Russia is advancing a new law that will allow it to take control of local businesses operated by Western companies leaving in the wake of Moscow¡¯s invasion of Ukraine, raising the stakes for multinationals trying to exit.
The law, which could be in place within weeks, will give Russia sweeping powers to intervene where there is a threat to local jobs or industry, making it more difficult for Western companies to disentangle themselves quickly unless they are prepared to take a big financial hit.
The law to seize the property of foreign investors follows an exodus of Western companies, such as Starbucks, McDonald¡¯s and brewer AB InBev, and increases pressure on those still there.
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