As companies leave Russia, their assets could be seized
A visitor walks past a closed Dior boutique inside the GUM department store in Moscow, Russia, Wednesday, March 9, 2022.
Russian President Vladimir Putin responded Thursday by saying that if foreign companies shut down production in Russia, he favored a plan to “bring in outside management and then transfer these companies to those who want to work.”A draft law could allow Russian courts to appoint external administrators for companies that cease operations and are at least 25% foreign-owned.
“It will compound the clear message to the global business community that Russia is not a safe place to invest and do business,” she saidEven before its latest invasion of Ukraine, Russia was already trying to domesticize its food supply following The auto industry has been particularly hard hit by its reliance on foreign-made electronics. Even companies that have stayed in Russia like French carmaker Renault, the majority owner of Russian producer Avtovaz, have had to suspend production temporarily.
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