Before Putin signed an order to nationalize the Russian operations of Danone S.A. and Carlsberg AS on July 16, both companies were among the hundreds finalizing sales to local buyers and awaiting state approval.Photo by Yuri Kadobnov/AFP via Getty Images
“The Kremlin’s approach has been as follows: if they wish to leave, let them depart, but not before extracting a hefty toll,” a person involved in several recent exits said. “And then it shifted to a mindset of: why should we pay? Let’s simply take it.” “The beneficiaries are those who enjoy Putin’s trust and deserve his gratitude, such as Kadyrov. This is a mixture of state capitalism and feudalism.”The Kremlin’s attitude to western businesses in Russia has hardened since frozen Russian assets in Europe have been taken over. The seizure of Uniper and Fortum came shortly after a court in Leipzig rejected state oil giant PJSC Rosneft Oil Co.’s appeal against Germany’s decision to put the company’s assets there under the control of the regulator.
They are making money in Russia now ... They will build new yachts in Turkey and buy new houses in DubaiAfter the Danone and Carlsberg nationalizations, Russia hinted other western companies could be next. Denis Manturov, Russia’s trade minister, told state newspaper Rossiyskaya Gazeta on Tuesday that Russia would “actively use the mechanism of introducing external management” as a response to what he said was unethical behaviour by western owners.
Source: News Formal (newsformal.com)
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