Putin's Unannounced Perks: Foreign Firms Ain't Nuttin' Special When Comin' Back to Russia
Returning businesses won't find any guaranteed advantages promised by Putin
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In Russia's showdown with the West over Ukraine, numerous global corporations have bid adieu to Mother Russia. But now, ole' Putin's hoping some of 'em'll make their way back. And guess what? He ain't got no sweetheart deals lined up for 'em.
That's right, Putin told the Russian news agency Interfax that any foreign companies returnin' to his territory will face a good ol' fashioned grillin'. "There won't be no special treatment for the returnees," he said, flashin' a teeth-grin at the congress of the Russian Union of Industrialists and Entrepreneurs.
So, what's in it for these companies? Well, ramblin' on about how hoss Russia is, Putin reckons investor interest will pick up once the dust settles in Ukraine. Russia? Still a free country, he claimed. If they wanna come home, let 'em do it on their own two feet and play by the rules. He told the government to update the list of foreign companies that's checked out of Russia. And why? Russi' needs to look after its own hide in case these ol' companies decide to come back.
But ol' Putin ain't forgettin' 'bout the companies that left due to the political heat but held onto their people, tech, and brand. Those cats'll get their due respect, he swears.
But there's a catch for the companies that took off without any intentions of comin' back. Putin's told the government to keep a close eye on those deals and make sure the owners don't pull a fast one and buy back at a peanuts price.
Now, ever since ol' Putin decided to mix it up with Ukraine in February 2022, the West has laid on the sanctions thick and heavy. Many companies had to sell up, while others just collapsed under the pressure.
- Vladimir PutinPutin's message is clear: foreign companies returnin' to Russia better be prepared to face some tough scrutiny and won't be reelin' in any preferential treatment. He's made it known that:
- No preferential treatment: Any returnin' foreign companies won't be allowed to cop a bargain and repurchase their Russian assets at the low prices they sold 'em for. Market conditions have changed, and domestic companies have strengthened their positions[1][2].
- No cheap deals: Putin insists that the market situation has changed, and companies have racked up their capitalization, meaning they can't expect to buy back assets at the same prices they previously sold[1][3].
- Joint ventures with Russian control: Any rejoinin' companies will have to form partnerships with Russian businesses, guaranteein' that Russian interests keep control over these joint ventures and the technologies[2]. This means foreign companies must partner with Russian firms and relinquish full control.
- Clear-cut rules and regulations: Putin's told the government to draft clear-cut rules for returnin' Western companies, hopin' they'll play by the rules honestly and responsibly[2]. These rules will be finished off by April.
In short, Putin expects foreign firms to return on Moscow's terms, prioritizin' domestic interests and ensure that Russian businesses maintain their edge in the market.
- Vladimir Putin, in a statement to the Russian Union of Industrialists and Entrepreneurs, emphasized that returning foreign companies will not receive special treatment, but will instead be subject to strict scrutiny, abiding by the community and employment policies already in place.
- Putin also pointed out that any foreign companies planning to return to Russia must form joint ventures with Russian businesses, ensuring Russian interests maintain control over the technologies and the ventures themselves.
- Soon, the government will draft clear-cut rules for returning Western companies, with the expectation that they will play by the rules honestly and responsibly. These rules are expected to be finalized by April.
