09:37 Shell, IKEA and Toyota on Russian nationalization list –

09:37 Shell, IKEA and Toyota on Russian nationalization list –

Russia has prepared a list of western companies likely to be nationalized. Those 59 names include oil and gas company Shell, car manufacturers Volkswagen and Toyota and furniture store IKEA, the Russian news agency reported. IzvestiaI

This is because, according to the Kremlin, because of the war in Ukraine, companies have withdrawn from the country without guarantees to consumers.

Oleg Pavlov of the Public Consumer Initiative, which compiled the list, said the list could be expanded to include more companies. These are companies that have stopped doing business in the country, leaving Russian consumers with no guarantees. Recently, a law has been passed that allows for expropriation.

In addition to the companies in question, Apple, Microsoft, IBM, McDonald’s, Porsche, and H&M are also on this list. These are all companies that have announced in recent weeks that they are withdrawing from Russia because of the occupation of Ukraine.

It is not entirely clear whether the law and the listing pose a threat or whether Russia actually intends to nationalize the assets of the companies involved.

If the country takes such a step, it will appoint a quarterly interim board of directors in each company and transfer the assets to a new company. After three months, the shares of this new company will be auctioned.

Source: NU