In the lower house of the Russian Federal Assembly, a controversial bill is being passed that would allow that country take over the business of western companies that are packing up to leave in retaliation for the invasion of Ukraine that began three months ago.
The measure contemplates modifications to the laws that protect the property of commercial premises there, among them the possible intervention of Russia when it observes that there is a risk for employment and its economy, which would mean obstacles for new firms that plan to leave that territory, according to Archyde.com reference.
“The bill paves the way for Russia to appoint administrators over foreign-owned companies in ‘enemy’ countrieswho want to leave Russia as the conflict with Ukraine drags down their economy,” says Archyde.com.
The initiative is worrying since among these “enemy” countries are the most important European powers and the United States, which have punished Russia with blockades and the exit of companies, and are also behind the oligarchs from that territory and all their assets. .
And it is that in the last three months the list of brands that started is long. McDonald’s, for example, said a few days ago that it is in the process of selling its entire business in Russia.where it had a workforce of 60,000 people and had been present for 30 years.
In the same direction, Starbucks decided to cease its operation there. After partially stopping work in the 130 Russian branches, he chose to put an end to his work and with this 2,000 employees would be left adrift, although the chain will continue to pay them salary for six more months.
Coca-Cola, Toyota, Airbnb and Renault, among many others, are also part of the group of brands that left the country. All these moves have inescapably hit the pockets of Western multinationals, which together they have lost around more than US$100,000 million following ceasing their business.
In addition, companies that have not fully exited Russia are also in suspense over the lower house bill. IKEA or Burger King are still there and their future is unclear. And that you are the renowned ones, because what will happen is not clear for smaller multinationals either.
In this regard, the Russian government has denied that its initiative constitutes a nationalization of Western networks. Vladimir Putin, president of Russia, stated that, on the other hand, the exit of foreign firms might be for the better.
“Many of our partners in Europe, for example, announced their departure. If we look at the (companies) that are leaving, it may be for the better”, Said the president, in words collected by the EFE Agency.
To date, more than 1,000 organizations have left Russia, several definitively, and the country seeks to compose the economic course by appealing to all maneuvers.
