Kremlin Threatens Confiscation of Western Companies' Assets

Russia is increasing pressure on foreign businesses by introducing temporary management of major European corporations' assets, which serves as a political signal to the European Union. The Kremlin accuses the EU of complicity in the war in Ukraine and positions the nationalization of Western companies as an "asymmetric response" to sanctions. A source in the Russian government stated, "Let them be afraid," in response to a question about possible next targets. It is also reported that European companies are slowing down the development of their Russian subsidiaries, which is harming the Russian economy. The Kremlin points to the "increasing level of involvement of unfriendly countries in hostilities" against Russia, hinting at the possibility of reversing these measures. Dmitry Peskov noted that there are no grounds for changing the situation and that there are no calls for dialogue. Since the beginning of the invasion, Russia has introduced temporary management in more than 135 firms with foreign capital. In 2023, Putin transferred the assets of Danone and Carlsberg to Russian owners.

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