Russia is threatening to seize the businesses of Western companies that have withdrawn from the country. So far, there are more than 300 of them.
Russia is threatening to seize the businesses of Western companies that have withdrawn from the country after it invaded Ukraine, escalating the economic conflict running parallel to the war itself.More than 300 companies have announced they’re exiting or pausing business in Russia, according to acompiled by Yale professor Jeffrey Sonnenfeld and the Yale Chief Executive Leadership Institute.
Companies that have pulled out or paused their business there include some of the most iconic American brands, such as McDonald’s, Apple and Nike. If their assets are seized, it would make it next to impossible for them to re-enter the country if and when the geopolitical crisis subsides, likely forcing them to take losses if they haven’t already.Russia "will expropriate foreign-owned businesses in a relatively short period of time,” Hermitage Capital Management CEO William Browder tells Axios.
“It would be inconceivable to me — if Putin is ready to tear up the rulebook as far as border countries and oversight is concerned — that he would respect the rulebook as far as corporate governance is concerned.
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