In the first explicit response to the exodus of foreign businesses from Ikea to McDonald\u0027s Corp., the Economy Ministry has outlined new policies to take…
“The Russian government is already working on measures that include bankruptcy and nationalization of the property” of foreign companies forced into exiting, former Russian President Dmitry Medvedev said in a statement posted Thursday on the VKontakte social media site.
Meanwhile, Citigroup Inc., which has about $9.8 billion of loans, assets and other exposure tied to Russia, has seen efforts to sell its local consumer-banking unit stall. The bank’s commodities-trading desk has also been one of the few to continue to finance existing deals involving natural gas coming from Russia.
Putin also issued an order earlier this week saying Russia would restrict trade in some goods and raw materials in response to sanctions, and that details would follow as to which products would be affected. China is already in talks with its state-owned firms on any opportunities for potential investments in Russian companies or assets, Bloomberg News reported this week.
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