Russia says foreign companies that stop production will intervene by speeding up bankruptcy processes

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Russia says foreign companies that stop production will intervene by speeding up bankruptcy processes

Russian Deputy Prime Minister Andrey Belousov said foreign companies that stop production in the country and lay off their employees will intervene by speeding up bankruptcy proceedings.

A statement on the Russian government’s website quoted Belousov’s assessment of the departure of several foreign companies from Russia due to sanctions.

Stating that there are three options for foreign companies in Russia, Belousov said, “The first option is for the company to continue its activities in Russia, as well as to provide the necessary supply of raw materials, materials for production and fulfill its obligations to its employees.”

“The second option is for foreign shareholders to transfer their shares to local partners. These companies will have the opportunity to return to the Russian market in the future. Some investors have already taken advantage of this opportunity.”

The third option would be for the Russian government to intervene in the companies, Belousov said. Because our absolute priority is to protect the employment and social welfare of our citizens.”

Belousov, added that many foreign companies that do not want to leave Russia are under intense political pressure in their countries.

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