As companies leave Russia, their assets could be seized

By The Associated Press

Hundreds of foreign brands have suspended operations in Russia since the invasion of Ukraine began. Russian President Vladimir Putin has indicated he favors bringing in outside management and potentially transferring the ownership of companies whose foreign owners shut down production. A draft law could allow Russian courts to appoint external administrators for companies that cease operations and are at least 25% foreign-owned. If the owners refuse to resume operations or to sell, the company’s shares could be auctioned off. But keeping businesses operating in Russia will not be easy, even with government intervention. Already a billionaire metals tycoon has pushed back against confiscating foreign firms’ assets, comparing it to something from the Russian Revolution of 1917.