Putin hints at seizing Western businesses assets in Russia

Russian President Vladimir Putin has hinted that any assets left behind in Russia by Western businesses could be seized.

International companies are suspending business or pulling out of Russia as a result of its invasion of Ukraine.

Speaking at an online meeting with government ministers on Thursday, Putin noted that the government should deal with firms that are suspending manufacturing lines in a resolute manner.

He added that such businesses require the introduction of alternative management from outside, and they should be handed over to those who want to run them. He said he will seek legal solutions to the issue.

Russian Prime Minister Mikhail Mishustin said the fate of businesses is up to decisions made by their management. He noted that what is important is how to maintain jobs, indicating that a new bill is being drafted to prevent economic confusion and protect employment.

Last Saturday, Putin condemned the economic sanctions imposed by Western countries, describing them as akin to a declaration of war.

Automaker Volkswagen, home furnishing retailer IKEA, and the McDonald’s fast-food chain are among the companies that are suspending operations in Russia.