RF legalizes state raiding – Kuleba turned to foreign companies

Minister of Foreign Affairs of Ukraine Dmytro Kuleba called on foreign companies to immediately leave the Russian market after the adoption by the State Duma of the Russian Federation in the first reading of the bill on external administration.

This is stated in Foreign Ministry statementaccording to Ukrinform.

The Ministry informed that today the State Duma of the Russian Federation in the first reading adopted the draft law No. 104796-8 “On external administration for managing an organization”, which will allow the appointment of an external administration for enterprises with at least 25% foreign capital.

The agency emphasized that if the document is converted into law, all major international shareholders will be at risk of losing their investments and property in Russia.

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It is also emphasized that, in fact, the bill provides the state with unlimited opportunities to influence business entities that have a foreign beneficiary, and allows for the hidden nationalization of enterprises with foreign capital in manual mode.

“Russia has long abandoned any rules adopted in the world. Now they are preparing to spread their barbaric practices to foreign businesses. The proposed bill essentially legitimizes state raiding,” Kuleba said.

“After its adoption, any foreign company will be at risk of losing ownership in the blink of an eye. I appeal to the international businesses that are still operating in the Russian market, and once again I urge you to get out of Russia before it’s too late. This is the last chance to save not only your reputation, but just your property,” the Foreign Minister said.

Read also: Kuleba discussed with Blinken ways to unblock Ukrainian exports

The ministry emphasized that the draft law contradicts not only international treaties signed by the Russian Federation, but also the norms and principles of the Russian constitution itself, which prohibits the arbitrary alienation of property by the state.

“I want to repeat President Zelensky’s timely and profitable offer for foreign companies that Russia is squeezing out of its market: move business to Ukraine. We will provide the best conditions and access to a large European market. With us, you will never worry that you can wake up in the morning without your business, because the Kremlin decided so,” the head of Ukrainian diplomacy stressed.

As reported, since the first days of the Russian Federation’s full-scale invasion of Ukraine, international allies and partners have imposed tough packages of sanctions on the Russian economy, as well as export restrictions. Hundreds of companies have announced the termination of work in the Russian Federation and the withdrawal from joint projects.

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