Business

Russia is moving towards nationalizing assets of companies leaving the ruling party

A view shows the state flag of Russia before a meeting between Russian President Putin and French President Macron in St Petersburg
FILE PHOTO: A view shows the state flag of Russia prior to a meeting between Russian President Vladimir Putin and French President Emmanuel Macron in St. Petersburg, Russia May 24, 2018. REUTERS/Grigory Dukor

March 9, 2022

(Reuters) – Russia’s ruling United Russia party said on Wednesday that a government commission had approved the first step to nationalize assets of foreign firms leaving the country under economic sanctions against Ukraine.

United Russia, in a statement via messaging app Telegram, added that the Legislative Activities Commission had backed a bill that would allow companies that are more than 25% owned by foreigners from “unfriendly states” to be subject to an external to submit to administration.

“This prevents bankruptcies and saves jobs,” it said.

Corporate actions to blame Russia for its invasion of Ukraine have varied widely, with some firms like US carmaker Ford temporarily closing factories, others like British energy giant BP pledging to leave the country.

United Russia said under the draft law, companies that had announced they would leave Russia could refuse to go into administration if they resume operations or sell shares within five days, provided the company and employees stay .

Otherwise, a court will set up a three-month provisional administration, after which the shares in the new organization will be auctioned off and the old one liquidated, it said.

(Reuters report)

https://www.oann.com/russia-moves-towards-nationalising-assets-of-firms-that-leave-ruling-party/?utm_source=rss&utm_medium=rss&utm_campaign=russia-moves-towards-nationalising-assets-of-firms-that-leave-ruling-party Russia is moving towards nationalizing assets of companies leaving the ruling party

DUSTIN JONES

USTimeToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimetoday.com. The content will be deleted within 24 hours.

Related Articles

Back to top button