MOSCOW: The Russian parliament will not consider the draft law on the possible nationalization of foreign companies until May. There are no plans to rush through the law, the daily newspaper Vedomosti reported on Friday, citing government circles. The initiative affects companies that have ceased operations in Russia in the wake of the war in Ukraine that Russia started and the Western sanctions that followed.
As a result, the Russian leadership threatened to expropriate Western companies that would not resume operations soon. In some cases, May 1 was given as the deadline for resuming work.
However, the draft law on insolvency proceedings introduced by the Kremlin party United Russia on Tuesday is considered to be significantly weakened compared to these threats. Insolvency administrators should only be used for companies that are strategically important – either for the entire Russian economy or for the critical infrastructure. In addition, Western owners are also to be given back control of their property as soon as they are ready to resume operations in Russia. An expropriation and nationalization is only planned in exceptional cases.
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