[Breitbart] Russia’s Economic Development Ministry prepared draft legislation that would potentially allow the Kremlin to nationalize the assets of foreign-owned businesses that leave the country, Russia’s Interfax News Agency reported Thursday.
The bill would "allow the state corporation VEB.RF and the Deposit Insurance Agency (DIA) to quickly take control of such companies, and then ’repack’ the business into a new organization and sell it at public auction. If there are no applicants, then the state will act as a buyer," according to Interfax.
"VEB.RF" refers to Vnesheconombank, which is a Russian state-owned development corporation.
Russia’s Economic Development Ministry drafted the legislation in response to a mass exodus of foreign businesses from Russia since February 24, when Moscow launched its latest military operation in Ukraine. United Russia, the nation’s ruling party, described the bill as "the first step towards the nationalization of the property of foreign organizations leaving the Russian market," according to the U.S. government-owned website currenttime.tv.
"United Russia added in a statement on the Telegram messaging app that the [Russian] commission on lawmaking activity had supported a bill allowing for firms more than 25% owned by foreigners from ’unfriendly states’ to be put into external administration," Reuters relayed on March 10. |