If more than 25 percent of the ownership of a company leaving Russia comes from “unfriendly countries,” the company can be taken over according to the administration’s plans.
9.3. 18:50
Russian Russia, the ruling party, announced on Wednesday that the country’s government has adopted a first step towards nationalizing the assets of foreign companies leaving the country, according to Reuters.
Several companies have announced their withdrawal from Russia after Russia launched a large-scale invasion of Ukraine on 24 February.
Unified Russia said in a messaging telegram that the government commission had supported a proposal that would allow companies that are more than 25% owned by foreigners from “unfriendly countries” to take control.
According to United Russia, the action will prevent bankruptcies and save jobs.
On Monday, Russia published a new list of unfriendly countries, including all EU member states.
Power Party companies that have left Russia can avoid nationalization if they return to business or sell their shares within five days. The prerequisite is that the business and employees are retained.
Otherwise, the court will impose an interim administration for three months, after which the shares of the new organization will be put up for auction and the old ones canceled, United Russia reported.
Already this week, a united Russia threatened companies leaving Russia with nationalization.
Three Finnish companies were also mentioned by name: Fazer, Valio and Paulig. The companies have said they are withdrawing from Russia.
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