The Russian parliament on Tuesday approved a preliminary bill that would allow the government to appoint a new administration for foreign companies that withdrew from Russia after the invasion of Ukraine.
According to the Russian state news agency Tass, the new law will allow the transfer of control of companies that have left Russia not for economic reasons, but due to “anti-Russian sentiment in Europe and the US”.
Tass said foreign owners could still resume operations in Russia or sell their shares.
Many foreign companies suspended their operations in Russia while others left the country altogether, even in the case of groups that had made large investments.
Starbucks, Coca-Cola and PepsiCo announced on Tuesday the suspension of their activities in Russia, after the chain of Fast food McDonald’s has announced the temporary closure of 850 restaurants in the country due to the Russian invasion of Ukraine.
The Duma, the lower house of the Russian parliament, approved the bill on Tuesday in the first of three votes. After final approval, the proposal will go to the upper house and will then be ratified by Russian President Vladimir Putin.
Ukrainian Foreign Minister Dmytro Kuleba said that the new law makes it even more imperative that foreign companies leave that are still in Russia.
“It is the last chance to save not only your reputation, but also your property,” he said in a statement.
Source: Observadora
