Russian President Vladimir Putin is planning to retaliate against the growing list of international corporations that have fled Russia in response to the Kremlin’s war on neighboring Ukraine.
Putin backed an effort to find legal means of seizing assets from international companies fleeing Russia, Russian newspaper Izvestiya reported.
“We are not going to hide ourselves from anyone. We are open to work with all our partners, foreign partners who want it themselves,” Putin said while addressing government officials via video on Thursday, according to Izvestiya. “It is necessary then, as the chairman of the government suggested, to introduce external management and then transfer these enterprises to those who want to work. There are enough legal market instruments.”
Putin sought to reassure wary investors who have opted to remain in Russia, emphasizing that the country remains open to foreign investors and calling on the government to protect those who continue doing business in the country in defiance of Western sanctions.
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Dozens of major foreign companies, including Goldman Sachs, McDonald’s, Apple, Pepsi, and Coca-Cola, have announced plans to withdraw, suspend, or roll back operations in Russia. Other companies are expected to follow suit as backlash mounts against the Kremlin’s ruthless assault on Ukraine. The Kremlin has drawn up a list of 59 companies, including Apple, Ikea, McDonald’s, Volkswagen, and more, that the country is considering nationalizing due to their decision to suspend operations in Russia, CNN reported.
Officials have drafted about 20 bills responding to Western sanctions, Russian Prime Minister Mikhail Mishustin said. Draft legislation to introduce external management to fleeing international companies has not been made public, Izvestiya reported. Mishustin contended that most companies announced a temporary stoppage of their operations in Russia and have maintained jobs and wages. He called on the Russian government to monitor the situation.
Reports of Moscow mulling plans to seize assets drew a swift rebuke from the United States. Taking to Twitter late Thursday, White House press secretary Jen Psaki emphasized that companies decided to draw down operations in Russia on their own in protest to the war in Ukraine.
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“Any lawless decision by Russia to seize the assets of these companies will ultimately result in even more economic pain for Russia. It will compound the clear message to the global business community that Russia is not a safe place to invest and do business,” she said. “We stand with American companies who are making tough decisions regarding the future of their Russian operations.”
