Russia Plans to Seize Western Companies Assets Departing Country

Russia has drawn up plans to confiscate the assets of Western companies leaving the country as it tries to resist harsh sanctions amid a corporate exodus.

The country's economy ministry announced the move after a string of global companies said they would suspend their operations in Russia, including McDonald's, Coca-Cola, and Pepsi, that they may take temporary control of departing companies on foreign ownerships exceeding 25%.

Putin said the 'government would push for an external administration and then the transfer of these companies to those who really want to work'.

Mikhail Mishustin, the Russian prime minister, said that while most businesses had temporarily suspended operations, the situation would be closely monitored and that steps to “introduce an external administration” could be used.

Russia's prime minister Mikhail Mishustin said that 'the situation will be closely monitored and steps to enter an external management can be used'.