Putin urged to consider mechanisms for changing ownership when foreign companies leave

Russian President Vladimir Putin urged to think over the mechanisms for changing the owners of foreign companies in case they leave Russia. He stated this at a meeting of the Presidium of the State Council, dedicated to the development of industry in the face of sanctions pressure.

“Of course, it is necessary to think over approaches to take into account the positions of the regions when making decisions on the change of ownership of foreign companies … This is, of course, the right topic, vital for the regions and their further development,” he said (quote according to RIA Novosti).

The President also called on colleagues from the regions to always coordinate the change of ownership with the relevant institutions in the government.

“Because we are here for those countries or companies of those countries that are treating us incorrectly, we don’t need to create a green light everywhere and always,” he said.

Such countries look down on the interests of the Russian Federation, so it is necessary to build on the realities dictated by life, the president added.

At a meeting with a report spoke Governor of the Tula region Alexei Dyumin. He recalled that transactions for the sale of assets of companies leaving the Russian Federation are considered by the government commission for the control of foreign investments, and it makes a decision taking into account the position of industry departments. At the same time, the regions are excluded from the decision-making procedure, but the responsibility for the stable operation of a particular enterprise that provides jobs and cooperation chains lies with the governors.

“We believe that it will be fair if the regions receive the right to participate in this process, and we propose that the proceeds from the sale of such assets received by the federal budget be partially directed to the regions to support industry,” he said.

Earlier in March, Putin declaredthat Russian business should occupy the niches vacated after the departure of Western companies, the opportunities that have appeared should not be missed. In February, Putin saidthat many foreign companies are leaving Russia under pressure from their governments, which brings them big losses. At the same time, the president drew attention to the fact that after the departure of brands, infrastructure and well-trained personnel remain. Domestic business has unique opportunities for development, he added.

After the start of the special operation in Ukraine, the largest Western brands announced their withdrawal from the Russian market and the suspension of investments. According to Yale University, more than 1,000 companies have reported this publicly. Electronics manufacturers (Apple, SamsungAsus, Intel, Sony, etc.), cars (Jaguar, Porsche, Rolls-Royce, Bentley), etc.

After the companies began to leave the Russian market, the Ministry of Industry and Trade approved a list of goods for parallel imports that can be imported into the Russian Federation without the consent of the manufacturer or copyright holder. In particular, it included goods from electronics manufacturers, cars, rare earth metals, sports equipment, etc.