October 6, 2022

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Russia is preparing to seize the assets of companies that have suspended their activities in the country

Russia is preparing to seize the assets of companies that have suspended their activities in the country

There are billions of dollars at stake.

Companies from around the world, which have been operating normally in Russia for just over two weeks, withdrew from this market after the Russian invasion of Ukraine. They suspended their activities or left the country, incl. Giants such as IKEA, Coca-Cola, Apple, IBM and Mastercard. McDonald’s closed hundreds of restaurants.

There was only a role in this. Vladimir Putin, in a video broadcast by the Russian government-controlled media, suggested that companies that decided to suspend their activities should be placed under “external management” by Russia. Even proper regulations are being prepared to make this possible. This means that the state will take over companies in the name of protecting the job. The Russians claim that foreign companies have unreasonably withdrawn from their country.

CNN reported that such an external management, as announced by the Russians, will take up to 3 months, and then companies and their assets can be sold … by public auction. Companies can avoid losing their assets if they decide to resume operations in Russia within a maximum of 5 days from the court’s decision in this matter. So the topic is evolutionary and it is not known when relevant regulations may be introduced.

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