The Russian government wants to take away the fear of state intervention from foreign companies. “We are not interested in nationalizing companies or eliminating them, God forbid,” Trade and Industry Minister Denis Manturov told the lower house of Russia’s parliament, the State Duma, on Friday.
However, the government has already taken steps to nationalize some overseas assets. For example, on June 30 President Vladimir Putin ordered the state to take full control of the Sakhalin-2 gas and oil project, which could oust Shell and Japanese companies Mitsui and Mitsubishi.
After the invasion of Ukraine, many Western and other foreign companies decided to leave Russia. The Russian government is working on a law that would allow the state to confiscate assets from companies leaving the country.