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The Russian government is moving forward with a plan to nationalize assets left behind by Western firms like Apple that have departed the country.
On Thursday, Russian President Vladimir Putin endorsed the plan, which would allow the government to request court orders to impose external management on factories, shops, and other facilities left behind by companies that have fled Russia, The Washington Post has reported.
In a statement issued in March, Putin’s party, United Russia, said the move would “prevent bankruptcy and preserve jobs.” External management would last for up to three months. After that, the government would put the businesses up for auction.
Companies would be able to stop the nationalization process if they restart their businesses in Russia within five days of the court order. Alternatively, they also would have the ability to sell their assets in a manner that preserves jobs and business activities.
Some of the foreign companies that Russia is considering for nationalization include Apple, Ikea, Microsoft, IBM, Toyota, McDonald’s, and H&M, CNN reported Thursday.
