established Finance, 23 August 2023.
conditions. The prior conditions included restrictions such as limiting
dividend payouts to 50% of the previous year's net profits, requiring the
paying company to hold social and/or economic significance, and mandating
the fulfillment of obligations related to key performance indicators. The new
conditions for granting permission to distribute dividends introduce the
following changes:
● Foreign shareholders (participants) must have made investments in the
Russian economy, including expanding production within the Russian
Federation and advancing new technologies, after 1 April 2023.
● The amount of dividends paid cannot exceed the amount of investments
made.

Saudi Arabia
None during reporting period.

South Africa
None during reporting period.

Türkiye
None during reporting period.

United Kingdom
None during reporting period.

United States
None during reporting period.

European Union
None during reporting period.

19
Methodology for the inventory presented in Annex 4 — Coverage, Definitions and Sources

Reporting period. The reporting period for the list of measures is from 16 May 2023 to 15 October 2023.
Measures specific to FDI adopted in relation to the Russian Federation in the context of the war in Ukraine
and measures taken by the Russian Federation in this context are counted as falling within the reporting
period if new policies were adopted or entered into force during the period.

Investment. For the purpose of the inventory presented in Annex 4, international investment is understood
to include only foreign direct investment. Investment policy measures not specific to FDI adopted in
relation to the Russian Federation in the context of the war in Ukraine and measures taken by the Russian
Federation in this context are not reported in this Annex, but rather in Annex 4 of the present document.

Investment measure specific to FDI adopted in relation to the Russian Federation in the context of the war
in Ukraine and measures taken by the Russian Federation in this context. For the purposes of this Annex
4, investment measures specific to FDI are understood to encompass measures impacting foreign direct
investment and international investment. Measures which can also affect international investment are not
included, and neither are features of investment-related measures that fall within the scope of the report but
which do not pertain to foreign direct investment. As such, trade measures such as import- (including
tariffs) and export-measures are excluded from the scope of this report. Are also excluded from the scope
of this report exceptions to prohibitions as well as permits and/or licences which may authorise certain
activities and transactions that are otherwise prohibited under the measures reported on. Reporting on such
policy measures has no legal effect on the rights and obligations of member States of the WTO, OECD, or
UNCTAD.

Sources of information and verification. The sources of the information presented in this report are:
• official government websites and sources on national sanctions’ regimes;
• information contained in other international organisations’ reports or otherwise made available
to the OECD Secretariat;
• other publicly available sources: specialised web sites, press clippings etc.
Investment measures included in this report have been verified by the respective G20 members.

20
Annex 5: Measures not specific to FDI adopted in relation to the Russian Federation in the context
of the war in Ukraine and measures taken by the Russian Federation in this context (16 May 2023
to 15 October 2023)16

Description of Measure Date Source

Argentina
None during reporting period.

Australia
None during reporting period.

Brazil
None during reporting period.

Canada
None during reporting period.

P.R. China
None during reporting period.

France
France implements and applies measures adopted by the EU.

Germany
Germany implements and applies measures adopted by the EU.

India
None during reporting period.

Indonesia
None during reporting period.

Italy
Italy implements and applies measures adopted by the EU.

Japan
The Government of Japan announced and promulgated a series of measures that, 26 May 2023 “Measures based on the Foreign
among others, designate individuals and entities from the Russian Federation as well Exchange and Foreign Trade Act
as individuals from Ukraine’s eastern and southern regions directly concerned with regarding the situation
the Russian Federation’s purported “incorporation” of these regions as subject to asset surrounding Ukraine” Ministry of
freeze measures.

16
This inventory has been established by the OECD Secretariat under the responsibility of the Secretary-General of
the OECD.

21
Description of Measure Date Source
Foreign Affairs media release,
26 May 2023.
https://www.mof.go.jp/policy/inter
national_policy/gaitame_kawase/g
aitame/economic_sanctions/ukrain
ehoudou_20230526.html
(Japanese only)
The Government of Japan promulgated measures that prohibit the provision of 30 September 2023 “Measures based on the Foreign
architectural and engineering services. Exchange and Foreign Trade Law
regarding the situation in
Ukraine”
(Japanese only)

Republic of Korea
None during reporting period.

Mexico
None during reporting period.

Russian Federation
None during reporting period.

Saudi Arabia
None during reporting period.

South Africa
None during reporting period.

Türkiye
None during reporting period.

United Kingdom
None during reporting period.

United States
On 20 July 2023, the U.S. Treasury imposed sanctions against additional financial 20 July 2023 “Treasury Sanctions Impede
institutions based in the Russian Federation: JSC Locko Bank, JSC Petersburg Social Russian Access to Battlefield
Commercial Bank, JSC Commercial Bank Solidarnost, JSC Tinkoff Bank, and Supplies and Target Revenue
Unistream Commercial Bank JSC. Generators”, U.S. Treasury Press
release, 20 July 2023

European Union
On 23 June 2023, the EU adopted its eleventh package of sanctions against the 23 June 2023 “Russia’s war of aggression
Russian Federation including financial sanctions. against Ukraine: EU adopts 11th
package of economic and
individual sanctions”, European
Council Press release, 23 June
2023

22
Methodology for the inventory presented in Annex 5 — Coverage, Definitions and Sources

Reporting period. The reporting period for the list of measures is from 16 May 2023 to 15 October 2023.
A measure not specific to FDI adopted in relation to the Russian Federation in the context of the war in
Ukraine and measures taken by the Russian Federation in this context is counted as falling within the
reporting period if new policies were adopted or entered into force during the period.

Investment. For the purpose of the inventory presented in Annex 5, international investment is understood
to include all international capital movements; however, measures specifically concerning foreign direct
investment are not reported in this Annex, but rather in Annex 4 of the present document.

Investment measure. For the purposes of this Annex 5, investment measures consist of any action that either
(i) imposes or removes differential treatment of foreign or non-resident investors compared to the treatment
of domestic investors in like situations; or (ii) imposes or removes restrictions on international capital
movements.

Reporting on international capital movements has no legal effect on the rights and obligations of member
States of the WTO, OECD, or UNCTAD.

Sources of information and verification. The sources of the information presented in this report are:
• official government websites and sources on national sanctions’ regimes;
• information contained in other international organisations’ reports or otherwise made available
to the OECD Secretariat;
• other publicly available sources: specialised web sites, press clippings etc.
Investment measures included in this report have been verified by the respective G20 members.

23