“The time has come for asymmetric measures. Let them think about what measures they are taking and what sanctions they are introducing,” a senior Russian government source told Reuters, referring to the decision to place the Russian assets of several major Western companies under temporary management.
Asked which companies might be next, and whether the Russian units of Italian bank UniCredit and Austrian group Raiffeisen could be placed under temporary management, the source replied: “Let them be scared.”
A source in Russia’s business community accused European companies of deliberately holding back the growth of their Russian operations, ultimately harming the Russian economy.
A senior executive at a Western company still operating in Russia said European businesses had expected the status quo to continue in the near term.
Reuters reported that European businesses have been the main targets of this drive to place foreign assets under temporary management. No major U.S. company has faced similar measures, though some smaller firms have had their assets placed under temporary management.
On September 17, Vladimir Putin signed a law placing the Russian assets of Auchan, Nestlé, Lemana PRO (formerly Leroy Merlin), and logistics operator FM Logistic under temporary management. L.E.V. Management was put in charge of the assets. On September 28, Putin placed the assets of German retailer Metro under temporary management.
The Kremlin said it imposed the measures because the companies are from unfriendly countries “that are now heavily involved in military operations against our country.”
