As companies leave Russia, their assets could be seized according to a new draft law

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A Russian draft law could allow for the seizure of the assets of Western companies leaving the country, as the Kremlin pushes back against sweeping sanctions and the exodus of international businesses since its invasion of Ukraine.

If the owners refuse to resume operations or to sell, the company's shares could be auctioned offIn the two weeks since the invasion started, Western brands including McDonald's, Apple, Coca-Cola and Victoria's Secret said they would suspend operations in Russia.

Russian President Vladimir Putin responded Thursday by saying that if foreign companies shut down production in Russia, he favoured a plan to "bring in outside management and then transfer these companies to those who want to work". If the owners refuse to resume operations or to sell, the company's shares could be auctioned off, the ruling United Russia party has said, calling it "the first step toward nationalisation".

White House press secretary Jen Psaki criticised "any lawless decision by Russia to seize the assets of these companies," saying that it "will ultimately result in even more economic pain for Russia".

 

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All the companies that have suspended operations in Russia should cease supporting its former employees as a return to business in Russia looks very unlikely while pootin rules the mindless sheep!

Nationalise? Bwahahaha. Given to Oligarchs he means. No surprises here. All from the Oligarchs/Putin play book. Read the book Red Notice by Bill Browder to see what I mean.

But at the same time it is okay for the west to seize Russian assets...

That seems like a sure fire way to destroy your countries future. It called sovereign risk. Companies do not invest in countries that change laws after the fact and seize assets. See the down fall of the Spanish empire. No company will return to Russia even after the war.

...will kill Foreign investment while Putin is the malevolent Tyrant propping up his narcissist system that oppresses the people and depresses entrepreneurship, is the basis of Tyrant stagnation that has bedevilled Russia since 1990, a lost opportunity for prosperity and freedom.

The risks of doing business under a communist, autocratic government.

Maybe now westerners will wakeup and limit their exposure and risk...in China?

Can one still buy Ladas?

To any western companies in Russia reading this convert all fiat to crypto for now other assets i have no advice

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