Russia rules out nationalisation of departed Western companies' assets

Dmitry Birichevsky, Director of the Economic Cooperation Department at the Russian Foreign Ministry, has clarified that there is no intention to nationalise the assets of Western companies that have exited Russia.

“Moscow's retaliatory measures do not change the ownership rights,” Birichevsky told PRIME.

He stressed that it was a question of temporary management and not nationalisation, as the measures being introduced did not imply a change in ownership. 

"This is a confirmation of the Russian side's exceptionally responsible approach to foreign investments, including those from unfriendly countries," Birichevsky said. 

According to him, the Russian Federation, unlike Western countries, "fundamentally and consistently does not politicise commercial issues and is ready to provide all necessary support to foreign companies maintaining their presence in the Russian market, provided they comply with Russian legislation and fulfil social obligations". 

The diplomat noted that Russian Presidential Decree No. 302 of 25 April 2023 on the transfer of foreign assets to temporary management affected about ten companies that continue to operate in the Russian market of foreign firms.

He added that this number is not comparable to the number of foreign companies remaining on the Russian market, which are provided with all the necessary conditions for further commercial activities. 

Birichevsky noted that Moscow aimed to maintain a constructive dialogue with foreign firms continuing their activities in Russia, regardless of their belonging to the unfriendly states’ jurisdiction. 

According to him, the practice has shown that business circles in general are much more responsible and objective in assessing the ongoing processes than the politicians of Western countries. 

"Those who previously left Russia did so under unprecedented pressure from their governments. At the same time, it is clear that the absolute majority of foreign companies are interested in preserving and long-term development of their business in Russia," the diplomat emphasised.