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.