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Nationalization of Assets of West Companies That Left Russia Not Happening - Official

© AP Photo / Mark LennihanMoscow not planning nationalize assets of foreign companies that left Russia
Moscow not planning nationalize assets of foreign companies that left Russia - Sputnik International, 1920, 29.05.2024
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MOSCOW (Sputnik) - There is no discussion on the nationalization of the assets of Western companies that have left Russia, and Moscow's retaliatory steps do not change ownership rights, Director of the Department of Economic Cooperation of the Russian Foreign Ministry Dmitry Birichevsky told Sputnik.
Unlike Western countries, Russia does not politicize commercial issues and is ready to provide all necessary support to foreign companies that maintain their presence on the Russian market, provided they comply with the country's legislation, the diplomat said.

"It should be noted that we are talking about temporary management, not nationalization – the measures introduced do not imply a change in ownership rights. This is a confirmation of the exceptionally responsible approach of the Russian side to foreign investment, including from unfriendly countries," Birichevsky said.

The decree on the temporary management of foreign assets in Russia affected about 10 companies, and those continuing to operate in the country exceed that number, Dmitry Birichevsky adeded.
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"The measures taken in accordance with the Decree of the President of the Russian Federation No. 302 dated April 25, 2023 regarding movable and immovable property, securities, shares in the authorized (stock) capitals of Russian legal entities and property rights affected only the assets of about 10 foreign companies. This number is not comparable to the number of foreign enterprises remaining to work in the Russian market. The economic operators have been provided with all the necessary conditions for further commercial activities," Birichevsky said.
Most foreign companies are interested in long-term development of their business in Russia, the diplomat said.
"As practice shows, the business community as a whole is much more responsible and objective in assessing the ongoing processes than the politicians of Western countries. Those who had previously left Russia did so under unprecedented pressure from their governments. At the same time, it is obvious that the vast majority of foreign companies are interested in maintaining and long-term development of their business in Russia," Birichevsky said.

Banning Russian LNG Will Spur Inflation in Europe

The planned EU ban on imports of Russian liquefied natural gas (LNG) will lead to higher prices for raw materials for European consumers and financial costs for companies, Director of the Department of Economic Cooperation of the Russian Foreign Ministry Dmitry Birichevsky told Sputnik.
"At the moment, the share of Russian natural gas in the European market is about 15%, significant volumes of which are accounted for by LNG. By the end of 2023, Spain, Belgium, France, the Netherlands and Greece became the main European LNG buyers. The ban on imports and transit, currently being discussed within the framework of EU structures, will lead to another round of price increases for raw materials, including for European consumers, financial costs for European companies, create new risks to international energy security and have a negative impact on the functioning of transport and logistics corridors. Once again, the restrictions introduced will hit their initiators directly," Birichevsky said.
The diplomat added that Russian exporters will have to take into account the possible ban as the realities are such that sanctions will continue.
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"At the same time, effective actions of Russian authorities and economic operators in the period of 2022-2023 allowed for the reorientation of the main vector of supplies of domestic raw materials to new centers of global economic growth, including in Asia - India, China and others. This experience will help to further counter new restrictions. Together with our partners, we work on a regular basis to find mutually acceptable ways to continue cooperation despite the obstacles imposed by the West," the diplomat said.

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