independent

White House Press Secretary Jen Psaki mentioned Wednesday “there can be steps we might take” if Russia seized private assets in firms planning to tug back and exit the country. Some major foreign firms have but to signal their intentions. Renault SA, the French firm that has majority management of AvtoVaz, has remained quiet. Danone SA has suspended funding in Russia however stated it’s going to maintain its manufacturing and distribution there. The Economy Ministry suggested that its measures can be aimed extra at auctioning off belongings rather than nationalization. “The project is aimed at encouraging organizations beneath foreign management not to abandon their actions on the territory of the Russian Federation,” it said.

External management may embrace state growth bank VEB.RF, based on a ministry assertion. Owners would have five days to resume activity or resort to different choices corresponding to selling their stake.

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