Putin just greenlit Russia’s nationalization campaign. Foreign companies that leave could (will?) find their properties seized and placed under “external management.”
Russia’s Economic Development Ministry has already drafted a bill that would entrust management of these seized assets to the VEB.RF state development corporation and to Russia’s Deposit Insurance Agency.
It would be these organizations’ job to “repackage” seized businesses into new entities and then sell them at public auction. If no suitable buyer can be found, the state itself would act as the buyer.
It’s going to be an absolute bonanza for corruption.
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