Russia considers ‘nationalizing’ Apple and others who have left the country

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The Russian government is moving forward with a plan to nationalize assets left behind by Western companies like Apple that have left the country.

On Thursday, Russian President Vladimir Putin approved the plan, which would allow the government to seek court orders to impose external management on factories, stores and other facilities abandoned by companies fleeing Russia, The Washington Post reports. .

In a March statement, Putin’s United Russia party said the move would “prevent bankruptcy and preserve jobs.” External management would take up to three months. After that, the government would market the companies.

Companies could halt the nationalization process if they restart their business in Russia within five days of the court order. Alternatively, they would also have the option to sell their assets in a way that sustains jobs and business.

Some of the foreign companies Russia is considering for nationalization include Apple, Ikea, Microsoft, IBM, Toyota, McDonald’s and H&M, CNN reported Thursday.

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