Russia takes new action against investors from 'unfriendly' countries

Putin's move was reported by RIA news agency on August 4. The Russian government will draw up a list of Russian companies that must comply with the new law, including all banks and systemically important companies above a certain size in terms of revenue, employees, assets or taxes paid, according to Reuters citing information from RIA.

Under the new law, the rights of foreign investors from countries deemed “unfriendly” by Moscow, those that have imposed sanctions on Russia over the Russia-Ukraine conflict, could be suspended and their shares distributed proportionally among Russian owners.

President Vladimir Putin chairs a meeting with members of the Russian Security Council via video link at the Kremlin in Moscow on August 4.

In recent months, Russia has increasingly moved to seize assets of Western companies in retaliation for the seizure of Russian-owned assets abroad, according to Reuters.

Last month, Russia took control of Danish beer company Carlsberg's stake in a Russian brewer, as well as a Russian subsidiary of French yoghurt maker Danone.

Earlier in April, Moscow took similar steps against Finland's Fortum and Germany's Uniper, according to Reuters.

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