{"id":1370836,"date":"2022-03-11T08:17:49","date_gmt":"2022-03-11T13:17:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1370836"},"modified":"2022-03-11T08:18:03","modified_gmt":"2022-03-11T13:18:03","slug":"russia-seeks-to-seize-assets-left-behind-by-foreign-companies-leaving","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-seeks-to-seize-assets-left-behind-by-foreign-companies-leaving\/","title":{"rendered":"Russia Seeks to Seize Assets Left Behind by Foreign Companies Leaving"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frussia-seeks-to-seize-assets-left-behind-by-foreign-companies-leaving%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1370836&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">Russia\u2019s 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\u2019s Interfax News Agency <a href=\"https:\/\/www.interfax.ru\/business\/827274\">reported<\/a> Thursday.<\/p>\n<p>The bill would \u201callow the state corporation VEB.RF and the Deposit Insurance Agency (DIA) to quickly take control of such companies, and then \u2018repack\u2019 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,\u201d according to Interfax.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>\u201cVEB.RF\u201d refers to Vnesheconombank, which is a Russian state-owned development corporation.<\/p>\n<p>Russia\u2019s 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\u2019s ruling party, <a href=\"https:\/\/www.currenttime.tv\/a\/veb-vneshnee-upravlenie\/31745907.html\">described<\/a> the bill as \u201cthe first step towards the nationalization of the property of foreign organizations leaving the Russian market,\u201d according to the U.S. government-owned website currenttime.tv.<\/p>\n<p>\u201cUnited 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 \u2018unfriendly states\u2019 to be put into external administration,\u201d Reuters <a href=\"https:\/\/www.reuters.com\/business\/russia-approves-first-step-towards-nationalising-assets-firms-that-leave-ruling-2022-03-09\/\">relayed<\/a> on March 10.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<div id=\"attachment_20189840\" class=\"wp-caption alignnone\"><a href=\"https:\/\/media.breitbart.com\/media\/2022\/03\/Goldman-Sachs-says-it-will-end-operations-in-Russia.jpg\"><\/a><\/p>\n<p class=\"wp-caption-text\"><em>A view of the Goldman Sachs desk at the New York Stock Exchange in New York on January 18, 2019. The bank said Thursday it will end operations with Russia. File\/Justin Lane\/EPA-EFE\/UPI<\/em><\/p>\n<\/div>\n<p>Russia\u2019s Economic Development Ministry has already <a href=\"https:\/\/iz.ru\/1302632\/natalia-bashlykova\/dalnie-po-spisku-v-rf-sozdan-perechen-iz-60-pretendentov-na-natcionalizatciiu\">sent<\/a> the Russian government and the Russian Prosecutor-General\u2019s Office a list of 59 foreign companies that may be nationalized after they \u201cannounced the termination of work in Russia [in recent days] without providing guarantees to consumers,\u201d the Russian newspaper <em>Izvestia<\/em> reported on March 10.<\/p>\n<p>This list includes \u201cVolkswagen, Apple, IKEA, Microsoft, IBM, Shell, McDonald\u2019s, Porsche, H&#038;M and others,\u201d according to Izvestia.<\/p>\n<p>In addition to Shell, the foreign energy firms Exxon Mobile and BP (formerly British Petroleum) also announced plans to halt business in Russia in response to its latest invasion of Ukraine as of Thursday. The <em>New York Times<\/em>\u00a0on March 10 <a href=\"https:\/\/www.nytimes.com\/article\/russia-invasion-companies.html\">published<\/a> an extensive list of companies that have announced business curbs in Russia since February 24, writing:<\/p>\n<blockquote>\n<p>Shell will exit its joint ventures with Gazprom, the Russian natural gas giant.<\/p>\n<p>BP will sell its nearly 20 percent stake in Rosneft, the Russian state-controlled oil company.<\/p>\n<p>Exxon Mobil will end its involvement in a large oil and natural gas project.<\/p>\n<\/blockquote>\n<p>A number of financial firms likewise announced various pullouts from the Russian market as of March 10. The <em>New York Times<\/em> detailed the development, writing:<\/p>\n<blockquote>\n<p>American Express, Mastercard and Visa cards issued by Russian banks will not work in other countries, and cards issued elsewhere will not work for purchases in Russia.<\/p>\n<p>Goldman Sachs \u201cis winding down its business in Russia in compliance with regulatory and licensing requirements.\u201d It was the first big American bank to exit the country.<\/p>\n<p>The Big Four accounting firms \u2014 Deloitte, EY, KPMG and PwC \u2014 are pulling out of the country. \u2026 Western Union will suspend its operations in Russia and Belarus.<\/p>\n<\/blockquote>\n<p>Russia\u2019s latest war with Ukraine <a href=\"https:\/\/tass.com\/politics\/1409329\">began<\/a> on February 24 just 72 hours after Moscow <a href=\"https:\/\/tass.com\/politics\/1407581\">announced<\/a> it would formally recognize the independence of two Russian-backed separatist states in eastern Ukraine\u2019s Donbass region.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia\u2019s 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\u2019s Interfax News Agency reported Thursday.<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1370836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1370836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1370836"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1370836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1370836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1370836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1370836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}