Western businesses leaving Russia following the ongoing war may have their companies and production facilities confiscated by the Russian state, according to Moscow.<\/p>\n
Businesses that leave the country are \u201cbasically abandoning their staff to their fate,\u201d said former Russian president Dmitry Medvedev on Thursday.<\/p>\n
To prevent people ending up unemployed and on the streets, the Russian government is taking steps to bring about the insolvency and subsequent nationalisation of these companies, the deputy chief of the Russian Security Council said.<\/p>\n
On the foundation of the assets left behind by \u201cinvestors in panic,\u201d new industry would have to be built. This approach is objective and fair,\u201d said Medvedev.<\/p>\n
Among the affected are companies from Germany, other EU countries, and the U.S.<\/p>\n
There is no law in Russia to nationalise a company\u2019s assets.<\/p>\n
But calls are growing among Russian politicians for such a law in reaction to the EU sanctions and it is expected that the Russian parliament will decide on such a process soon.<\/p>\n
Many Western companies had only reported that operations are being paused at first, without mentioning full closure or withdrawal.<\/p>\n
\u201cWhatever the reasons for moving away, foreign firms should understand that it will not be easy to come back to our markets,\u201d Medvedev said.<\/p>\n
Kremlin spokesperson, Dmitry Peskov, warned that a nationalisation of Western companies and seizure of their assets could have negative consequences for both sides, as Russian companies abroad may also have their assets seized.<\/p>\n
Proposals are also circulating for the assets of companies in Russia to be handled through fiduciary trusts, NAN reports.<\/p>\n","protected":false},"excerpt":{"rendered":"
Western businesses leaving Russia following the ongoing war may have their companies and production facilities confiscated by the Russian state, according to Moscow. Businesses that leave the country are \u201cbasically abandoning their staff to their fate,\u201d said former Russian president Dmitry Medvedev on Thursday. To prevent people ending up unemployed and on the streets, the […]<\/p>\n","protected":false},"author":1,"featured_media":438140,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1,3],"tags":[4805,13205],"class_list":["post-439116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more","category-news","tag-russia","tag-ukraine"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/439116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=439116"}],"version-history":[{"count":0,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/439116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/media\/438140"}],"wp:attachment":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=439116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=439116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=439116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}