Russia Threatens to Nationalize Foreign-Owned Factories Shut Down During Ukraine Crisis

A legislative commission led by the ruling party in Russia approved measures on March 8 that would pave the way for the nationalization of property of Western companies now exiting the country in protest of the military attacks on Ukraine. United Russia, the dominant political party in the Russian parliament’s lower house, the State Duma, said that the measures seek to prevent bankruptcies and preserve jobs at organizations that are more than 25 percent foreign owned by entities of “unfriendly governments.” The commission’s role includes the review of laws that the government intends to propose to the State Duma. The motion was proposed after a senior member of United Russia, Andrei Turchak, secretary of the party’s general council, proposed the nationalization of foreign-owned businesses and factories in retaliation to Western sanctions. “United Russia proposes nationalizing production plants of the companies that announce their exit and the closure of production in Russia during the …

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