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Title : Russia-Ukraine war: Moscow proposes 10-year embargo on foreign companies not returning by May 1 | World News
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Russia-Ukraine war: Moscow proposes 10-year embargo on foreign companies not returning by May 1 | World News

Moscow: Russian State Duma Deputy Evgeny Fedorov has proposed a 10-year ban on the work of foreign companies that do not return to the country’s market until May 1.

A copy of the letter sent to the head of the Ministry of Economic Development was reported by Maxim Reshetnikov RT.

Many foreign companies have stopped their work in Russia, the deputy recalled providing services and investments to Russians.

According to him, they have plunged tens of thousands of citizens into uncertainty about their future jobs and well-being.

“I request these companies to assess the feasibility of determining the terms of return: allow them to immediately resume their operations until May 1, 2022 or ban those companies from doing business for 10 years. They do not wish to resume work in Russia before the proposed date,” the appeal stated.

Earlier, President Vladimir Putin backed the government’s idea of ​​introducing external administration to foreign companies leaving Russia.

According to him, the authorities have enough legal market tools for this.

Experts say appointing temporary management in foreign companies is more compromising than directly nationalizing the business.

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