Confiscation of assets of Western companies will return Russia to 1917 – such a statement done CEO of Norilsk Nickel, Russian billionaire Vladimir Potanin. He believes that the consequences of the so-called “nationalization” of businesses that have left Russia will lead to “global distrust of the country on the part of investors for many decades to come.”
According to Potanin, the decision of many companies to suspend activities in Russia “is of an emotional nature and may have been taken as a result of unprecedented pressure on them from public opinion abroad.” “Most likely, they will return,” the billionaire suggested, adding that he considers the proposal of the Ministry of Economic Development to introduce external management at foreign enterprises “to allow owners to retain property, and companies to avoid collapse, continue to produce products and pay money to employees,” he considers a more adequate measure, Interfax reports.
Earlier, the State Duma proposed to “nationalize” Western enterprises and companies that left the Russian market in connection with Russia’s invasion of Ukraine. Russia's Vladimir Putin supported the idea of introducing external management in such enterprises. It is reported that a list of 59 foreign companies has been sent to the government and the prosecutor’s office, which have announced the termination or suspension of work in Russia, and therefore can be nationalized. The list, in particular, includes Apple, IBM, IKEA, H&M, McDonald’s, Microsoft, Porsche, Shell, Toyota and Volkswagen.
