Moscow on Thursday threatened foreign companies that either remain in Russia or may have to hand over the keys.
“As for those who are planning the closure, we must act decisively,” President Vladimir Putin said during a meeting with the Russian government. Hundreds of companies have announced the suspension of activities in this country since its inception Invasion of Ukraine.
“In no way can we allow domestic suppliers to be harmed. It is necessary to introduce external management and then transfer these companies to those who really want to work,” Putin continued, According to reports financial times.
Moreover, the Kremlin leader believes that “it is not even necessary to act arbitrarily.” “There are enough legal and logistical tools; we will find legal solutions,” he added.
However, Putin advised to respect the rights of foreign investors who wish to stay and protect those who continue to operate in Russia. He acknowledged that the sanctions were having an effect, and was confident that the Russian economy would adapt over time. He stressed that Russia would have been a target of sanctions even without a war in Ukraine, and also ensures that the country will continue to fulfill its contractual obligations in energy supplies, according to the same English newspaper.
The number of pendants is more than the exits
The world of brands has “Exodus” of global companies from Russia. The List compiled by Yale School of Management (USA) It is updated every hour and already has more than 300 names, but it shows that few of them have already decided to leave the country.
Among those leaving there are consultants like Deloitte, Accenture and KPMG. The Kering Group, which owns a luxury goods empire, has ordered stores to close. However, the Most of the names on that list have chosen to suspend their activity, whether commercial or production, in whole or in part.
But for Moscow, it’s all about the economic revenge it has to respond to. The Ministry of Economy will have already drawn up guidelines for obtaining a diploma that will allow Russia to temporarily take control of companies in which more than 25% of the capital is in foreign hands and that refuse to work.
According to this proposal, reported by Bloomberg, the Russian state will enter at the request of the companies themselves: officials representing the capital held by Russians will ask the court to appoint external managers, and the court can then freeze shares owned by foreigners, as a measure to preserve ownership of assets and protect workers .
The external directors may be from the (state-owned) Russian Development Bank VEB.RF, according to a source from Russia’s Ministry of Economy cited by that agency.
The owners of these companies will have five days to resume activity or choose another way out, such as selling shares. Therefore, the Ministry of Economy suggests that the priority should be to convince foreigners to sell assets and not to nationalize so much. Although he stresses that “the purpose of this law is to encourage organizations under foreign control to continue their activities on the territory of the Russian Federation.”
But former Russian President Dmitry Medvedev has hinted that a more extreme scenario is also on the table. “The Russian government is already working on measures including the bankruptcy and nationalization of assets” of foreign companies that forced him to leave, Medvedev said in a message posted on the Russian social network VK.
‘stupid decision’
Medvedev describes the departure of the companies as a “stupid decision”, accusing the “convergent Russophobia” of not caring about the consequences. “People in Europe and Russia can lose their jobs and income to stupid decisions that go against common sense,” the statement read. long message In which he promises, “We will respond harshly to this.”
Medvedev also invoked Russia’s will to impose “similar sanctions” on the West to those on the Russian economy and considered “fair and objective” legislative intervention that would allow Moscow to take care of assets that “managers in panic” might give up and who “succumb to pressure” from Western governments.
In the text that ends with a sarcastic greeting to a company that has ceased business (“Hello, McDonald’s”), Medvedev also argues that anyone leaving now will “take a long time” to return to the Russian market.
There are also those who remain
In Yale’s list, there is at least one company with Portuguese connections. This is Farfetch, referred to as one of those who have put orders on hold. Among the companies that have closed, suspended business / sales or suspended new investments, the list includes well-known multinationals such as Ikea, Renault, Philip Morris, Puma, Rolls-Royce, Scania, LVMH, Lego, Levi Strauss, Alcoa, Apple, BlackRock and JPMorgan. This, in addition to many other names that have become public, including sectors as diverse as Technology and consumer electronicsand Oil/Energy and Financial Services.
But Yale also listed a few dozen companies that remained in Russia and had “significant exposure”. Examples include Accor, Marriott, InterContinental, Halliburton, Herbalife, Pirelli, Schlumberger, City, Code Flair, Ferragamo and Subway hotels, to name a few.
Burger King, McDonald’s big competitor in fast foodwas still on this second list, but at about 5 pm in mainland Portugal it became known that this multinational company I decided to stop supporting the business To 800 franchisees in Russia.
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”
More Stories
Can AI help prevent team burnout? CEOs are convinced of this – HR
Volvo Cars Portugal has appointed a new General Manager – Executive Summary
The Italian-French-Taiwanese company that in 16 months has become the fourth largest electric charging operator in Portugal