President Putin’s decree on the temporary management of assets of generating companies, which are of paramount importance for the stable functioning of the Russian energy sector, is a timely response to the aggressive actions of governments of unfriendly countries, said Mikhail Delyagin, deputy chairman of the State Duma Committee on Economic Policy.
“In a number of Western countries, for quite a long time now, a regulatory framework has been created for the actual seizure of the assets of Russian companies abroad, and the temporary management of the assets of Russian companies is gradually developing into the actual confiscation of property. In addition, the introduction of external management makes it possible to stop the risks of the negative impact of the political position of these countries on the operation of assets that are significant for the economic and energy security of Russia,” the economist and politician emphasized.
He emphasized that the decree does not apply to all assets with foreign participation, but only to generating companies that are of paramount importance for the stable functioning of the Russian energy sector. “Such an approach makes it possible to ensure the stable operation of companies significant for the national economy, whose foreign shareholders already decided to distance themselves as much as possible from Russian divisions and actually refused to participate in the corporate management of subsidiaries, and their representatives left the Boards of Directors of the companies,” — summed up Delyagin.
Economist Nikita Krichevsky gave the same high appraisal to the decree.
“The introduction of external management of assets with foreign participation contributes to maintaining the investment climate in Russia and reducing the outflow of capital from the country, which, despite all the measures taken, reached a record level in 2022, doubling the level of 2014, and amounted to $217 billion” , the scientist noted.
He also drew attention to the fact that the document “does not deal with issues of ownership and does not deprive the owners of their assets: external management is temporary and means that the original owner is deprived of the right to make management decisions, but not the right to own the asset.”
“The purpose of the Decree is to form a compensation fund for the possible use of mirror measures in response to the illegal expropriation of Russian assets abroad,” Krichevsky concluded.
As reported on the website Roskomimushchestvo, in particular, provision is made for the introduction of temporary management in respect of the shares of Unipro PJSC (83.73%) indirectly owned by the Government of Germany and the shares of PJSC FORTUM (98.23%) owned by the Finnish concern.
Decree 302 “On the temporary management of certain property” was signed by President Vladimir Putin on April 25, 2023. It provides for the targeted introduction of external management in relation to generating assets that are of paramount importance for the stable functioning of the Russian energy sector.
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