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7 Mar, 2022 16:47

Russia’s ruling party suggests nationalization of foreign businesses

United Russia wants to nationalize the production of enterprises leaving the Russian market over Ukraine
Russia’s ruling party suggests nationalization of foreign businesses

Russia’s ruling party has come up with the idea of nationalizing the production of companies announcing their departure from the Russian market during the military offensive in Ukraine.

Since the launch of the military operation, dozens of international enterprises have revealed their intention to cease operations in Russia, and the list is constantly growing. The secretary of United Russia’s general council, Andrey Turchak, called these actions “stabs in the back,” and warned of “tough retaliatory measures.”

“United Russia proposes to nationalize the production of those companies which announce their departure and the closure of production in Russia during a special operation in Ukraine. This is an extreme measure, but we will not tolerate stabs in the back, and we will protect our people,” Turchak said in a statement.

He called the companies’ decision to leave Russia “a premeditated bankruptcy,” “a purely political decision,” and part of a “sanction war against Russia.” Therefore, he argued, the main task of the Russian authorities is to “to preserve jobs” and not let the economy “be destroyed from within.”

“This is a real war, and not against Russia as a whole, but against citizens. We will not look at it indifferently. We will take tough retaliatory measures, acting in accordance with the laws of war,” Turchak said.

The economic sanctions imposed on Moscow by Western countries in response to Russia’s offensive in Ukraine included cutting off major Russian banks from SWIFT and freezing their foreign assets. Restrictions have also been placed on certain Russian imports. These measures forced Moscow to look for ways to minimize the damage.

On Monday, the government issued a decree saying Russian citizens and companies, the state itself, and its regions and municipalities would have to pay for obligations to foreign creditors from “unfriendly” countries in rubles. Russian companies that want to work with firms from these countries will have to apply for government permission.

Earlier this month, officials from Russia’s Transport Ministry reportedly discussed the possibility of nationalizing Airbus and Boeing planes. This measure could be used as a way of combating the EU’s ban on selling and leasing aircraft to Russian airlines.

Moscow explained its decision to launch a military attack on Ukraine by the need to “demilitarize” the country, to protect Donbass, and to defend its own security amid NATO expansion. Ukraine denies that it had any plans to retake the region by force and blasted Russia for what it called an “unprovoked” attack.