September 25, 2022

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Russian nickel magnate Potanin: Nationalization takes us back a century |  Financial issues

Russian nickel magnate Potanin: Nationalization takes us back a century | Financial issues

Russia on Thursday released a list of multinational companies that want to nationalize their Russian activities. That list includes Shell and IKEA. These companies announced their departure from Russia out of aversion to the invasion of Ukraine.

According to Russian businessman Vladimir Potanin, Russia risks losing foreign investment for decades to come.

“We must not close the door, but try to preserve the Russian economic situation that we have built,” said the 61-year-old billionaire, considered one of Russia’s most influential businessmen. “This brings us back a hundred years to 1917 and the consequences, the global lack of investor confidence in Russia, will continue to be felt for many decades to come.”

The proposal is ready

After the Russian Tsar’s regime was overthrown in early 1917, the Bolsheviks seized power in the fall. After that, the communist rulers nationalized the entire Russian industry.

Russian Prime Minister Mikhail Mishustin said Thursday that a proposal is pending to take control of local branches of companies that have turned their backs on Russia. It is not yet clear exactly how this will work.

Within Russia’s business elite, there is said to be a heated debate about how difficult it will be for the country to retaliate against Western sanctions and boycotts.

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