The United States has allowed the use of assets already sanctioned by Russia to aid Ukraine’s war efforts. In response, Russia has retaliated by imposing sanctions on Western nations. This includes restrictions on Western companies, preventing them from selling their Russian assets and withdrawing profits in dollars or euros. Russia has also set additional currency controls to stabilize its weakening ruble. Companies leaving Russia must agree on sale prices in rubles, facing potential delays and losses on funds transferred overseas.
President Vladimir Putin signed a decree to temporarily control assets of certain Western companies in Russia. This was a response to foreign actions against Russian companies abroad, warning of possible further seizures. Entities affected include businesses from Norway, Denmark, Spain, Finland, Austria, and Germany. Most recently, Russia added Ralph, its largest car dealership owned by a Cyprus-based company, to the list of foreign-owned companies under temporary Russian state management.
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