Russia moving to nationalization of exited western businesses

Russia moving to nationalization of exited western businesses

PanARMENIAN.Net - Russia’s government legislative commission approved measures Wednesday, March 9 that pave the way for the nationalization of property of Western companies that are exiting the country, The Wall Street Journal reports.

The commission’s role includes reading and assessing laws that the government intends to propose to the State Duma, the lower house of the Russian parliament.

Russia’s dominant political party, United Russia, said on Wednesday that the latest measures seek to prevent bankruptcies and preserve jobs at organizations that are more than 25% owned by foreign entities of “unfriendly governments.”

United Russia has been pushing for the nationalization of operations of Western companies leaving Russia in response to the war in Ukraine. Dozens of Western businesses have said they are leaving or suspending operations in Russia.

 Top stories
Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive.
In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million).
The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot".
The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.
Partner news
---