09 March 2022

Russia's ruling party, United Russia, said...that a government commission had approved the first step towards nationalising assets of foreign firms that leave the country in the wake of economic sanctions over Ukraine.

United Russia added in a statement on the Telegram messaging app that the commission on lawmaking activity had supported a bill allowing for firms more than 25% owned by foreigners from "unfriendly states" to be put into external administration.

"This will prevent bankruptcy and save jobs," it said...

United Russia said according to the proposed bill companies who had announced they were leaving Russia could refuse to go into administration if within five days they resumed activities or sold shares, providing that the business and employees remained...