Russia: "No Consideration for Nationalizing Assets of Withdrawn Western Companies"

"Temporary Management Method Does Not Change Ownership"

Russia has stated that it is not discussing plans to nationalize the assets of Western companies that have left the country.

[Image source=Yonhap News]

On the 29th (local time), according to major local media, Dmitry Biryukevsky, Director of the Economic Cooperation Department at the Russian Ministry of Foreign Affairs, said, "What we are discussing is not nationalization but temporary administration, and these measures do not change ownership."

Regarding temporary administration, he explained, "It is evidence that Russia approaches foreign investments, including those from unfriendly countries, in a very responsible manner," and said it is currently applied to about 10 companies.

Last April, Russian President Vladimir Putin issued an order allowing temporary administration of foreign assets related to unfriendly countries in Russia as a retaliatory measure against Western countries that seized Russian assets.

Currently, Baltika, owned by the Danish beer company Carlsberg Group, Unipro, the Russian subsidiary of the German gas sales company Uniper, and some shares of Fortum, Uniper’s Finnish parent company, are under temporary administration by the Russian Federal Agency for State Property Management (Rosimushchestvo).

Director Biryukevsky said, "Unlike Western countries, Russia does not politicize commercial issues, and if companies remaining in the Russian market comply with local laws, we are ready to provide them with all necessary support."

This content was produced with the assistance of AI translation services.